Zacks Investment Research downgraded shares of Covia (NASDAQ:CVIA) from a hold rating to a sell rating in a research report released on Thursday, Zacks.com reports.

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. “

Several other equities research analysts also recently commented on CVIA. Barclays raised shares of 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. Bank of America reaffirmed an underperform rating and issued a $1.50 target price (down previously from $4.00) on shares of Covia in a research note on Tuesday, June 25th. Finally, Morgan Stanley lowered their target price on shares of Covia from $5.50 to $2.50 and set an underweight rating for the company in a research note on Friday, July 12th. Five equities research analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company’s stock. Covia presently has an average rating of Hold and an average target price of $6.00.

NASDAQ:CVIA traded up $0.12 during trading hours on Thursday, hitting $2.59. The stock had a trading volume of 442,603 shares, compared to its average volume of 576,353. Covia has a one year low of $1.28 and a one year high of $10.65. The business’s 50 day moving average is $1.67 and its 200-day moving average is $3.37.

Covia (NASDAQ:CVIA) last issued its earnings results on Thursday, August 8th. The company reported ($0.20) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.17) by ($0.03). The business had revenue of $444.94 million for the quarter, compared to analysts’ expectations of $494.36 million. During the same period in the previous year, the firm earned $0.14 earnings per share. The business’s quarterly revenue was down 12.5% on a year-over-year basis.

In other news, CFO Andrew Eich bought 20,000 shares of the stock in a transaction on Friday, August 23rd. The stock was purchased at an average price of $1.51 per share, with a total value of $30,200.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Hedge funds have recently modified their holdings of the company. BNP Paribas Arbitrage SA increased its position in shares of 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 acquiring an additional 5,771 shares in the last quarter. Pensionmark Financial Group LLC bought a new stake in shares of Covia during the second quarter worth $25,000. Investure LLC bought a new stake in shares of Covia during the second quarter worth $43,000. Bessemer Group Inc. bought a new stake in shares of Covia during the second quarter worth $43,000. Finally, UBS Asset Management Americas Inc. increased its position in shares of Covia by 105.5% during the second quarter. UBS Asset Management Americas Inc. now owns 26,841 shares of the company’s stock worth $53,000 after acquiring an additional 13,781 shares in the last quarter.

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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