Massachusetts Financial Services Co. MA trimmed its holdings in shares of Covanta Holding Corp (NYSE:CVA) by 44.5% in the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,534,773 shares of the energy company’s stock after selling 1,231,207 shares during the quarter. Massachusetts Financial Services Co. MA owned 1.17% of Covanta worth $25,324,000 as of its most recent filing with the SEC.
A number of other large investors have also recently added to or reduced their stakes in the business. Quad Cities Investment Group LLC acquired a new stake in shares of Covanta in the 1st quarter valued at approximately $150,000. Xact Kapitalforvaltning AB acquired a new stake in Covanta during the 4th quarter valued at $214,000. Atria Investments LLC lifted its holdings in Covanta by 57.9% during the 2nd quarter. Atria Investments LLC now owns 17,444 shares of the energy company’s stock valued at $288,000 after purchasing an additional 6,397 shares during the last quarter. Ramsey Quantitative Systems acquired a new stake in Covanta during the 2nd quarter valued at $376,000. Finally, Millennium Management LLC acquired a new stake in Covanta during the 4th quarter valued at $643,000. 87.54% of the stock is owned by hedge funds and other institutional investors.
Several research analysts have weighed in on the company. ValuEngine upgraded Covanta from a “hold” rating to a “buy” rating in a research report on Tuesday, June 26th. BMO Capital Markets restated a “buy” rating and issued a $20.00 price target (up previously from $19.00) on shares of Covanta in a research report on Friday, July 27th. Credit Suisse Group raised their price target on Covanta from $16.00 to $17.00 and gave the stock a “neutral” rating in a research report on Monday, July 30th. Zacks Investment Research cut Covanta from a “hold” rating to a “sell” rating in a research report on Thursday, July 26th. Finally, Raymond James raised their price target on Covanta from $17.50 to $19.00 and gave the stock a “strong-buy” rating in a research report on Monday, July 30th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $17.67.
Covanta (NYSE:CVA) last announced its quarterly earnings results on Thursday, July 26th. The energy company reported ($0.01) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.10) by $0.09. The firm had revenue of $454.00 million for the quarter, compared to analyst estimates of $451.63 million. Covanta had a return on equity of 2.63% and a net margin of 17.21%. The business’s revenue for the quarter was up 7.1% on a year-over-year basis. During the same period last year, the firm posted ($0.22) earnings per share. sell-side analysts predict that Covanta Holding Corp will post 0.06 earnings per share for the current fiscal year.
In other Covanta news, insider Paul E. Stauder sold 2,000 shares of Covanta stock in a transaction that occurred on Monday, August 27th. The stock was 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 in the company, valued at $736,698.25. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 11.60% 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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