Zacks: Brokerages Expect Covia Holdings (NASDAQ:CVIA) Will Post Quarterly Sales of $346.70 Million

Analysts expect Covia Holdings (NASDAQ:CVIA) to report sales of $346.70 million for the current quarter, Zacks reports. Two analysts have made estimates for Covia’s earnings, with the highest sales estimate coming in at $350.40 million and the lowest estimate coming in at $343.00 million. Covia posted sales of $441.33 million in the same quarter last year, which would indicate a negative year-over-year growth rate of 21.4%. The business is scheduled to issue its next quarterly earnings results on Thursday, March 19th.

According to Zacks, analysts expect that Covia will report full-year sales of $1.63 billion for the current fiscal year, with estimates ranging from $1.63 billion to $1.64 billion. For the next financial year, analysts anticipate that the business will post sales of $1.60 billion, with estimates ranging from $1.49 billion to $1.78 billion. Zacks’ sales calculations are an average based on a survey of sell-side research firms that cover Covia.

Covia (NASDAQ:CVIA) last announced its earnings results on Wednesday, November 6th. The company reported ($0.23) EPS for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.07). The company had revenue of $408.96 million during the quarter, compared to the consensus estimate of $445.41 million. The firm’s quarterly revenue was down 21.9% compared to the same quarter last year. During the same period in the previous year, the company posted ($2.20) EPS.

A number of equities analysts recently commented on CVIA shares. Morgan Stanley decreased their target price on Covia from $2.50 to $2.00 and set an “underweight” rating for the company in a report on Monday, October 7th. Zacks Investment Research upgraded Covia from a “sell” rating to a “hold” rating in a report on Tuesday, October 29th. Three investment analysts have rated the stock with a sell rating and three have assigned a hold rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $2.17.

Shares of Covia stock traded up $0.02 during midday trading on Friday, reaching $1.83. 265,387 shares of the company’s stock traded hands, compared to its average volume of 512,290. The stock has a 50 day moving average of $1.54 and a 200-day moving average of $1.83. Covia has a 12 month low of $1.28 and a 12 month high of $7.34.

A number of institutional investors and hedge funds have recently bought and sold shares of CVIA. Pensionmark Financial Group LLC bought a new position in Covia in the second quarter worth $25,000. Investure LLC bought a new position in Covia in the second quarter worth $43,000. UBS Asset Management Americas Inc. raised its holdings in Covia by 105.5% in the second quarter. UBS Asset Management Americas Inc. now owns 26,841 shares of the company’s stock worth $53,000 after purchasing an additional 13,781 shares in the last quarter. Creative Planning bought a new position in Covia in the second quarter worth $60,000. Finally, Jane Street Group LLC bought a new position in Covia in the second quarter worth $79,000.

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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Earnings History and Estimates for Covia (NASDAQ:CVIA)

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