Covia Holdings (NASDAQ:CVIA) – Equities researchers at Piper Jaffray Companies cut their Q3 2019 earnings per share (EPS) estimates for Covia in a research note issued to investors on Monday, August 12th. Piper Jaffray Companies analyst J. Watson now forecasts that the company will earn ($0.15) per share for the quarter, down from their previous forecast of ($0.12). Piper Jaffray Companies also issued estimates for Covia’s Q4 2019 earnings at ($0.23) EPS, Q1 2020 earnings at ($0.22) EPS, Q2 2020 earnings at ($0.15) EPS, Q3 2020 earnings at ($0.14) EPS, Q4 2020 earnings at ($0.20) EPS and FY2020 earnings at ($0.72) EPS.
Several other research firms have also recently commented on CVIA. Zacks Investment Research cut Covia from a “hold” rating to a “sell” rating in a research report on Monday, July 15th. Barclays raised Covia from an “underweight” rating to an “equal weight” rating and increased their price objective for the company from $2.00 to $3.00 in a research report on Tuesday. Morgan Stanley dropped their price objective on Covia from $5.50 to $2.50 and set an “underweight” rating on the stock in a research report on Friday, July 12th. Finally, Bank of America reaffirmed an “underperform” rating and set a $1.50 price objective (down from $4.00) on shares of Covia in a research report on Tuesday, June 25th. Five equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $9.95.
Covia (NASDAQ:CVIA) last announced its quarterly earnings data on Thursday, August 8th. The company reported ($0.20) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.17) by ($0.03). The business had revenue of $444.94 million during the quarter, compared to analyst estimates of $494.36 million. During the same period last year, the firm earned $0.14 EPS. The company’s revenue was down 12.5% compared to the same quarter last year.
Several hedge funds and other institutional investors have recently bought and sold shares of CVIA. BNP Paribas Arbitrage SA raised its stake in Covia by 359.8% during the 1st quarter. BNP Paribas Arbitrage SA now owns 7,375 shares of the company’s stock valued at $41,000 after purchasing an additional 5,771 shares during the period. Hunter Associates Investment Management LLC raised its stake in Covia by 10.3% during the 1st quarter. Hunter Associates Investment Management LLC now owns 79,230 shares of the company’s stock valued at $443,000 after purchasing an additional 7,420 shares during the period. FMR LLC raised its stake in Covia by 0.8% during the 4th quarter. FMR LLC now owns 1,150,800 shares of the company’s stock valued at $3,936,000 after purchasing an additional 9,334 shares during the period. UBS Asset Management Americas Inc. raised its stake in Covia by 105.5% during the 2nd quarter. UBS Asset Management Americas Inc. now owns 26,841 shares of the company’s stock valued at $53,000 after purchasing an additional 13,781 shares during the period. Finally, Northern Trust Corp raised its stake in Covia by 3.6% during the 2nd quarter. Northern Trust Corp now owns 425,674 shares of the company’s stock valued at $834,000 after purchasing an additional 14,722 shares during the period.
Covia Company Profile
Covia Holdings Corporation provides minerals and material solutions for the industrial and energy markets. The company offers various mineral solutions to the glass, ceramics, coatings, polymers, construction, water filtration, sports, and recreation markets. It also offers a range of high-purity silica sand, nepheline syenite, feldspar, clay, kaolin, lime, resin systems, and coated materials.
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