JPMorgan Chase & Co. Sells 882 Shares of Covenant Transportation Group, Inc. (CVTI)

JPMorgan Chase & Co. trimmed its position in shares of Covenant Transportation Group, Inc. (NASDAQ:CVTI) by 9.6% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,343 shares of the transportation company’s stock after selling 882 shares during the period. JPMorgan Chase & Co.’s holdings in Covenant Transportation Group were worth $146,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently made changes to their positions in CVTI. Nationwide Fund Advisors increased its position in Covenant Transportation Group by 11.9% during the first quarter. Nationwide Fund Advisors now owns 10,166 shares of the transportation company’s stock worth $191,000 after buying an additional 1,080 shares during the last quarter. Bank of New York Mellon Corp increased its position in Covenant Transportation Group by 5.8% during the first quarter. Bank of New York Mellon Corp now owns 63,247 shares of the transportation company’s stock worth $1,190,000 after buying an additional 3,473 shares during the last quarter. American International Group Inc. increased its position in Covenant Transportation Group by 7.2% during the first quarter. American International Group Inc. now owns 7,309 shares of the transportation company’s stock worth $137,000 after buying an additional 489 shares during the last quarter. Wellington Management Group LLP increased its position in Covenant Transportation Group by 194.1% during the first quarter. Wellington Management Group LLP now owns 373,626 shares of the transportation company’s stock worth $7,024,000 after buying an additional 246,585 shares during the last quarter. Finally, FMR LLC increased its position in Covenant Transportation Group by 0.4% during the first quarter. FMR LLC now owns 463,000 shares of the transportation company’s stock worth $8,704,000 after buying an additional 1,700 shares during the last quarter. Institutional investors and hedge funds own 60.82% of the company’s stock.

CVTI has been the topic of several analyst reports. BidaskClub downgraded shares of Covenant Transportation Group from a “sell” rating to a “strong sell” rating in a research report on Wednesday, July 12th. Stephens raised shares of Covenant Transportation Group from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $20.00 to $25.00 in a research report on Monday, August 14th. ValuEngine raised shares of Covenant Transportation Group from a “sell” rating to a “hold” rating in a research report on Monday, August 14th. Cowen and Company reissued a “buy” rating and set a $24.00 target price on shares of Covenant Transportation Group in a research report on Monday, August 28th. Finally, Zacks Investment Research raised shares of Covenant Transportation Group from a “strong sell” rating to a “hold” rating in a research report on Tuesday, August 29th. Five analysts have rated the stock with a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Covenant Transportation Group currently has a consensus rating of “Hold” and a consensus price target of $25.63.

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Covenant Transportation Group, Inc. (NASDAQ:CVTI) opened at 29.19 on Monday. The firm has a market capitalization of $533.80 million, a P/E ratio of 52.22 and a beta of 1.68. Covenant Transportation Group, Inc. has a 52-week low of $15.85 and a 52-week high of $30.60. The firm’s 50-day moving average is $27.15 and its 200 day moving average is $20.92.

Covenant Transportation Group (NASDAQ:CVTI) last announced its quarterly earnings results on Thursday, October 19th. The transportation company reported $0.25 EPS for the quarter, beating the Zacks’ consensus estimate of $0.17 by $0.08. Covenant Transportation Group had a net margin of 1.82% and a return on equity of 5.35%. The business had revenue of $178.60 million for the quarter, compared to analyst estimates of $170.10 million. During the same quarter in the prior year, the business earned $0.16 EPS. Covenant Transportation Group’s quarterly revenue was up 8.6% on a year-over-year basis. Equities analysts anticipate that Covenant Transportation Group, Inc. will post $0.84 EPS for the current year.

In related news, President Joey B. Hogan sold 5,000 shares of the company’s stock in a transaction dated Thursday, September 7th. The shares were sold at an average price of $25.03, for a total value of $125,150.00. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Chairman David Ray Parker sold 250,000 shares of the company’s stock in a transaction dated Friday, October 27th. The shares were sold at an average price of $28.77, for a total transaction of $7,192,500.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 325,303 shares of company stock worth $9,304,390. 35.20% of the stock is owned by company insiders.

Covenant Transportation Group Profile

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.

Institutional Ownership by Quarter for Covenant Transportation Group (NASDAQ:CVTI)

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