Suffolk Capital Management LLC trimmed its holdings in Covanta Holding Corp (NYSE:CVA) by 27.3% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 40,426 shares of the energy company’s stock after selling 15,204 shares during the period. Suffolk Capital Management LLC’s holdings in Covanta were worth $657,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors have also added to or reduced their stakes in the stock. Schroder Investment Management Group grew its position in shares of Covanta by 776.1% during the 2nd quarter. Schroder Investment Management Group now owns 6,354,739 shares of the energy company’s stock valued at $91,890,000 after purchasing an additional 5,629,420 shares in the last quarter. BlackRock Inc. grew its position in shares of Covanta by 7.0% during the 2nd quarter. BlackRock Inc. now owns 9,926,475 shares of the energy company’s stock valued at $163,786,000 after purchasing an additional 651,772 shares in the last quarter. Canada Pension Plan Investment Board purchased a new position in shares of Covanta during the 2nd quarter valued at $8,720,000. Chicago Equity Partners LLC purchased a new position in shares of Covanta during the 3rd quarter valued at $4,500,000. Finally, Hussman Strategic Advisors Inc. purchased a new position in shares of Covanta during the 3rd quarter valued at $2,844,000. Institutional investors and hedge funds own 81.51% of the company’s stock.
In other news, insider Paul E. Stauder sold 2,000 shares of Covanta stock in a transaction on Monday, August 27th. The shares were sold at an average price of $17.53, for a total transaction 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 approximately $736,698.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 11.60% of the company’s stock.
Covanta (NYSE:CVA) last posted its quarterly earnings data on Thursday, October 25th. The energy company reported ($0.04) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.11). Covanta had a negative return on equity of 1.30% and a net margin of 14.71%. The company had revenue of $456.00 million for the quarter, compared to the consensus estimate of $449.75 million. On average, equities analysts expect that Covanta Holding Corp will post -0.01 EPS for the current year.
A number of research analysts have recently commented on the stock. Credit Suisse Group boosted their price target on shares of Covanta from $16.00 to $17.00 and gave the company a “neutral” rating in a research report on Monday, July 30th. BMO Capital Markets restated a “buy” rating and set a $20.00 price target (up from $19.00) on shares of Covanta in a research report on Friday, July 27th. Zacks Investment Research lowered shares of Covanta from a “hold” rating to a “sell” rating in a research report on Thursday, July 26th. Raymond James boosted their price target on shares of Covanta from $17.50 to $19.00 and gave the company a “strong-buy” rating in a research report on Monday, July 30th. Finally, ValuEngine lowered shares of Covanta from a “buy” rating to a “hold” rating in a research report on Saturday, October 27th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $17.33.
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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.
Further Reading: Institutional Investors
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