Commercial Vehicle Group, Inc. (NASDAQ:CVGI) shares dropped 21.5% during trading on Tuesday following a weaker than expected earnings announcement. The company traded as low as $6.19 and last traded at $6.95, with a volume of 1,628,533 shares. The stock had previously closed at $8.85.
The company reported $0.08 earnings per share for the quarter, missing analysts’ consensus estimates of $0.13 by $0.05. The firm had revenue of $195.13 million during the quarter, compared to analyst estimates of $186.20 million. Commercial Vehicle Group had a return on equity of 10.65% and a net margin of 0.34%. The business’s revenue for the quarter was up 9.5% on a year-over-year basis. During the same quarter last year, the company earned $0.10 earnings per share.
CVGI has been the subject of a number of research analyst reports. Seaport Global Securities cut their target price on Commercial Vehicle Group from $11.00 to $8.50 and set a “buy” rating for the company in a research report on Monday, May 8th. Zacks Investment Research downgraded Commercial Vehicle Group from a “buy” rating to a “hold” rating in a research report on Friday, August 11th.
Large investors have recently made changes to their positions in the stock. Trexquant Investment LP bought a new stake in shares of Commercial Vehicle Group during the first quarter worth approximately $155,000. BlueCrest Capital Management Ltd bought a new stake in shares of Commercial Vehicle Group during the first quarter worth approximately $155,000. The Manufacturers Life Insurance Company increased its stake in shares of Commercial Vehicle Group by 10,810.0% in the second quarter. The Manufacturers Life Insurance Company now owns 23,020 shares of the company’s stock worth $195,000 after buying an additional 22,809 shares during the period. Rhumbline Advisers bought a new stake in shares of Commercial Vehicle Group during the second quarter worth approximately $225,000. Finally, New York State Common Retirement Fund bought a new stake in shares of Commercial Vehicle Group during the second quarter worth approximately $227,000. Institutional investors own 62.85% of the company’s stock.
The company has a market capitalization of $180.13 million, a P/E ratio of 79.34 and a beta of 0.66. The company’s 50 day moving average price is $8.05 and its 200 day moving average price is $7.49.
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Commercial Vehicle Group Company Profile
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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