Covia (NASDAQ:CVIA) Trading Down 5.6%

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Shares of Covia Holdings (NASDAQ:CVIA) traded down 5.6% during trading on Wednesday . The company traded as low as $1.81 and last traded at $1.86, 616,260 shares were traded during trading. An increase of 15% from the average session volume of 536,730 shares. The stock had previously closed at $1.97.

A number of equities analysts have commented on the stock. Morgan Stanley set a $207.00 price objective on shares of Alibaba Group and gave the stock a “buy” rating in a research report on Friday, July 12th. Bank of America reaffirmed an “underperform” rating and set a $1.25 price objective (down from $4.50) on shares of Superior Energy Services in a research report on Tuesday, June 25th. Finally, Zacks Investment Research cut shares of General Finance from a “buy” rating to a “hold” rating in a research report on Monday. Six research analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have given a buy rating to the stock. Covia has an average rating of “Hold” and an average price target of $10.77.

The firm’s 50-day moving average price is $2.11.

Covia (NASDAQ:CVIA) last announced its earnings results on Thursday, May 9th. The company reported ($0.38) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.34) by ($0.04). The firm had revenue of $428.25 million for the quarter, compared to the consensus estimate of $443.83 million. The business’s revenue for the quarter was up 15.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.31 earnings per share.

Several institutional investors have recently made changes to their positions in the company. BNP Paribas Arbitrage SA lifted its position in Covia by 359.8% during the first quarter. BNP Paribas Arbitrage SA now owns 7,375 shares of the company’s stock worth $41,000 after purchasing an additional 5,771 shares during the period. Paloma Partners Management Co bought a new stake in Covia during the fourth quarter worth about $77,000. Bank of America Corp DE lifted its position in 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 during the period. Principal Financial Group Inc. bought a new stake in Covia during the fourth quarter worth about $114,000. Finally, Rhumbline Advisers lifted its position in Covia by 48.2% during the fourth quarter. Rhumbline Advisers now owns 39,632 shares of the company’s stock worth $136,000 after purchasing an additional 12,881 shares during the period.

About Covia (NASDAQ:CVIA)

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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