Covia (CVIA) Downgraded by Zacks Investment Research

Zacks Investment Research cut shares of Covia (NASDAQ:CVIA) from a hold rating to a sell rating in a research note issued to investors on Tuesday.

According to Zacks, “Covia Holdings Corporation provides metal mining services. The Company produces low-iron nepheline syenite for glass, ceramics, paints, and plastics as well as offers quartz proppants for oil and natural gas simulation and recovery. It serves agriculture, construction, environment and sports sectors primarily in the United States. Covia Holdings Corporation is based in New Canaan, United States. “

A number of other equities analysts have also recently issued reports on CVIA. Piper Jaffray Companies cut shares of Covia from an overweight rating to a neutral rating in a research report on Tuesday, October 2nd. B. Riley decreased their price objective on shares of Covia from $15.00 to $10.00 and set a neutral rating for the company in a research note on Tuesday, November 20th. Royal Bank of Canada downgraded shares of Covia from an outperform rating to a sector perform rating in a research note on Thursday, September 20th. Morgan Stanley downgraded shares of Covia from an equal rating to a weight rating in a research note on Thursday, October 11th. Finally, Credit Suisse Group decreased their price objective on shares of Covia from $7.50 to $6.00 and set an underperform rating for the company in a research note on Thursday, November 15th. Four investment analysts have rated the stock with a sell rating, eight have issued a hold rating and two have issued a buy rating to the company’s stock. The company currently has a consensus rating of Hold and an average target price of $13.50.

Shares of CVIA traded up $0.10 during midday trading on Tuesday, reaching $5.25. The stock had a trading volume of 261,703 shares, compared to its average volume of 560,677. Covia has a 1-year low of $3.23 and a 1-year high of $30.00.

Covia (NASDAQ:CVIA) last announced its quarterly earnings results on Wednesday, November 14th. The company reported $0.10 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.31 by ($0.21). The company had revenue of $523.40 million for the quarter, compared to analysts’ expectations of $615.07 million. The company’s revenue for the quarter was up 50.5% compared to the same quarter last year.

In other news, Director William E. Conway bought 20,000 shares of the firm’s stock in a transaction dated Monday, November 19th. The stock was acquired at an average cost of $6.98 per share, for a total transaction of $139,600.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. BlackRock Inc. acquired a new stake in shares of Covia during the second quarter worth $39,270,000. Bank of New York Mellon Corp acquired a new stake in shares of Covia during the second quarter worth $34,098,000. FMR LLC raised its holdings in shares of Covia by 443.0% during the third quarter. FMR LLC now owns 1,141,466 shares of the company’s stock worth $10,239,000 after purchasing an additional 931,266 shares during the period. Vanguard Group Inc raised its holdings in shares of Covia by 18.5% during the third quarter. Vanguard Group Inc now owns 3,297,893 shares of the company’s stock worth $29,582,000 after purchasing an additional 515,499 shares during the period. Finally, Vanguard Group Inc. raised its holdings in shares of Covia by 18.5% during the third quarter. Vanguard Group Inc. now owns 3,297,893 shares of the company’s stock worth $29,582,000 after purchasing an additional 515,499 shares during the period.

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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