Covenant Transportation Group (NASDAQ:CVTI) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research note issued on Tuesday.
According to Zacks, “Covenant Transport, Inc. is a truckload carrier that offers just-in-time and other premium transportation service for customers throughout the United States. “
Other equities analysts have also recently issued research reports about the stock. Cowen reissued a “buy” rating and issued a $24.00 price target on shares of Covenant Transportation Group in a research note on Monday, August 28th. BidaskClub raised shares of Covenant Transportation Group from a “buy” rating to a “strong-buy” rating in a research note on Thursday, December 7th. TheStreet raised shares of Covenant Transportation Group from a “c+” rating to a “b” rating in a research note on Thursday, October 19th. Finally, ValuEngine cut shares of Covenant Transportation Group from a “buy” rating to a “hold” rating in a research note on Friday, December 1st. Four equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $25.63.
Covenant Transportation Group (NASDAQ:CVTI) last released its quarterly earnings results on Thursday, October 19th. The transportation company reported $0.25 EPS for the quarter, topping 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 5.30%. The business had revenue of $178.60 million during the quarter, compared to analysts’ expectations of $170.10 million. During the same quarter in the previous year, the company earned $0.16 EPS. The business’s quarterly revenue was up 8.6% compared to the same quarter last year. analysts forecast that Covenant Transportation Group will post 0.9 earnings per share for the current fiscal year.
In other news, VP Ralph H. Lovin, Jr. sold 4,000 shares of the company’s stock in a transaction on Wednesday, October 11th. The shares were sold at an average price of $28.43, for a total value of $113,720.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Samuel F. Hough sold 2,000 shares of the company’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 directly owns 62,763 shares of the company’s stock, valued at approximately $1,882,890. The disclosure for this sale can be found here. Insiders sold a total of 512,826 shares of company stock valued at $15,000,875 in the last ninety days. 35.20% of the stock is owned by corporate insiders.
Several institutional investors have recently made changes to their positions in CVTI. Macquarie Group Ltd. bought a new stake in Covenant Transportation Group during the 3rd quarter valued at $113,000. The Manufacturers Life Insurance Company raised 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 valued at $191,000 after buying an additional 1,472 shares during the last quarter. State Board of Administration of Florida Retirement System bought a new stake in Covenant Transportation Group during the 3rd quarter valued at $217,000. Brandes Investment Partners LP bought a new stake in Covenant Transportation Group during the 3rd quarter valued at $219,000. Finally, Highbridge Capital Management LLC bought a new stake in Covenant Transportation Group during the 3rd quarter valued at $229,000. 63.29% of the stock is owned by 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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