Adirondack Research & Management Inc. lessened its stake in Covanta Holding Corp (NYSE:CVA) by 2.2% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 221,121 shares of the energy company’s stock after selling 5,000 shares during the period. Covanta comprises about 2.8% of Adirondack Research & Management Inc.’s investment portfolio, making the stock its 10th largest position. Adirondack Research & Management Inc. owned approximately 0.17% of Covanta worth $2,121,000 as of its most recent filing with the Securities and Exchange Commission.
Other large investors also recently modified their holdings of the company. Golden State Wealth Management LLC acquired a new position in shares of Covanta during the second quarter valued at $140,000. Moody National Bank Trust Division boosted its holdings in shares of Covanta by 225.0% during the second quarter. Moody National Bank Trust Division now owns 106,200 shares of the energy company’s stock valued at $1,018,000 after acquiring an additional 73,525 shares during the period. Duality Advisers LP acquired a new position in shares of Covanta during the second quarter valued at $941,000. Virtu Financial LLC acquired a new stake in Covanta in the second quarter worth about $142,000. Finally, Engineers Gate Manager LP lifted its holdings in Covanta by 157.2% in the first quarter. Engineers Gate Manager LP now owns 35,859 shares of the energy company’s stock worth $307,000 after purchasing an additional 21,917 shares during the period. Institutional investors and hedge funds own 72.38% of the company’s stock.
NYSE CVA traded down $0.21 on Friday, hitting $8.87. 665,100 shares of the company were exchanged, compared to its average volume of 939,997. The company’s 50 day moving average price is $9.66 and its 200-day moving average price is $9.64. The firm has a market capitalization of $1.17 billion, a P/E ratio of -59.13 and a beta of 1.24. Covanta Holding Corp has a twelve month low of $6.57 and a twelve month high of $17.97. The company has a debt-to-equity ratio of 8.95, a current ratio of 1.01 and a quick ratio of 1.01.
Covanta (NYSE:CVA) last posted its quarterly earnings results on Thursday, July 30th. The energy company reported ($0.10) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.19) by $0.09. Covanta had a negative return on equity of 5.69% and a negative net margin of 1.01%. The business had revenue of $454.00 million for the quarter, compared to analysts’ expectations of $450.27 million. As a group, equities analysts expect that Covanta Holding Corp will post -0.39 EPS for the current year.
In other Covanta news, Director Ronald J. Broglio sold 6,000 shares of the firm’s stock in a transaction dated Tuesday, June 9th. The stock was sold at an average price of $9.78, for a total transaction of $58,680.00. Following the transaction, the director now owns 13,567 shares in the company, valued at $132,685.26. The sale was disclosed in a document filed with the SEC, which is available through this link. 11.10% of the stock is currently owned by company insiders.
CVA has been the subject of several research analyst reports. UBS Group raised shares of Covanta from a “neutral” rating to a “buy” rating and reduced their price objective for the stock from $14.00 to $13.00 in a report on Wednesday, May 13th. Stifel Nicolaus raised shares of Covanta from a “hold” rating to a “buy” rating and upped their price objective for the stock from $9.50 to $11.50 in a report on Monday, August 3rd. Zacks Investment Research downgraded shares of Covanta from a “hold” rating to a “sell” rating and set a $10.00 price objective for the company. in a report on Thursday, June 11th. Finally, Oppenheimer reiterated a “buy” rating and issued a $10.00 price target on shares of Covanta in a research report on Thursday, July 30th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $11.69.
Covanta Company Profile
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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