Matthew Mulcahy Sells 13,000 Shares of Covanta Holding Corp (CVA) Stock

Covanta Holding Corp (NYSE:CVA) EVP Matthew Mulcahy sold 13,000 shares of the business’s stock in a transaction dated Thursday, November 29th. The shares were sold at an average price of $16.53, for a total value of $214,890.00. Following the completion of the sale, the executive vice president now owns 88,094 shares in the company, valued at $1,456,193.82. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

CVA stock opened at $16.56 on Friday. The company has a quick ratio of 1.20, a current ratio of 1.20 and a debt-to-equity ratio of 4.87. The stock has a market cap of $2.17 billion, a price-to-earnings ratio of -44.76 and a beta of 0.99. Covanta Holding Corp has a twelve month low of $14.15 and a twelve month high of $18.05.

Covanta (NYSE:CVA) last issued its quarterly earnings data on Thursday, October 25th. The energy company reported ($0.04) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.07 by ($0.11). Covanta had a negative return on equity of 1.30% and a net margin of 14.71%. The business had revenue of $456.00 million for the quarter, compared to analysts’ expectations of $449.75 million. Sell-side analysts expect that Covanta Holding Corp will post -0.01 EPS for the current fiscal year.

CVA has been the topic of a number of research reports. ValuEngine cut Covanta from a “buy” rating to a “hold” rating in a research note on Wednesday, August 29th. Raymond James reduced their target price on Covanta from $19.00 to $17.00 and set a “strong-buy” rating for the company in a report on Monday, October 29th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company. Covanta presently has a consensus rating of “Buy” and an average price target of $17.33.

Several hedge funds and other institutional investors have recently modified their holdings of CVA. Schroder Investment Management Group grew its holdings in shares of Covanta by 776.1% during the second quarter. Schroder Investment Management Group now owns 6,354,739 shares of the energy company’s stock worth $91,890,000 after purchasing an additional 5,629,420 shares in the last quarter. BlackRock Inc. grew its holdings in shares of Covanta by 7.0% during the second quarter. BlackRock Inc. now owns 9,926,475 shares of the energy company’s stock worth $163,786,000 after purchasing an additional 651,772 shares in the last quarter. Canada Pension Plan Investment Board purchased a new position in shares of Covanta during the second quarter worth about $8,720,000. Chicago Equity Partners LLC purchased a new position in shares of Covanta during the third quarter worth about $4,500,000. Finally, Morgan Stanley grew its holdings in shares of Covanta by 28.4% during the third quarter. Morgan Stanley now owns 939,557 shares of the energy company’s stock worth $15,268,000 after purchasing an additional 208,020 shares in the last quarter. 81.51% of the stock is owned by institutional investors.

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Covanta Company Profile

Covanta Holding Corporation, through its subsidiaries, provides waste and energy services to municipal entities primarily in the United States and Canada. It owns and operates infrastructure for the conversion of waste to energy, as well as engages in related waste transport and disposal, and other renewable energy production businesses.

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