Jefferies Financial Group Downgrades Covia (CVIA) to Hold

Covia (NASDAQ:CVIA) was downgraded by equities research analysts at Jefferies Financial Group from a “buy” rating to a “hold” rating in a report issued on Wednesday, MarketBeat.com reports. They presently have a $8.00 price target on the stock. Jefferies Financial Group’s price objective would suggest a potential upside of 24.22% from the stock’s current price. Jefferies Financial Group also issued estimates for Covia’s Q3 2018 earnings at $0.36 EPS, Q4 2018 earnings at $0.16 EPS, FY2018 earnings at $1.16 EPS, Q1 2019 earnings at $0.15 EPS, Q2 2019 earnings at $0.19 EPS, Q3 2019 earnings at $0.20 EPS, Q4 2019 earnings at $0.05 EPS, FY2019 earnings at $0.60 EPS and FY2020 earnings at $0.45 EPS.

Several other research analysts have also weighed in on the stock. Morgan Stanley lowered shares of Covia from an “equal” rating to a “weight” rating in a research note on Thursday, October 11th. Credit Suisse Group lowered shares of Covia from a “neutral” rating to an “underperform” rating and lowered their target price for the stock from $14.00 to $7.50 in a research note on Wednesday, October 3rd. Piper Jaffray Companies lowered shares of Covia from an “overweight” rating to a “neutral” rating in a research note on Tuesday, October 2nd. Royal Bank of Canada lowered shares of Covia from an “outperform” rating to a “sector perform” rating in a research note on Thursday, September 20th. Finally, Wells Fargo & Co assumed coverage on shares of Covia in a research note on Friday, September 14th. They set a “market perform” rating and a $11.00 target price for the company. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and three have assigned a buy rating to the stock. Covia currently has a consensus rating of “Hold” and an average price target of $14.22.

CVIA stock traded down $0.34 during mid-day trading on Wednesday, hitting $6.44. 9,054 shares of the company were exchanged, compared to its average volume of 543,769. Covia has a 12-month low of $6.53 and a 12-month high of $30.00.

Covia (NASDAQ:CVIA) last announced its earnings results on Tuesday, August 14th. The company reported $0.14 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.76 by ($0.62). The business had revenue of $508.42 million for the quarter, compared to the consensus estimate of $595.59 million. Covia’s revenue for the quarter was up 56.9% compared to the same quarter last year. During the same period in the previous year, the business posted $0.25 earnings per share.

Institutional investors and hedge funds have recently modified their holdings of the company. Swiss National Bank acquired a new stake in shares of Covia during the second quarter worth about $1,014,000. Citadel Advisors LLC acquired a new stake in shares of Covia during the second quarter worth about $193,000. American Securities LLC acquired a new stake in shares of Covia during the second quarter worth about $167,701,000. Point72 Asset Management L.P. acquired a new stake in shares of Covia during the second quarter worth about $24,263,000. Finally, Van ECK Associates Corp acquired a new stake in shares of Covia during the second quarter worth about $15,866,000.

About Covia

There is no company description available for Covia Holdings Corp.

Further Reading: Diversification in Investing

Analyst Recommendations for Covia (NASDAQ:CVIA)

Receive News & Ratings for Covia Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Covia and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply