Morgan Stanley Reduces Stake in Covanta Holding Corporation (NYSE:CVA)
Morgan Stanley decreased its position in Covanta Holding Corporation (NYSE:CVA) by 15.5% during the first quarter, according to its most recent filing with the SEC. The fund owned 359,836 shares of the energy company’s stock after selling 66,082 shares during the period. Morgan Stanley owned about 0.28% of Covanta Holding Corporation worth $5,649,000 as of its most recent SEC filing.
Several other hedge funds also recently bought and sold shares of the company. PNC Financial Services Group Inc. boosted its stake in Covanta Holding Corporation by 15.2% in the first quarter. PNC Financial Services Group Inc. now owns 11,380 shares of the energy company’s stock worth $178,000 after buying an additional 1,500 shares during the last quarter. FMR LLC acquired a new stake in shares of Covanta Holding Corporation during the first quarter valued at $229,000. Tiedemann Wealth Management LLC acquired a new stake in shares of Covanta Holding Corporation during the first quarter valued at $239,000. Segantii Capital Management Ltd acquired a new stake in shares of Covanta Holding Corporation during the first quarter valued at $240,000. Finally, Wellington Shields & Co. LLC boosted its stake in shares of Covanta Holding Corporation by 0.6% in the first quarter. Wellington Shields & Co. LLC now owns 16,039 shares of the energy company’s stock valued at $252,000 after buying an additional 94 shares in the last quarter. 90.04% of the stock is currently owned by hedge funds and other institutional investors.
Covanta Holding Corporation (CVA) traded up 0.868% during trading on Monday, reaching $14.525. 90,539 shares of the company traded hands. Covanta Holding Corporation has a 12-month low of $13.00 and a 12-month high of $16.50. The firm’s market capitalization is $1.89 billion. The firm’s 50 day moving average price is $13.75 and its 200 day moving average price is $14.84.
Covanta Holding Corporation (NYSE:CVA) last announced its quarterly earnings results on Thursday, July 27th. The energy company reported ($0.22) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.18) by $0.04. The firm had revenue of $424 million during the quarter, compared to the consensus estimate of $416.18 million. Covanta Holding Corporation had a negative return on equity of 9.81% and a negative net margin of 1.41%. Covanta Holding Corporation’s revenue was up 1.4% on a year-over-year basis. During the same period last year, the business earned ($0.22) EPS. Equities research analysts expect that Covanta Holding Corporation will post ($0.23) earnings per share for the current year.
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Several analysts recently weighed in on CVA shares. Oppenheimer Holdings, Inc. reissued a “buy” rating on shares of Covanta Holding Corporation in a research note on Monday, July 17th. Stifel Nicolaus raised shares of Covanta Holding Corporation from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $15.50 to $17.00 in a research note on Monday, July 31st. BidaskClub raised shares of Covanta Holding Corporation from a “sell” rating to a “hold” rating in a research note on Tuesday, August 1st. BMO Capital Markets started coverage on shares of Covanta Holding Corporation in a research note on Thursday, June 29th. They issued a “market perform” rating and a $16.00 price objective on the stock. Finally, Robert W. Baird raised shares of Covanta Holding Corporation from a “neutral” rating to an “outperform” rating and set a $17.00 price objective on the stock in a research note on Monday, May 15th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and six have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $17.28.
In other Covanta Holding Corporation news, Director Ronald J. Broglio sold 3,000 shares of the firm’s stock in a transaction on Wednesday, May 10th. The shares were sold at an average price of $14.33, for a total value of $42,990.00. Following the sale, the director now owns 8,672 shares of the company’s stock, valued at approximately $124,269.76. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Paul E. Stauder sold 2,500 shares of the firm’s stock in a transaction on Wednesday, May 24th. The stock was sold at an average price of $14.50, for a total transaction of $36,250.00. Following the completion of the sale, the insider now directly owns 30,639 shares in the company, valued at approximately $444,265.50. The disclosure for this sale can be found here. 11.60% of the stock is owned by company insiders.
Covanta Holding Corporation Company Profile
Covanta Holding Corporation is a holding company. The Company, through its subsidiaries, owns and operates infrastructure for the conversion of waste to energy, as well as other waste disposal and renewable energy production businesses. The Company operates through North America segment, which consists of waste and energy services operations located primarily in the United States and Canada.
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