Cornerstone Wealth Management LLC bought a new position in shares of Covanta Holding Corp (NYSE:CVA) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 6,040 shares of the energy company’s stock, valued at approximately $400,000.
Several other hedge funds have also recently modified their holdings of CVA. Schroder Investment Management Group grew its stake in shares of Covanta by 776.1% during the second quarter. Schroder Investment Management Group now owns 6,354,739 shares of the energy company’s stock worth $91,890,000 after purchasing an additional 5,629,420 shares in the last quarter. BlackRock Inc. grew its stake in shares of Covanta by 7.0% during the second quarter. BlackRock Inc. now owns 9,926,475 shares of the energy company’s stock worth $163,786,000 after purchasing an additional 651,772 shares in the last quarter. Canada Pension Plan Investment Board acquired a new position in shares of Covanta during the second quarter worth $8,720,000. Daiwa SB Investments Ltd. grew its stake in shares of Covanta by 47.8% during the third quarter. Daiwa SB Investments Ltd. now owns 479,091 shares of the energy company’s stock worth $7,785,000 after purchasing an additional 155,019 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. grew its stake in shares of Covanta by 7.0% during the second quarter. Schwab Charles Investment Management Inc. now owns 1,163,849 shares of the energy company’s stock worth $19,204,000 after purchasing an additional 75,656 shares in the last quarter. Hedge funds and other institutional investors own 82.59% of the company’s stock.
In related news, insider Paul E. Stauder sold 2,000 shares of the business’s stock in a transaction on Monday, August 27th. The shares were sold at an average price of $17.53, for a total value of $35,060.00. Following the completion of the sale, the insider now directly owns 42,025 shares of the company’s stock, valued at $736,698.25. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 10.90% of the stock is owned by insiders.
CVA has been the subject of a number of analyst reports. Zacks Investment Research downgraded shares of Covanta from a “hold” rating to a “sell” rating in a research note on Thursday, July 26th. BMO Capital Markets reiterated a “buy” rating and set a $20.00 target price (up previously from $19.00) on shares of Covanta in a research note on Friday, July 27th. Credit Suisse Group boosted their target price on shares of Covanta from $16.00 to $17.00 and gave the stock a “neutral” rating in a research note on Monday, July 30th. Raymond James boosted their target price on shares of Covanta from $17.50 to $19.00 and gave the stock a “strong-buy” rating in a research note on Monday, July 30th. Finally, ValuEngine downgraded shares of Covanta from a “buy” rating to a “hold” rating in a research note on Wednesday, August 29th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, three have given a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $17.33.
Shares of CVA opened at $15.39 on Tuesday. Covanta Holding Corp has a 1-year low of $14.15 and a 1-year high of $18.05. The firm has a market capitalization of $1.99 billion, a P/E ratio of -41.59 and a beta of 0.99. The company has a debt-to-equity ratio of 4.87, a current ratio of 1.20 and a quick ratio of 1.20.
Covanta (NYSE:CVA) last announced its quarterly earnings results on Thursday, October 25th. The energy company reported ($0.04) earnings per share for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.11). Covanta had a net margin of 14.71% and a negative return on equity of 1.30%. The company had revenue of $456.00 million during the quarter, compared to analysts’ expectations of $449.75 million. As a group, sell-side analysts predict that Covanta Holding Corp will post -0.01 earnings per share for the current fiscal year.
Covanta Holding Corporation, through its subsidiaries, provides waste and energy services to municipal entities primarily in the United States and Canada. It owns and operates infrastructure for the conversion of waste to energy, as well as engages in related waste transport and disposal, and other renewable energy production businesses.
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