Covenant Transportation Group, Inc. (CVTI) Rating Increased to Hold at BidaskClub

BidaskClub upgraded shares of Covenant Transportation Group, Inc. (NASDAQ:CVTI) from a sell rating to a hold rating in a research report report published on Monday.

CVTI has been the topic of several other reports. ValuEngine raised shares of Covenant Transportation Group from a sell rating to a hold rating in a research report on Friday, June 2nd. Zacks Investment Research raised shares of Covenant Transportation Group from a sell rating to a hold rating in a research report on Tuesday, June 27th. Stephens raised shares of Covenant Transportation Group from an equal weight rating to an overweight rating and raised their price objective for the stock from $20.00 to $25.00 in a research report on Monday. Finally, TheStreet downgraded shares of Covenant Transportation Group from a b- rating to a c rating in a research report on Thursday, April 20th. Five equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. The company currently has an average rating of Hold and an average target price of $22.33.

Covenant Transportation Group (NASDAQ CVTI) opened at 21.17 on Monday. The firm has a market cap of $387.14 million, a P/E ratio of 37.87 and a beta of 1.65. Covenant Transportation Group has a 12 month low of $14.26 and a 12 month high of $22.60. The firm has a 50 day moving average of $18.24 and a 200-day moving average of $18.61.

Covenant Transportation Group (NASDAQ:CVTI) last issued its quarterly earnings data on Tuesday, July 25th. The transportation company reported $0.08 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.08. Covenant Transportation Group had a net margin of 1.60% and a return on equity of 4.65%. The company had revenue of $164.30 million for the quarter, compared to the consensus estimate of $158.40 million. During the same period last year, the firm posted $0.20 EPS. Covenant Transportation Group’s revenue for the quarter was up 3.5% on a year-over-year basis. On average, equities research analysts forecast that Covenant Transportation Group will post $0.71 earnings per share for the current year.

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Several hedge funds have recently modified their holdings of CVTI. State Street Corp increased its stake in shares of Covenant Transportation Group by 4.9% in the fourth quarter. State Street Corp now owns 174,881 shares of the transportation company’s stock valued at $3,380,000 after buying an additional 8,215 shares during the last quarter. Teachers Advisors LLC increased its stake in shares of Covenant Transportation Group by 7.0% in the fourth quarter. Teachers Advisors LLC now owns 19,263 shares of the transportation company’s stock valued at $373,000 after buying an additional 1,268 shares during the last quarter. Nationwide Fund Advisors increased its stake in shares of Covenant Transportation Group by 11.9% in the first quarter. Nationwide Fund Advisors now owns 10,166 shares of the transportation company’s stock valued at $191,000 after buying an additional 1,080 shares during the last quarter. Fisher Asset Management LLC increased its stake in shares of Covenant Transportation Group by 45.9% in the first quarter. Fisher Asset Management LLC now owns 91,200 shares of the transportation company’s stock valued at $1,715,000 after buying an additional 28,688 shares during the last quarter. Finally, Russell Investments Group Ltd. increased its stake in shares of Covenant Transportation Group by 5.3% in the first quarter. Russell Investments Group Ltd. now owns 202,631 shares of the transportation company’s stock valued at $3,809,000 after buying an additional 10,137 shares during the last quarter. 62.52% of the stock is currently owned by institutional investors and hedge funds.

About Covenant Transportation Group

Covenant Transportation Group, Inc is a provider of expedited long haul freight transportation, primarily using two-person driver teams in transcontinental lanes. The Company’s services also include refrigerated, dedicated, cross-border, regional and brokerage. The Company’s segments include Truckload and Other.

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