Covenant Transportation Group (NASDAQ:CVTI) was upgraded by analysts at BidaskClub from a “buy” rating to a “strong-buy” rating in a research report issued to clients and investors on Thursday.
CVTI has been the topic of a number of other research reports. Zacks Investment Research raised Covenant Transportation Group from a “hold” rating to a “strong-buy” rating and set a $32.00 price target on the stock in a research report on Monday, October 16th. Cowen reaffirmed a “hold” rating and issued a $25.50 price target on shares of Covenant Transportation Group in a research report on Tuesday, October 24th. ValuEngine lowered Covenant Transportation Group from a “buy” rating to a “hold” rating in a research report on Friday, December 1st. TheStreet raised Covenant Transportation Group from a “c+” rating to a “b” rating in a research report on Thursday, October 19th. Finally, Stephens upgraded Covenant Transportation Group from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $20.00 to $25.00 in a report on Monday, August 14th. Four investment analysts have rated the stock with a hold rating, one has assigned a buy rating and two have given a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $25.63.
Shares of Covenant Transportation Group (NASDAQ CVTI) opened at $29.86 on Thursday. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.66 and a quick ratio of 1.62. The stock has a market capitalization of $540.29, a PE ratio of 42.81 and a beta of 1.67. Covenant Transportation Group has a 12-month low of $15.86 and a 12-month high of $30.60.
In other news, VP Ralph H. Lovin, Jr. sold 4,000 shares of the stock in a transaction dated Wednesday, October 11th. The stock was sold at an average price of $28.43, for a total value of $113,720.00. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO David Ray Parker sold 29,255 shares of the stock in a transaction dated Thursday, November 30th. The shares were sold at an average price of $30.01, for a total value of $877,942.55. Following the completion of the transaction, the chief executive officer now owns 110,580 shares in the company, valued at approximately $3,318,505.80. The disclosure for this sale can be found here. In the last quarter, insiders sold 502,826 shares of company stock worth $14,700,675. Company insiders own 35.20% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in CVTI. Macquarie Group Ltd. purchased a new position in Covenant Transportation Group during the 3rd quarter worth approximately $113,000. The Manufacturers Life Insurance Company grew its stake in Covenant Transportation Group by 15.6% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 10,909 shares of the transportation company’s stock worth $191,000 after buying an additional 1,472 shares during the last quarter. State Board of Administration of Florida Retirement System purchased a new position in Covenant Transportation Group during the 3rd quarter worth approximately $217,000. Brandes Investment Partners LP purchased a new position in Covenant Transportation Group during the 3rd quarter worth approximately $219,000. Finally, Highbridge Capital Management LLC purchased a new position in Covenant Transportation Group during the 3rd quarter worth approximately $229,000. Institutional investors and hedge funds own 63.29% of the company’s stock.
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Covenant Transportation Group Company 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.
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