$467.24 Million in Sales Expected for Covia Holdings (NASDAQ:CVIA) This Quarter

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Brokerages expect Covia Holdings (NASDAQ:CVIA) to report $467.24 million in sales for the current fiscal quarter, Zacks reports. Five analysts have made estimates for Covia’s earnings, with estimates ranging from $437.80 million to $495.00 million. Covia posted sales of $523.37 million during the same quarter last year, which would suggest a negative year-over-year growth rate of 10.7%. The business is expected to announce its next earnings results on Wednesday, November 13th.

According to Zacks, analysts expect that Covia will report full year sales of $1.79 billion for the current fiscal year, with estimates ranging from $1.71 billion to $1.85 billion. For the next year, analysts forecast that the firm will report sales of $1.88 billion, with estimates ranging from $1.67 billion to $1.99 billion. Zacks’ sales calculations are an average based on a survey of research analysts that that provide coverage for Covia.

Covia (NASDAQ:CVIA) last issued its earnings results on Thursday, August 8th. The company reported ($0.20) earnings per share for the quarter, missing the consensus estimate of ($0.17) by ($0.03). The firm had revenue of $444.94 million for the quarter, compared to analyst estimates of $494.36 million. During the same quarter in the prior year, the business posted $0.14 EPS. The business’s quarterly revenue was down 12.5% compared to the same quarter last year.

CVIA has been the topic of several recent research reports. Morgan Stanley decreased their target price on shares of Covia from $5.50 to $2.50 and set an “underweight” rating on the stock in a research report on Friday, July 12th. Bank of America reiterated an “underperform” rating and set a $1.50 target price (down from $4.00) on shares of Covia in a research report on Tuesday, June 25th. Barclays upgraded shares of Covia from an “underweight” rating to an “equal weight” rating and boosted their price target for the company from $2.00 to $3.00 in a research report on Tuesday, August 13th. Finally, Zacks Investment Research lowered shares of Covia from a “hold” rating to a “sell” rating in a research report on Monday, July 15th. Five research analysts have rated the stock with a sell rating, eight have given a hold rating and one has assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $6.00.

A number of large investors have recently added to or reduced their stakes in CVIA. Geode Capital Management LLC boosted its position in Covia by 5.2% in the fourth quarter. Geode Capital Management LLC now owns 330,598 shares of the company’s stock valued at $1,130,000 after buying an additional 16,448 shares in the last quarter. Principal Financial Group Inc. acquired a new position in shares of Covia during the fourth quarter worth approximately $114,000. Bank of America Corp DE lifted its position in shares of Covia by 183.9% during the fourth quarter. Bank of America Corp DE now owns 29,952 shares of the company’s stock worth $102,000 after purchasing an additional 19,401 shares in the last quarter. FMR LLC lifted its position in shares of Covia by 0.8% during the fourth quarter. FMR LLC now owns 1,150,800 shares of the company’s stock worth $3,936,000 after purchasing an additional 9,334 shares in the last quarter. Finally, Norges Bank acquired a new position in shares of Covia during the fourth quarter worth approximately $534,000.

Shares of Covia stock traded up $0.02 during trading on Thursday, hitting $1.70. 476,800 shares of the company’s stock traded hands, compared to its average volume of 567,386. The firm’s fifty day moving average price is $1.75 and its 200 day moving average price is $3.78. Covia has a twelve month low of $1.28 and a twelve month high of $13.14.

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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