Published On: Mon, Sep 19th, 2016

Covanta Holding Corp. (CVA) Price Target Cut to $18.00

Covanta Holding Corp. (NYSE:CVA) had its price objective dropped by equities researchers at Imperial Capital from $18.50 to $18.00 in a report released on Thursday. The brokerage currently has an “outperform” rating on the stock. Imperial Capital’s target price would indicate a potential upside of 22.53% from the company’s current price.
A number of other research analysts also recently issued reports on CVA. Zacks Investment Research downgraded Covanta Holding Corp. from a “buy” rating to a “hold” rating in a report on Monday, April 25th. Robert W. Baird cut Covanta Holding Corp. from an “outperform” rating to a “neutral” rating and set a $17.00 price objective on the stock. in a research report on Friday, April 29th. Five analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $18.00.
Shares of Covanta Holding Corp. (NYSE:CVA) traded down 2.07% during mid-day trading on Thursday, hitting $14.69. The company had a trading volume of 982,538 shares. Covanta Holding Corp. has a 52 week low of $12.48 and a 52 week high of $19.29. The firm has a market capitalization of $1.90 billion, a PE ratio of 42.58 and a beta of 0.61. The firm has a 50-day moving average price of $15.17 and a 200-day moving average price of $16.15.

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Covanta Holding Corp. (NYSE:CVA) last announced its quarterly earnings results on Tuesday, July 26th. The company reported ($0.22) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.05) by $0.17. Covanta Holding Corp. had a net margin of 2.69% and a negative return on equity of 3.48%. The business had revenue of $418 million for the quarter, compared to analysts’ expectations of $410.38 million. During the same quarter in the prior year, the firm earned ($0.06) EPS. The firm’s revenue for the quarter was up 2.5% on a year-over-year basis. Equities analysts forecast that Covanta Holding Corp. will post ($0.12) earnings per share for the current year.
In other news, Director Ronald J. Broglio sold 4,500 shares of the business’s stock in a transaction that occurred on Thursday, July 28th. The stock was sold at an average price of $15.78, for a total value of $71,010.00. Following the sale, the director now directly owns 4,529 shares of the company’s stock, valued at approximately $71,467.62. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 11.80% of the stock is owned by insiders.
A number of institutional investors have recently added to or reduced their stakes in the stock. Advisors Capital Management LLC boosted its position in Covanta Holding Corp. by 13.2% in the fourth quarter. Advisors Capital Management LLC now owns 69,109 shares of the company’s stock valued at $1,071,000 after buying an additional 8,054 shares during the period. CIBC World Markets Inc. boosted its position in Covanta Holding Corp. by 31.7% in the first quarter. CIBC World Markets Inc. now owns 14,447 shares of the company’s stock valued at $244,000 after buying an additional 3,478 shares during the period. Franklin Resources Inc. boosted its position in Covanta Holding Corp. by 3.8% in the first quarter. Franklin Resources Inc. now owns 27,100 shares of the company’s stock valued at $457,000 after buying an additional 1,000 shares during the period. BlackRock Inc. boosted its position in Covanta Holding Corp. by 186.6% in the first quarter. BlackRock Inc. now owns 16,377 shares of the company’s stock valued at $276,000 after buying an additional 10,663 shares during the period. Finally, BlackRock Fund Advisors boosted its position in Covanta Holding Corp. by 1.5% in the first quarter. BlackRock Fund Advisors now owns 1,546,091 shares of the company’s stock valued at $26,067,000 after buying an additional 23,468 shares during the period. 80.15% of the stock is currently owned by institutional investors and hedge funds.
About Covanta Holding Corp.
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.

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