Global X Management Co. LLC boosted its position in Covanta Holding Corp. (NYSE:CVA) by 11.1% during the third quarter, Holdings Channel reports. The fund owned 488,458 shares of the company’s stock after buying an additional 48,632 shares during the period. Global X Management Co. LLC’s holdings in Covanta Holding Corp. were worth $7,517,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in CVA. Capital International Investors increased its stake in Covanta Holding Corp. by 11.3% in the second quarter. Capital International Investors now owns 13,127,185 shares of the company’s stock worth $215,942,000 after buying an additional 1,335,132 shares during the last quarter. Massachusetts Financial Services Co. MA increased its stake in Covanta Holding Corp. by 548.9% in the second quarter. Massachusetts Financial Services Co. MA now owns 1,503,407 shares of the company’s stock worth $24,731,000 after buying an additional 1,271,724 shares during the last quarter. Kleinwort Benson Investors Dublin Ltd purchased a new stake in Covanta Holding Corp. during the second quarter worth about $11,771,000. Bank of Montreal Can purchased a new stake in Covanta Holding Corp. during the second quarter worth about $11,701,000. Finally, MD Sass Investors Services Inc. purchased a new stake in Covanta Holding Corp. during the second quarter worth about $9,310,000. 80.01% of the stock is currently owned by institutional investors and hedge funds.

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

Shares of Covanta Holding Corp. (NYSE:CVA) traded down 1.01% during midday trading on Tuesday, hitting $14.70. The company’s stock had a trading volume of 2,281,604 shares. The firm has a 50-day moving average of $14.71 and a 200 day moving average of $15.55. Covanta Holding Corp. has a 12-month low of $12.48 and a 12-month high of $17.75. The firm has a market cap of $1.90 billion, a price-to-earnings ratio of 29.34 and a beta of 0.76.

Covanta Holding Corp. (NYSE:CVA) last posted its quarterly earnings results on Tuesday, October 25th. The company reported $0.18 EPS for the quarter, beating the consensus estimate of $0.14 by $0.04. Covanta Holding Corp. had a negative return on equity of 4.97% and a net margin of 3.88%. The firm earned $421 million during the quarter, compared to analysts’ expectations of $421.72 million. During the same quarter last year, the firm earned $0.22 earnings per share. The business’s revenue for the quarter was down .2% on a year-over-year basis. On average, equities research analysts predict that Covanta Holding Corp. will post ($0.10) EPS for the current fiscal year.

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A number of analysts have issued reports on the company. Macquarie assumed coverage on Covanta Holding Corp. in a research report on Thursday, August 25th. They set a “neutral” rating and a $18.00 target price on the stock. Zacks Investment Research raised Covanta Holding Corp. from a “strong sell” rating to a “hold” rating in a research report on Tuesday, September 27th. Barclays PLC cut their target price on Covanta Holding Corp. from $17.00 to $16.00 and set an “equal weight” rating on the stock in a research report on Tuesday, August 9th. Finally, Oppenheimer Holdings Inc. reissued an “outperform” rating and set a $20.00 target price on shares of Covanta Holding Corp. in a research report on Friday, September 23rd. Four investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $17.82.

In related news, Director Robert S. Silberman purchased 2,000 shares of the business’s stock in a transaction that occurred on Monday, November 14th. The stock was purchased at an average price of $14.73 per share, with a total value of $29,460.00. Following the completion of the acquisition, the director now owns 66,500 shares in the company, valued at $979,545. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. 11.80% of the stock is owned by corporate insiders.

Covanta Holding Corp. 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. It operates through North America segment, which consists of waste and energy services operations located primarily in the United States and Canada.

5 Day Chart for NYSE:CVA

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