Deprince Race & Zollo Inc. raised its stake in shares of Covanta Holding Corporation (NYSE:CVA) by 25.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 2,096,392 shares of the energy company’s stock after buying an additional 429,071 shares during the period. Deprince Race & Zollo Inc. owned 1.61% of Covanta Holding Corporation worth $27,672,000 at the end of the most recent quarter.
A number of other hedge funds have also modified their holdings of the stock. IFP Advisors Inc increased its stake in shares of Covanta Holding Corporation by 42.1% in the second quarter. IFP Advisors Inc now owns 8,927 shares of the energy company’s stock valued at $118,000 after buying an additional 2,647 shares in the last quarter. Connable Office Inc. acquired a new stake in shares of Covanta Holding Corporation during the second quarter valued at approximately $133,000. PNC Financial Services Group Inc. increased its stake in shares of Covanta Holding Corporation by 15.2% in the first quarter. PNC Financial Services Group Inc. now owns 11,380 shares of the energy company’s stock valued at $178,000 after buying an additional 1,500 shares in the last quarter. Clearbridge Investments LLC increased its stake in shares of Covanta Holding Corporation by 26.7% in the first quarter. Clearbridge Investments LLC now owns 11,989 shares of the energy company’s stock valued at $188,000 after buying an additional 2,528 shares in the last quarter. Finally, Tudor Investment Corp ET AL acquired a new stake in shares of Covanta Holding Corporation during the first quarter valued at approximately $197,000. Institutional investors and hedge funds own 90.91% of the company’s stock.
Covanta Holding Corporation (CVA) opened at 13.70 on Friday. The stock has a 50 day moving average price of $13.81 and a 200-day moving average price of $14.72. The stock’s market capitalization is $1.78 billion. Covanta Holding Corporation has a 1-year low of $13.00 and a 1-year high of $16.50.
Covanta Holding Corporation (NYSE:CVA) last announced its quarterly earnings data on Thursday, July 27th. The energy company reported ($0.22) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.18) by $0.04. The company had revenue of $424 million for the quarter, compared to analysts’ expectations of $416.18 million. Covanta Holding Corporation had a negative net margin of 1.41% and a negative return on equity of 9.81%. Covanta Holding Corporation’s quarterly revenue was up 1.4% compared to the same quarter last year. During the same period last year, the firm earned ($0.22) earnings per share. Equities research analysts expect that Covanta Holding Corporation will post ($0.23) EPS for the current year.
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Several analysts have commented on the company. BidaskClub downgraded Covanta Holding Corporation from a “hold” rating to a “sell” rating in a research note on Friday, August 11th. BMO Capital Markets upgraded Covanta Holding Corporation from a “market perform” rating to an “outperform” rating and increased their target price for the company from $16.00 to $17.00 in a research note on Monday, July 31st. Oppenheimer Holdings, Inc. reiterated a “buy” rating on shares of Covanta Holding Corporation in a research note on Monday, July 17th. Stifel Nicolaus upgraded Covanta Holding Corporation from a “hold” rating to a “buy” rating and increased their target price for the company from $15.50 to $17.00 in a research note on Monday, July 31st. Finally, Zacks Investment Research downgraded Covanta Holding Corporation from a “hold” rating to a “strong sell” rating in a research note on Tuesday, June 27th. Three equities research analysts have rated the stock with a sell rating, one has issued a hold rating and six have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $17.28.
In other news, insider Paul E. Stauder sold 2,500 shares of the business’s stock in a transaction on Wednesday, May 24th. The shares were sold at an average price of $14.50, for a total transaction of $36,250.00. Following the sale, the insider now directly owns 30,639 shares of the company’s stock, valued at $444,265.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 11.60% of the stock is owned by insiders.
Covanta Holding Corporation Company Profile
Covanta Holding Corporation is a holding company. The Company, through its subsidiaries, owns and operates infrastructure for the conversion of waste to energy, as well as other waste disposal and renewable energy production businesses. The Company operates through North America segment, which consists of waste and energy services operations located primarily in the United States and Canada.
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