Morgan Stanley Cuts Covia (NASDAQ:CVIA) Price Target to $2.50

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Covia (NASDAQ:CVIA) had its price target lowered by Morgan Stanley from $5.50 to $2.50 in a research note issued to investors on Friday, BenzingaRatingsTable reports. The brokerage currently has an underweight rating on the stock.

Separately, Bank of America reaffirmed an underperform rating and issued a $1.25 price objective (down previously from $4.50) on shares of Superior Energy Services in a research note on Tuesday, June 25th. Six research analysts have rated the stock with a sell rating, seven have issued a hold rating and two have issued a buy rating to the company’s stock. The company presently has an average rating of Hold and a consensus target price of $10.77.

CVIA stock opened at $1.95 on Friday. Covia has a fifty-two week low of $1.55 and a fifty-two week high of $18.79. The firm has a 50-day moving average price of $2.15.

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

Hedge funds and other institutional investors have recently bought and sold shares of the company. BNP Paribas Arbitrage SA raised its stake 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 acquiring an additional 5,771 shares during the period. Paloma Partners Management Co purchased a new stake in Covia in the 4th quarter worth approximately $77,000. Bank of America Corp DE lifted its position in Covia by 183.9% in the 4th quarter. Bank of America Corp DE now owns 29,952 shares of the company’s stock worth $102,000 after buying an additional 19,401 shares in the last quarter. Principal Financial Group Inc. purchased a new stake in Covia in the 4th quarter worth approximately $114,000. Finally, Rhumbline Advisers lifted its position in Covia by 48.2% in the 4th quarter. Rhumbline Advisers now owns 39,632 shares of the company’s stock worth $136,000 after buying an additional 12,881 shares in the last quarter.

About Covia

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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Analyst Recommendations for Covia (NASDAQ:CVIA)

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