16,261 Shares in Covenant Transportation Group, Inc. (CVTI) Acquired by Trexquant Investment LP

Trexquant Investment LP bought a new position in shares of Covenant Transportation Group, Inc. (NASDAQ:CVTI) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 16,261 shares of the transportation company’s stock, valued at approximately $485,000.

A number of other hedge funds have also bought and sold shares of the business. MetLife Investment Advisors LLC acquired a new stake in Covenant Transportation Group during the fourth quarter worth $166,000. Macquarie Group Ltd. increased its stake in Covenant Transportation Group by 846.5% during the fourth quarter. Macquarie Group Ltd. now owns 37,010 shares of the transportation company’s stock worth $1,063,000 after acquiring an additional 33,100 shares during the last quarter. Millennium Management LLC acquired a new stake in Covenant Transportation Group during the fourth quarter worth $9,225,000. Cornerstone Capital Management Holdings LLC. acquired a new stake in Covenant Transportation Group during the fourth quarter worth $1,318,000. Finally, TIAA CREF Investment Management LLC increased its stake in Covenant Transportation Group by 51.7% during the fourth quarter. TIAA CREF Investment Management LLC now owns 49,357 shares of the transportation company’s stock worth $1,418,000 after acquiring an additional 16,827 shares during the last quarter. 63.76% of the stock is owned by institutional investors.

In other news, VP Ralph H. Lovin, Jr. sold 2,000 shares of the firm’s stock in a transaction on Thursday, March 15th. The stock was sold at an average price of $31.96, for a total transaction of $63,920.00. Following the completion of the transaction, the vice president now directly owns 37,532 shares in the company, valued at $1,199,522.72. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Chairman David Ray Parker sold 68,261 shares of the firm’s stock in a transaction on Wednesday, March 21st. The stock was sold at an average price of $32.67, for a total value of $2,230,086.87. Following the transaction, the chairman now owns 104,166 shares of the company’s stock, valued at $3,403,103.22. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 133,982 shares of company stock valued at $4,239,577. Company insiders own 33.10% of the company’s stock.

CVTI has been the subject of several recent analyst reports. Stifel Nicolaus raised Covenant Transportation Group from a “hold” rating to a “buy” rating and raised their target price for the stock from $34.00 to $35.00 in a research note on Thursday, April 26th. Cowen reissued a “market perform” rating and set a $30.00 target price (up previously from $25.50) on shares of Covenant Transportation Group in a research note on Tuesday, January 30th. BidaskClub raised Covenant Transportation Group from a “sell” rating to a “hold” rating in a research note on Friday, May 11th. ValuEngine raised Covenant Transportation Group from a “hold” rating to a “buy” rating in a research note on Thursday, March 15th. Finally, Zacks Investment Research raised Covenant Transportation Group from a “hold” rating to a “buy” rating and set a $34.00 target price for the company in a research note on Friday, February 2nd. Two analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. Covenant Transportation Group presently has a consensus rating of “Buy” and a consensus price target of $32.80.

Covenant Transportation Group opened at $31.31 on Monday, according to MarketBeat. Covenant Transportation Group, Inc. has a 52 week low of $15.86 and a 52 week high of $33.36. The firm has a market cap of $573.94 million, a PE ratio of 29.26 and a beta of 1.57. The company has a quick ratio of 2.12, a current ratio of 2.18 and a debt-to-equity ratio of 0.61.

Covenant Transportation Group (NASDAQ:CVTI) last released its quarterly earnings results on Wednesday, April 25th. The transportation company reported $0.24 EPS for the quarter, topping the consensus estimate of $0.23 by $0.01. Covenant Transportation Group had a return on equity of 7.34% and a net margin of 8.32%. The business had revenue of $173.57 million during the quarter, compared to analyst estimates of $169.15 million. equities research analysts predict that Covenant Transportation Group, Inc. will post 1.8 earnings per share for the current fiscal year.

Covenant Transportation Group Company Profile

Covenant Transportation Group, Inc, together with its subsidiaries, provides truckload transportation and brokerage services primarily in the continental United States. It offers long haul, dedicated, temperature-controlled, and regional solo-driver services; long haul, regional, dedicated, and intermodal temperature-controlled services; and regional solo-driver and dedicated services.

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

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