Northern Trust Corp grew its stake in Covia Holdings (NASDAQ:CVIA) by 3.6% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 425,674 shares of the company’s stock after acquiring an additional 14,722 shares during the period. Northern Trust Corp’s holdings in Covia were worth $834,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently made changes to their positions in CVIA. Marshall Wace LLP bought a new position in shares of Covia in the 1st quarter valued at about $261,000. Bessemer Group Inc. bought a new position in shares of Covia in the 2nd quarter valued at about $43,000. Creative Planning bought a new position in shares of Covia in the 2nd quarter valued at about $60,000. SG Americas Securities LLC bought a new position in shares of Covia in the 2nd quarter valued at about $175,000. Finally, JPMorgan Chase & Co. grew its holdings in shares of Covia by 856.3% in the 2nd quarter. JPMorgan Chase & Co. now owns 115,319 shares of the company’s stock valued at $224,000 after acquiring an additional 103,260 shares in the last quarter.
In other Covia news, CFO Andrew Eich purchased 20,000 shares of Covia stock in a transaction that occurred on Friday, August 23rd. The stock was acquired at an average price of $1.51 per share, for a total transaction of $30,200.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.
Covia (NASDAQ:CVIA) last posted its quarterly earnings results on Thursday, August 8th. The company reported ($0.20) EPS for the quarter, missing analysts’ consensus estimates of ($0.17) by ($0.03). The company had revenue of $444.94 million during the quarter, compared to analyst estimates of $494.36 million. During the same period in the prior year, the firm earned $0.14 EPS. The business’s revenue for the quarter was down 12.5% compared to the same quarter last year.
Several equities analysts have recently weighed in on CVIA shares. Barclays upgraded Covia from an “underweight” rating to an “equal weight” rating and raised their price objective for the company from $2.00 to $3.00 in a report on Tuesday, August 13th. Zacks Investment Research cut Covia from a “hold” rating to a “sell” rating in a report on Thursday, September 12th. Bank of America restated an “underperform” rating and issued a $1.50 price objective (down previously from $4.00) on shares of Covia in a report on Tuesday, June 25th. Finally, Morgan Stanley decreased their price objective on Covia from $2.50 to $2.00 and set an “underweight” rating for the company in a report on Monday, October 7th. Five research analysts have rated the stock with a sell rating and three have given a hold rating to the company. The stock currently has a consensus rating of “Sell” and an average price target of $4.50.
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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