Covanta Holding Corporation (CVA): Today's Featured Industrial Goods Laggard

Editor's Note: Any reference to TheStreet Ratings and its underlying recommendation does not reflect the opinion of TheStreet, Inc. or any of its contributors including Jim Cramer or Stephanie Link.

Covanta Holding Corporation ( CVA) pushed the Industrial Goods sector lower today making it today's featured Industrial Goods laggard. The sector as a whole closed the day up 1.0%. By the end of trading, Covanta Holding Corporation fell $0.30 (-1.7%) to $17.45 on light volume. Throughout the day, 1,657,915 shares of Covanta Holding Corporation exchanged hands as compared to its average daily volume of 2,488,200 shares. The stock ranged in price between $17.43-$17.79 after having opened the day at $17.79 as compared to the previous trading day's close of $17.75. Other companies within the Industrial Goods sector that declined today were: Tri-Tech ( TRIT), down 5.3%, Mueller Water Products ( MWA), down 4.9%, Highway Holdings ( HIHO), down 4.2% and Ballard Power Systems ( BLDP), down 3.8%.

Covanta Holding Corporation, through its subsidiaries, provides waste and energy services to municipal entities primarily in North America. Covanta Holding Corporation has a market cap of $2.3 billion and is part of the materials & construction industry. The company has a P/E ratio of 50.4, above the S&P 500 P/E ratio of 17.7. Shares are down 4.2% year to date as of the close of trading on Monday. Currently there are 3 analysts that rate Covanta Holding Corporation a buy, no analysts rate it a sell, and 4 rate it a hold.

TheStreet Ratings rates Covanta Holding Corporation as a buy. The company's strengths can be seen in multiple areas, such as its revenue growth, good cash flow from operations, expanding profit margins, growth in earnings per share and increase in net income. We feel these strengths outweigh the fact that the company has had lackluster performance in the stock itself.

On the positive front, Intellicheck Mobilisa ( IDN), up 9.8%, Fuel Tech ( FTEK), up 9.1%, Tile Shop Holdings ( TTS), up 8.7% and Dycom Industries ( DY), up 7.6% , were all gainers within the industrial goods sector with PulteGroup ( PHM) being today's featured industrial goods sector leader.

For investors not wanting singular stock exposure, ETFs may be of interest. Investors who are bullish on the industrial goods sector could consider Industrial Select Sector SPDR ( XLI) while those bearish on the industrial goods sector could consider ProShares Short Dow 30 ( DOG).

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12-months. Learn more.
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