Commercial Vehicle Group, Inc. (CVGI) Trading Down 21.5% Following Weak Earnings
Shares of Commercial Vehicle Group, Inc. (NASDAQ:CVGI) fell 21.5% during mid-day trading on Tuesday following a dissappointing earnings announcement. The company traded as low as $6.19 and last traded at $6.95, with a volume of 1,628,533 shares changing hands. The stock had previously closed at $8.85.
The company reported $0.08 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.13 by $0.05. The business had revenue of $195.13 million during the quarter, compared to analysts’ expectations of $186.20 million. Commercial Vehicle Group had a return on equity of 11.58% and a net margin of 0.74%. Commercial Vehicle Group’s revenue for the quarter was up 9.5% compared to the same quarter last year. During the same quarter last year, the company posted $0.10 EPS.
Separately, Seaport Global Securities cut their price objective on shares of Commercial Vehicle Group from $11.00 to $8.50 and set a “buy” rating on the stock in a report on Monday, May 8th.
In other Commercial Vehicle Group news, Director Scott C. Arves sold 8,500 shares of the company’s stock in a transaction dated Wednesday, May 10th. The shares were sold at an average price of $9.30, for a total value of $79,050.00. Following the sale, the director now owns 107,606 shares in the company, valued at $1,000,735.80. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 3.01% of the stock is currently owned by corporate insiders.
Large investors have recently bought and sold shares of the stock. Royce & Associates LP boosted its stake in Commercial Vehicle Group by 17.5% in the second quarter. Royce & Associates LP now owns 1,848,637 shares of the company’s stock worth $15,621,000 after buying an additional 274,781 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in Commercial Vehicle Group by 7.3% in the first quarter. Dimensional Fund Advisors LP now owns 1,243,767 shares of the company’s stock worth $8,420,000 after buying an additional 84,462 shares during the last quarter. Renaissance Technologies LLC boosted its stake in Commercial Vehicle Group by 10.2% in the first quarter. Renaissance Technologies LLC now owns 1,242,000 shares of the company’s stock worth $8,408,000 after buying an additional 114,794 shares during the last quarter. Vanguard Group Inc. boosted its stake in Commercial Vehicle Group by 0.8% in the first quarter. Vanguard Group Inc. now owns 1,131,065 shares of the company’s stock worth $7,658,000 after buying an additional 9,295 shares during the last quarter. Finally, Eagle Boston Investment Management Inc. boosted its stake in Commercial Vehicle Group by 2.6% in the first quarter. Eagle Boston Investment Management Inc. now owns 994,349 shares of the company’s stock worth $6,731,000 after buying an additional 25,099 shares during the last quarter. Hedge funds and other institutional investors own 59.79% of the company’s stock.
The company’s 50 day moving average price is $8.44 and its 200-day moving average price is $7.41. The stock has a market cap of $214.37 million, a PE ratio of 43.44 and a beta of 0.66.
About Commercial Vehicle Group
Commercial Vehicle Group, Inc is a supplier of a range of cab-related products and systems. The Company operates through two segments: the Global Truck and Bus Segment (GTB Segment) and the Global Construction and Agriculture Segment (GCA Segment). The GTB Segment manufactures and sells products, which include Seats, Trim, sleeper boxes, cab structures, structural components and body panels, and mirrors and wiper systems.
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