Pinnacle Associates Ltd. raised its position in shares of Covanta Holding Corporation (NYSE:CVA) by 91.9% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 197,474 shares of the energy company’s stock after buying an additional 94,548 shares during the period. Pinnacle Associates Ltd. owned about 0.15% of Covanta Holding Corporation worth $2,607,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of CVA. IFP Advisors Inc increased its holdings in shares of Covanta Holding Corporation by 42.1% during the second quarter. IFP Advisors Inc now owns 8,927 shares of the energy company’s stock worth $118,000 after buying an additional 2,647 shares in the last quarter. Connable Office Inc. acquired a new stake in shares of Covanta Holding Corporation during the second quarter worth approximately $133,000. Prudential Financial Inc. acquired a new stake in shares of Covanta Holding Corporation during the second quarter worth approximately $164,000. PNC Financial Services Group Inc. increased its holdings in shares of Covanta Holding Corporation by 15.2% during 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 in the last quarter. Finally, Clearbridge Investments LLC increased its holdings in shares of Covanta Holding Corporation by 26.7% during the first quarter. Clearbridge Investments LLC now owns 11,989 shares of the energy company’s stock worth $188,000 after buying an additional 2,528 shares in the last quarter. 96.24% of the stock is owned by institutional investors.

Shares of Covanta Holding Corporation (NYSE:CVA) opened at 14.40 on Monday. The firm’s market cap is $1.87 billion. The company has a 50 day moving average of $13.98 and a 200-day moving average of $14.57. Covanta Holding Corporation has a one year low of $13.00 and a one year high of $16.50.

Covanta Holding Corporation (NYSE:CVA) last released its quarterly earnings data on Thursday, July 27th. The energy company reported ($0.22) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.18) by $0.04. The company had revenue of $424 million for the quarter, compared to analyst estimates 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 for the quarter was up 1.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.22) earnings per share. On average, analysts expect that Covanta Holding Corporation will post ($0.23) EPS for the current year.

COPYRIGHT VIOLATION NOTICE: “Covanta Holding Corporation (CVA) Stake Increased by Pinnacle Associates Ltd.” was first published by The Cerbat Gem and is owned by of The Cerbat Gem. If you are accessing this piece of content on another website, it was copied illegally and reposted in violation of United States & international copyright & trademark law. The original version of this piece of content can be read at https://www.thecerbatgem.com/2017/09/04/covanta-holding-corporation-cva-stake-increased-by-pinnacle-associates-ltd.html.

CVA has been the subject of several recent analyst reports. Robert W. Baird raised shares of Covanta Holding Corporation from a “neutral” rating to an “outperform” rating and set a $17.00 price objective for the company in a report on Monday, May 15th. BidaskClub raised shares of Covanta Holding Corporation from a “sell” rating to a “hold” rating in a report on Wednesday, June 14th. Zacks Investment Research lowered shares of Covanta Holding Corporation from a “hold” rating to a “strong sell” rating in a report on Tuesday, June 27th. BMO Capital Markets initiated coverage on shares of Covanta Holding Corporation in a report on Thursday, June 29th. They set a “market perform” rating and a $16.00 price objective for the company. Finally, Barclays PLC raised shares of Covanta Holding Corporation from an “equal weight” rating to an “overweight” rating and dropped their price objective for the stock from $16.00 to $15.00 in a report on Wednesday, July 12th. Three investment analysts have rated the stock with a sell rating and six have issued a buy rating to the company. Covanta Holding Corporation presently has an average rating of “Hold” and an average target price of $17.19.

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.

Institutional Ownership by Quarter for Covanta Holding Corporation (NYSE:CVA)

Receive News & Stock Ratings for Covanta Holding Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Covanta Holding Corporation and related stocks with our FREE daily email newsletter.