Bank of Montreal Can Sells 855,021 Shares of Covanta Holding Corp (CVA)

Bank of Montreal Can trimmed its holdings in shares of Covanta Holding Corp (NYSE:CVA) by 88.9% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 106,380 shares of the energy company’s stock after selling 855,021 shares during the period. Bank of Montreal Can owned approximately 0.08% of Covanta worth $1,427,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in Covanta by 1.2% in the 3rd quarter. Vanguard Group Inc. now owns 10,979,079 shares of the energy company’s stock worth $178,410,000 after acquiring an additional 133,161 shares during the last quarter. Vanguard Group Inc raised its holdings in Covanta by 1.2% in the 3rd quarter. Vanguard Group Inc now owns 10,979,079 shares of the energy company’s stock worth $178,410,000 after acquiring an additional 133,161 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in Covanta by 0.5% in the 3rd quarter. Dimensional Fund Advisors LP now owns 4,005,001 shares of the energy company’s stock worth $65,082,000 after acquiring an additional 20,762 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in Covanta by 6.5% in the 3rd quarter. Bank of New York Mellon Corp now owns 2,146,449 shares of the energy company’s stock worth $34,880,000 after acquiring an additional 130,657 shares during the last quarter. Finally, Jupiter Asset Management Ltd. raised its holdings in Covanta by 0.8% in the 3rd quarter. Jupiter Asset Management Ltd. now owns 1,263,576 shares of the energy company’s stock worth $20,596,000 after acquiring an additional 9,437 shares during the last quarter. Hedge funds and other institutional investors own 80.29% of the company’s stock.

NYSE:CVA opened at $17.22 on Thursday. The company has a quick ratio of 1.20, a current ratio of 1.20 and a debt-to-equity ratio of 4.87. Covanta Holding Corp has a 12 month low of $12.92 and a 12 month high of $18.05. The company has a market capitalization of $2.28 billion, a price-to-earnings ratio of -46.54, a P/E/G ratio of 11.58 and a beta of 1.32.

In other Covanta news, EVP Matthew Mulcahy sold 13,000 shares of Covanta stock in a transaction that occurred on 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 of the company’s stock, valued at approximately $1,456,193.82. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Castro Michael Joseph De bought 10,000 shares of the business’s stock in a transaction on Friday, December 28th. The stock was bought at an average cost of $13.36 per share, with a total value of $133,600.00. Following the transaction, the executive vice president now owns 78,008 shares in the company, valued at approximately $1,042,186.88. The disclosure for this purchase can be found here. Insiders own 10.90% of the company’s stock.

CVA has been the subject of a number of recent analyst reports. Goldman Sachs Group upgraded shares of Covanta from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $16.50 to $19.00 in a report on Monday, February 4th. Raymond James decreased their price objective on shares of Covanta from $19.00 to $17.00 and set a “strong-buy” rating for the company in a report on Monday, October 29th. ValuEngine lowered shares of Covanta from a “buy” rating to a “hold” rating in a report on Saturday, October 27th. BMO Capital Markets restated a “buy” rating and issued a $18.00 price objective on shares of Covanta in a report on Tuesday, January 8th. Finally, Barclays initiated coverage on shares of Covanta in a report on Monday, January 7th. They issued an “equal weight” rating and a $16.00 price objective for the company. Four analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $17.00.

TRADEMARK VIOLATION NOTICE: This piece of content was published by American Banking News and is owned by of American Banking News. If you are reading this piece of content on another site, it was stolen and reposted in violation of U.S. & international trademark & copyright legislation. The legal version of this piece of content can be viewed at https://www.americanbankingnews.com/2019/02/14/bank-of-montreal-can-sells-855021-shares-of-covanta-holding-corp-cva.html.

About Covanta

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.

See Also: Coverage Ratio

Institutional Ownership by Quarter for Covanta (NYSE:CVA)

Receive News & Ratings for Covanta Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Covanta and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply