Covia (NASDAQ:CVIA) Posts Quarterly Earnings Results, Misses Expectations By $0.07 EPS

Covia (NASDAQ:CVIA) announced its earnings results on Wednesday. The company reported ($0.23) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.16) by ($0.07), Fidelity Earnings reports. The firm had revenue of $408.96 million for the quarter, compared to analyst estimates of $445.41 million. During the same quarter in the prior year, the company posted ($2.20) earnings per share. The company’s revenue for the quarter was down 21.9% on a year-over-year basis.

CVIA stock traded up $0.06 during trading on Thursday, hitting $1.62. The company had a trading volume of 189,500 shares, compared to its average volume of 536,884. Covia has a 52-week low of $1.28 and a 52-week high of $7.49. The company has a 50 day simple moving average of $1.75 and a 200-day simple moving average of $2.29.

Several equities research analysts have recently weighed in on the stock. Barclays raised shares of Covia from an “underweight” rating to an “equal weight” rating and increased their target price for the company from $2.00 to $3.00 in a research note on Tuesday, August 13th. Zacks Investment Research raised shares of Covia from a “sell” rating to a “hold” rating in a research note on Tuesday, October 29th. Finally, Morgan Stanley reduced their target price on shares of Covia from $2.50 to $2.00 and set an “underweight” rating on the stock in a research note on Monday, October 7th. Four research analysts have rated the stock with a sell rating and four have assigned a hold rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $4.50.

In related news, CFO Andrew Eich purchased 20,000 shares of Covia stock in a transaction that occurred on Friday, August 23rd. The shares were bought at an average price of $1.51 per share, with a total value of $30,200.00. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website.

About Covia

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.

See Also: Back-End Load

Earnings History for Covia (NASDAQ:CVIA)

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