Comerica Bank decreased its stake in shares of Covanta Holding Corp (NYSE:CVA) by 2.0% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 223,978 shares of the energy company’s stock after selling 4,612 shares during the period. Comerica Bank’s holdings in Covanta were worth $3,718,000 as of its most recent filing with the SEC.
Several other hedge funds also recently modified their holdings of CVA. Verition Fund Management LLC lifted its position in shares of Covanta by 9.7% during the second quarter. Verition Fund Management LLC now owns 11,779 shares of the energy company’s stock worth $155,000 after purchasing an additional 1,039 shares during the last quarter. First Allied Advisory Services Inc. bought a new position in shares of Covanta during the third quarter worth about $161,000. Fox Run Management L.L.C. bought a new position in shares of Covanta during the fourth quarter worth about $178,000. Cutler Group LP lifted its position in shares of Covanta by 81.3% during the fourth quarter. Cutler Group LP now owns 12,490 shares of the energy company’s stock worth $211,000 after purchasing an additional 5,601 shares during the last quarter. Finally, Citigroup Inc. lifted its position in shares of Covanta by 1.0% during the second quarter. Citigroup Inc. now owns 16,236 shares of the energy company’s stock worth $214,000 after purchasing an additional 159 shares during the last quarter. 95.51% of the stock is currently owned by institutional investors and hedge funds.
Covanta Holding Corp (CVA) opened at $16.15 on Friday. The company has a quick ratio of 1.21, a current ratio of 1.21 and a debt-to-equity ratio of 8.39. Covanta Holding Corp has a twelve month low of $13.00 and a twelve month high of $17.30.
Several brokerages have recently commented on CVA. Goldman Sachs Group raised shares of Covanta from a “sell” rating to a “neutral” rating and set a $16.00 price target on the stock in a research report on Sunday, January 7th. Zacks Investment Research cut shares of Covanta from a “hold” rating to a “sell” rating in a report on Friday, January 5th. Oppenheimer reissued a “buy” rating and issued a $19.00 target price on shares of Covanta in a report on Tuesday, December 19th. Robert W. Baird reissued a “buy” rating and issued a $19.00 target price on shares of Covanta in a report on Wednesday, November 1st. Finally, BMO Capital Markets raised their target price on shares of Covanta from $17.00 to $20.00 and gave the stock an “outperform” rating in a report on Monday, October 30th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and six have issued a buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $18.00.
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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.
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