JPMorgan Chase & Co. Boosts Position in Covanta Holding Corporation (NYSE:CVA)

JPMorgan Chase & Co. boosted its stake in shares of Covanta Holding Corporation (NYSE:CVA) by 40.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 25,629 shares of the energy company’s stock after buying an additional 7,338 shares during the period. JPMorgan Chase & Co.’s holdings in Covanta Holding Corporation were worth $402,000 as of its most recent filing with the SEC.

Other large investors have also recently bought and sold shares of the company. Tiedemann Wealth Management LLC purchased a new stake in Covanta Holding Corporation during the first quarter valued at approximately $239,000. Wellington Shields & Co. LLC raised 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 during the last quarter. Huntington National Bank raised its stake in shares of Covanta Holding Corporation by 3.2% in the first quarter. Huntington National Bank now owns 16,442 shares of the energy company’s stock valued at $258,000 after buying an additional 515 shares during the last quarter. Sit Investment Associates Inc. raised its stake in shares of Covanta Holding Corporation by 270.2% in the first quarter. Sit Investment Associates Inc. now owns 17,400 shares of the energy company’s stock valued at $273,000 after buying an additional 12,700 shares during the last quarter. Finally, Quadrature Capital Ltd bought a new stake in shares of Covanta Holding Corporation during the fourth quarter valued at about $318,000. Hedge funds and other institutional investors own 90.91% of the company’s stock.

Covanta Holding Corporation (CVA) traded up 0.73% during mid-day trading on Friday, hitting $13.80. 1,010,592 shares of the stock were exchanged. The company has a 50-day moving average of $13.83 and a 200-day moving average of $14.70. The stock’s market capitalization is $1.79 billion. Covanta Holding Corporation has a 52 week low of $13.00 and a 52 week 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) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.18) by $0.04. Covanta Holding Corporation had a negative net margin of 1.41% and a negative return on equity of 9.81%. The business had revenue of $424 million for the quarter, compared to the consensus estimate of $416.18 million. During the same quarter last year, the business earned ($0.22) EPS. Covanta Holding Corporation’s revenue for the quarter was up 1.4% compared to the same quarter last year. On average, equities analysts predict that Covanta Holding Corporation will post ($0.23) EPS for the current fiscal year.

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Several equities research analysts have recently issued reports on CVA shares. Robert W. Baird upgraded shares of Covanta Holding Corporation from a “neutral” rating to an “outperform” rating and set a $17.00 price target for the company in a research note on Monday, May 15th. BidaskClub upgraded shares of Covanta Holding Corporation from a “sell” rating to a “hold” rating in a research note on Wednesday, June 14th. Zacks Investment Research lowered shares of Covanta Holding Corporation from a “hold” rating to a “strong sell” rating in a research note on Tuesday, June 27th. BMO Capital Markets initiated 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 for the company. Finally, Barclays PLC upgraded shares of Covanta Holding Corporation from an “equal weight” rating to an “overweight” rating and reduced their price objective for the company from $16.00 to $15.00 in a research note on Wednesday, July 12th. Three research analysts have rated the stock with a sell rating, one has assigned a hold rating and six have issued a buy rating to the stock. Covanta Holding Corporation currently has a consensus rating of “Hold” and an average target price of $17.28.

In other Covanta Holding Corporation news, insider Paul E. Stauder sold 2,500 shares of the stock in a transaction on Wednesday, May 24th. The shares were sold at an average price of $14.50, for a total transaction of $36,250.00. Following the completion of the transaction, the insider now owns 30,639 shares in the company, valued at $444,265.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 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.