CNA Financial Corp raised its stake in shares of Covanta Holding Corp (NYSE:CVA) by 9.7% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 391,296 shares of the energy company’s stock after buying an additional 34,517 shares during the period. Covanta accounts for approximately 1.5% of CNA Financial Corp’s portfolio, making the stock its 14th biggest holding. CNA Financial Corp owned 0.30% of Covanta worth $6,766,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Sandy Spring Bank bought a new position in shares of Covanta in the third quarter worth about $30,000. Point72 Hong Kong Ltd bought a new position in shares of Covanta in the second quarter worth about $33,000. Strs Ohio bought a new position in shares of Covanta in the second quarter worth about $48,000. Advisory Services Network LLC increased its stake in shares of Covanta by 80.2% in the second quarter. Advisory Services Network LLC now owns 2,795 shares of the energy company’s stock worth $50,000 after purchasing an additional 1,244 shares during the period. Finally, TRUE Private Wealth Advisors bought a new position in shares of Covanta in the second quarter worth about $57,000. Institutional investors own 78.54% of the company’s stock.
NYSE CVA traded down $0.13 during trading on Wednesday, reaching $14.56. 193,334 shares of the company traded hands, compared to its average volume of 750,652. The company has a debt-to-equity ratio of 6.85, a quick ratio of 1.40 and a current ratio of 1.40. The stock’s 50 day moving average price is $16.09 and its two-hundred day moving average price is $17.09. The company has a market cap of $1.93 billion, a price-to-earnings ratio of -145.60, a P/E/G ratio of 19.68 and a beta of 1.29. Covanta Holding Corp has a 1-year low of $12.92 and a 1-year high of $18.38.
CVA has been the topic of a number of recent analyst reports. Raymond James lowered Covanta from a “strong-buy” rating to a “market perform” rating in a research note on Tuesday, October 22nd. Barclays reiterated a “hold” rating and issued a $16.00 price objective on shares of Covanta in a research note on Tuesday, October 29th. Zacks Investment Research upgraded Covanta from a “strong sell” rating to a “hold” rating and set a $14.00 price objective on the stock in a research note on Wednesday, July 31st. Finally, ValuEngine lowered Covanta from a “buy” rating to a “hold” rating in a research note on Wednesday, October 2nd. Five equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Covanta currently has a consensus rating of “Hold” and an average target price of $17.00.
In other Covanta news, Director Linda J. Fisher sold 12,000 shares of Covanta stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $17.14, for a total transaction of $205,680.00. Following the sale, the director now directly owns 34,736 shares of the company’s stock, valued at $595,375.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 11.00% of the stock is currently owned by insiders.
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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