B. Riley Comments on Covia Holdings’ Q4 2019 Earnings (NASDAQ:CVIA)

Covia Holdings (NASDAQ:CVIA) – Research analysts at B. Riley cut their Q4 2019 earnings per share (EPS) estimates for shares of Covia in a research report issued to clients and investors on Thursday, November 7th. B. Riley analyst L. Pipes now forecasts that the company will post earnings of ($0.48) per share for the quarter, down from their prior estimate of ($0.24). B. Riley also issued estimates for Covia’s Q1 2020 earnings at ($0.41) EPS, Q2 2020 earnings at ($0.40) EPS, Q3 2020 earnings at ($0.34) EPS, Q4 2020 earnings at ($0.35) EPS, FY2020 earnings at ($1.49) EPS and FY2021 earnings at ($1.13) EPS.

Covia (NASDAQ:CVIA) last announced its earnings results on Wednesday, November 6th. The company reported ($0.23) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.16) by ($0.07). The company had revenue of $408.96 million for the quarter, compared to analysts’ expectations 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 earned ($2.20) EPS.

A number of other brokerages have also issued reports on CVIA. Morgan Stanley decreased their target price on shares of Covia from $2.50 to $2.00 and set an “underweight” rating for the company in a research report on Monday, October 7th. Barclays upgraded 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 report on Tuesday, August 13th. Finally, Zacks Investment Research upgraded shares of Covia from a “sell” rating to a “hold” rating in a research report on Tuesday, October 29th. Four investment analysts have rated the stock with a sell rating and four have assigned a hold rating to the company’s stock. Covia currently has a consensus rating of “Hold” and an average price target of $4.50.

CVIA traded down $0.06 on Monday, reaching $1.42. The company had a trading volume of 259,300 shares, compared to its average volume of 530,955. The company has a fifty day moving average of $1.68 and a 200-day moving average of $2.20. Covia has a one year low of $1.28 and a one year high of $7.49.

Several large investors have recently bought and sold shares of CVIA. JPMorgan Chase & Co. lifted its stake in Covia by 856.3% during the second quarter. JPMorgan Chase & Co. now owns 115,319 shares of the company’s stock valued at $224,000 after buying an additional 103,260 shares in the last quarter. Ancora Advisors LLC purchased a new stake in Covia during the second quarter valued at about $178,000. AlpInvest Partners B.V. purchased a new stake in Covia during the second quarter valued at about $490,000. Jane Street Group LLC purchased a new stake in Covia during the second quarter valued at about $79,000. Finally, Northern Trust Corp lifted its stake in Covia by 3.6% during the second quarter. Northern Trust Corp now owns 425,674 shares of the company’s stock valued at $834,000 after buying an additional 14,722 shares in the last quarter.

In other Covia news, CFO Andrew Eich acquired 20,000 shares of Covia stock in a transaction dated Friday, August 23rd. The stock was bought at an average price of $1.51 per share, for a total transaction of $30,200.00. The acquisition was disclosed in a document filed with the SEC, which is available at this link.

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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