Envestnet Asset Management Inc. grew its stake in shares of Covanta Holding Corp (NYSE:CVA) by 75.9% in the third quarter, Holdings Channel.com reports. The fund owned 77,145 shares of the energy company’s stock after purchasing an additional 33,300 shares during the period. Envestnet Asset Management Inc.’s holdings in Covanta were worth $1,334,000 at the end of the most recent reporting period.
Other hedge funds also recently bought and sold shares of the company. Point72 Hong Kong Ltd acquired a new stake in shares of Covanta during the 2nd quarter valued at approximately $33,000. Strs Ohio acquired a new stake in shares of Covanta during the 2nd quarter valued at approximately $48,000. Advisory Services Network LLC lifted its position in shares of Covanta by 80.2% during the 2nd quarter. Advisory Services Network LLC now owns 2,795 shares of the energy company’s stock valued at $50,000 after acquiring an additional 1,244 shares during the period. TRUE Private Wealth Advisors acquired a new stake in shares of Covanta during the 2nd quarter valued at approximately $57,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Covanta by 42.2% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,429 shares of the energy company’s stock valued at $169,000 after acquiring an additional 2,800 shares during the period. Institutional investors own 78.75% of the company’s stock.
A number of research analysts have recently weighed in on CVA shares. ValuEngine cut shares of Covanta from a “buy” rating to a “hold” rating in a research note on Wednesday, October 2nd. Barclays reissued a “hold” rating and set a $16.00 price objective on shares of Covanta in a research note on Tuesday, October 29th. Raymond James cut shares of Covanta from a “strong-buy” rating to a “market perform” rating in a research note on Tuesday, October 22nd. Finally, Zacks Investment Research raised shares of Covanta from a “strong sell” rating to a “hold” rating and set a $14.00 price objective for the company in a research note on Wednesday, July 31st. Five analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $17.00.
Shares of CVA opened at $15.00 on Thursday. The company has a debt-to-equity ratio of 6.19, a current ratio of 1.30 and a quick ratio of 1.30. The firm has a 50 day simple moving average of $16.39 and a 200-day simple moving average of $17.16. Covanta Holding Corp has a 1-year low of $12.92 and a 1-year high of $18.38. The stock has a market cap of $1.94 billion, a price-to-earnings ratio of -150.00, a price-to-earnings-growth ratio of 19.72 and a beta of 1.29.
Covanta (NYSE:CVA) last issued its quarterly earnings data on Thursday, October 24th. The energy company reported $0.10 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.04 by $0.06. Covanta had a net margin of 0.37% and a return on equity of 0.66%. The business had revenue of $465.00 million during the quarter, compared to analysts’ expectations of $464.96 million. During the same period last year, the company posted ($0.04) EPS. The company’s revenue was up 2.0% on a year-over-year basis. On average, equities analysts expect that Covanta Holding Corp will post 0.05 earnings per share for the current fiscal year.
In other news, Director Linda J. Fisher sold 12,000 shares of the firm’s stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $17.14, for a total transaction of $205,680.00. Following the completion of the transaction, the director now directly owns 34,736 shares of the company’s stock, valued at approximately $595,375.04. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 11.00% of the company’s stock.
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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