Covenant Transportation Group, Inc. (CVTI) Receives Consensus Rating of “Hold” from Analysts

Covenant Transportation Group, Inc. (NASDAQ:CVTI) has received a consensus recommendation of “Hold” from the eight brokerages that are presently covering the stock, MarketBeat.com reports. Five research analysts have rated the stock with a hold recommendation, one has given a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month price objective among analysts that have issued a report on the stock in the last year is $25.63.

CVTI has been the subject of several recent research reports. Zacks Investment Research raised Covenant Transportation Group from a “sell” rating to a “hold” rating in a research report on Tuesday, September 5th. TheStreet raised Covenant Transportation Group from a “c+” rating to a “b” rating in a research report on Thursday, October 19th. ValuEngine raised Covenant Transportation Group from a “sell” rating to a “hold” rating in a research report on Monday, August 14th. Stephens raised Covenant Transportation Group from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $20.00 to $25.00 in a research report on Monday, August 14th. Finally, Cowen reissued a “buy” rating and set a $24.00 price target on shares of Covenant Transportation Group in a report on Monday, August 28th.

Shares of Covenant Transportation Group (NASDAQ CVTI) opened at $29.86 on Thursday. Covenant Transportation Group has a fifty-two week low of $15.86 and a fifty-two week high of $30.60. The company has a market capitalization of $540.29, a PE ratio of 42.81 and a beta of 1.67. The company has a quick ratio of 1.62, a current ratio of 1.66 and a debt-to-equity ratio of 0.77.

Covenant Transportation Group (NASDAQ:CVTI) last posted its quarterly earnings data on Thursday, October 19th. The transportation company reported $0.25 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.17 by $0.08. Covenant Transportation Group had a return on equity of 5.30% and a net margin of 1.82%. The business had revenue of $178.60 million during the quarter, compared to the consensus estimate of $170.10 million. During the same period last year, the company earned $0.16 earnings per share. Covenant Transportation Group’s quarterly revenue was up 8.6% on a year-over-year basis. equities analysts expect that Covenant Transportation Group will post 0.9 EPS for the current fiscal year.

In other news, VP Ralph H. Lovin, Jr. sold 4,000 shares of Covenant Transportation Group stock in a transaction on Wednesday, October 11th. The stock was sold at an average price of $28.43, for a total value of $113,720.00. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Chairman David Ray Parker sold 60,919 shares of Covenant Transportation Group stock in a transaction on Friday, November 3rd. The shares were sold at an average price of $30.04, for a total value of $1,830,006.76. Following the completion of the transaction, the chairman now owns 110,580 shares in the company, valued at approximately $3,321,823.20. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 502,826 shares of company stock worth $14,700,675. Corporate insiders own 35.20% of the company’s stock.

A number of institutional investors and hedge funds have recently made changes to their positions in the business. TIAA CREF Investment Management LLC lifted its holdings in Covenant Transportation Group by 1.0% during the 2nd quarter. TIAA CREF Investment Management LLC now owns 32,530 shares of the transportation company’s stock worth $570,000 after buying an additional 312 shares during the period. Rhumbline Advisers lifted its holdings in Covenant Transportation Group by 5.9% during the 2nd quarter. Rhumbline Advisers now owns 13,745 shares of the transportation company’s stock worth $241,000 after buying an additional 760 shares during the period. The Manufacturers Life Insurance Company lifted its holdings 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 period. Penn Capital Management Co. Inc. lifted its holdings in Covenant Transportation Group by 0.9% during the 2nd quarter. Penn Capital Management Co. Inc. now owns 319,573 shares of the transportation company’s stock worth $5,602,000 after buying an additional 2,703 shares during the period. Finally, Macquarie Group Ltd. acquired a new position in Covenant Transportation Group during the 3rd quarter worth about $113,000. 63.29% of the stock is currently owned by hedge funds and other institutional investors.

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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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