Zacks: Brokerages Anticipate Covia Holdings (NASDAQ:CVIA) to Post -$0.40 Earnings Per Share

Equities analysts forecast that Covia Holdings (NASDAQ:CVIA) will announce earnings per share of ($0.40) for the current fiscal quarter, Zacks reports. Two analysts have provided estimates for Covia’s earnings. The highest EPS estimate is ($0.35) and the lowest is ($0.48). Covia posted earnings of ($0.39) per share during the same quarter last year, which would indicate a negative year-over-year growth rate of 2.6%. The business is expected to announce its next quarterly earnings report on Thursday, March 19th.

On average, analysts expect that Covia will report full year earnings of ($1.18) per share for the current fiscal year, with EPS estimates ranging from ($1.27) to ($1.08). For the next fiscal year, analysts forecast that the firm will post earnings of ($1.07) per share, with EPS estimates ranging from ($1.49) to ($0.85). Zacks Investment Research’s EPS averages are a mean average based on a survey of sell-side research firms that that provide coverage for Covia.

Covia (NASDAQ:CVIA) last released 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 firm had revenue of $408.96 million during the quarter, compared to analysts’ expectations of $445.41 million. The business’s revenue was down 21.9% on a year-over-year basis. During the same quarter last year, the company posted ($2.20) earnings per share.

A number of research analysts have recently commented on CVIA shares. Barclays raised Covia from an “underweight” rating to an “equal weight” rating and upped their target price for the company from $2.00 to $3.00 in a research note on Tuesday, August 13th. Morgan Stanley cut their target price on Covia from $2.50 to $2.00 and set an “underweight” rating on the stock in a research note on Monday, October 7th. Finally, Zacks Investment Research raised Covia from a “sell” rating to a “hold” rating in a research note on Tuesday, October 29th. Three investment analysts have rated the stock with a sell rating and three have issued a hold rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $2.17.

A number of large investors have recently made changes to their positions in CVIA. Millennium Management LLC lifted its position in Covia by 3,202.1% in the third quarter. Millennium Management LLC now owns 1,059,508 shares of the company’s stock valued at $2,140,000 after acquiring an additional 1,027,422 shares during the last quarter. State Street Corp lifted its stake in Covia by 17.9% in the 3rd quarter. State Street Corp now owns 832,248 shares of the company’s stock worth $1,681,000 after purchasing an additional 126,259 shares in the last quarter. First Trust Advisors LP purchased a new position in Covia in the 3rd quarter worth approximately $151,000. Russell Investments Group Ltd. purchased a new position in Covia in the 3rd quarter worth approximately $152,000. Finally, California Public Employees Retirement System lifted its stake in Covia by 9.8% in the 3rd quarter. California Public Employees Retirement System now owns 86,109 shares of the company’s stock worth $174,000 after purchasing an additional 7,690 shares in the last quarter.

Shares of CVIA traded up $0.05 during mid-day trading on Thursday, reaching $1.74. 214,393 shares of the company’s stock traded hands, compared to its average volume of 514,631. The stock’s 50-day moving average is $1.52 and its two-hundred day moving average is $1.85. Covia has a 12 month low of $1.28 and a 12 month high of $7.34.

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.

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Earnings History and Estimates for Covia (NASDAQ:CVIA)

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