Covenant Transportation Group (CVTI) Downgraded to Buy at BidaskClub

BidaskClub downgraded shares of Covenant Transportation Group (NASDAQ:CVTI) from a strong-buy rating to a buy rating in a report published on Wednesday.

Several other equities analysts have also recently commented on the stock. ValuEngine cut shares of Covenant Transportation Group from a buy rating to a hold rating in a research report on Friday, December 1st. Cowen reissued a hold rating and issued a $25.50 price target on shares of Covenant Transportation Group in a research report on Tuesday, October 24th. TheStreet raised shares of Covenant Transportation Group from a c+ rating to a b rating in a research report on Thursday, October 19th. Finally, Zacks Investment Research raised shares of Covenant Transportation Group from a hold rating to a strong-buy rating and set a $32.00 price target for the company in a research report on Monday, October 16th. Three investment analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has an average rating of Buy and an average target price of $25.63.

Covenant Transportation Group (CVTI) opened at $28.99 on Wednesday. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.66 and a quick ratio of 1.62. Covenant Transportation Group has a 1 year low of $15.86 and a 1 year high of $30.60. The company has a market cap of $535.60, a P/E ratio of 43.92 and a beta of 1.67.

Covenant Transportation Group (NASDAQ:CVTI) last issued its quarterly earnings results on Thursday, October 19th. The transportation company reported $0.25 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.17 by $0.08. Covenant Transportation Group had a net margin of 1.82% and a return on equity of 5.30%. The company had revenue of $178.60 million during the quarter, compared to analysts’ expectations of $170.10 million. During the same quarter last year, the company posted $0.16 EPS. The firm’s revenue was up 8.6% compared to the same quarter last year. equities research analysts forecast that Covenant Transportation Group will post 0.9 earnings per share for the current fiscal year.

In other news, Chairman David Ray Parker sold 250,000 shares of the firm’s stock in a transaction on Friday, October 27th. The shares were sold at an average price of $28.77, for a total value of $7,192,500.00. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Samuel F. Hough sold 2,000 shares of the firm’s stock in a transaction on Friday, November 3rd. The shares were sold at an average price of $30.00, for a total transaction of $60,000.00. Following the completion of the sale, the chief operating officer now owns 62,763 shares in the company, valued at $1,882,890. The disclosure for this sale can be found here. Insiders sold a total of 512,826 shares of company stock worth $15,000,875 over the last 90 days. Company insiders own 35.20% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Bank of New York Mellon Corp raised its stake in Covenant Transportation Group by 742.8% during the 3rd quarter. Bank of New York Mellon Corp now owns 520,327 shares of the transportation company’s stock worth $15,079,000 after acquiring an additional 458,587 shares in the last quarter. Ameriprise Financial Inc. acquired a new stake in Covenant Transportation Group during the 3rd quarter worth $11,686,000. Alliancebernstein L.P. raised its stake in Covenant Transportation Group by 11.6% during the 2nd quarter. Alliancebernstein L.P. now owns 1,480,296 shares of the transportation company’s stock worth $25,950,000 after acquiring an additional 153,410 shares in the last quarter. Essex Investment Management Co. LLC acquired a new stake in Covenant Transportation Group during the 3rd quarter worth $2,367,000. Finally, Vanguard Group Inc. raised its stake in Covenant Transportation Group by 12.7% during the 1st quarter. Vanguard Group Inc. now owns 525,843 shares of the transportation company’s stock worth $9,887,000 after acquiring an additional 59,199 shares in the last quarter. Institutional investors and hedge funds own 63.29% of the company’s stock.

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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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