Cowen Lowers Covenant Transportation Group (NASDAQ:CVTI) Price Target to $19.00

Covenant Transportation Group (NASDAQ:CVTI) had its target price reduced by Cowen from $20.00 to $19.00 in a research report issued on Friday, Briefing.com Automated Import reports. The firm currently has an “outperform” rating on the transportation company’s stock. Cowen’s price target suggests a potential upside of 37.68% from the company’s previous close.

Several other research firms also recently commented on CVTI. Wolfe Research upgraded shares of Covenant Transportation Group from a “peer perform” rating to an “outperform” rating in a research report on Tuesday, January 7th. Stifel Nicolaus downgraded shares of Covenant Transportation Group from a “buy” rating to a “hold” rating and set a $18.00 target price on the stock. in a research report on Wednesday, October 30th. Zacks Investment Research downgraded shares of Covenant Transportation Group from a “hold” rating to a “strong sell” rating in a research report on Friday, January 17th. BidaskClub upgraded shares of Covenant Transportation Group from a “sell” rating to a “hold” rating in a research report on Friday, January 17th. Finally, ValuEngine upgraded shares of Covenant Transportation Group from a “sell” rating to a “hold” rating in a research report on Tuesday, December 3rd. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the company’s stock. Covenant Transportation Group presently has a consensus rating of “Hold” and a consensus target price of $20.67.

NASDAQ:CVTI traded down $0.40 during mid-day trading on Friday, hitting $13.80. 13,095 shares of the company’s stock were exchanged, compared to its average volume of 136,496. The company has a 50 day simple moving average of $13.17 and a 200-day simple moving average of $14.71. The company has a current ratio of 1.61, a quick ratio of 1.58 and a debt-to-equity ratio of 0.85. Covenant Transportation Group has a fifty-two week low of $12.35 and a fifty-two week high of $24.99. The firm has a market capitalization of $238.32 million, a P/E ratio of 10.62 and a beta of 1.53.

Covenant Transportation Group (NASDAQ:CVTI) last posted its earnings results on Thursday, January 23rd. The transportation company reported $0.10 EPS for the quarter, topping the consensus estimate of $0.05 by $0.05. Covenant Transportation Group had a net margin of 2.55% and a return on equity of 7.79%. The business had revenue of $233.14 million for the quarter, compared to the consensus estimate of $225.20 million. As a group, analysts expect that Covenant Transportation Group will post 0.6 earnings per share for the current year.

In other Covenant Transportation Group news, COO James F. Brower, Jr. sold 6,000 shares of the firm’s stock in a transaction that occurred on Wednesday, October 30th. The shares were sold at an average price of $15.58, for a total transaction of $93,480.00. Following the completion of the transaction, the chief operating officer now owns 58,581 shares in the company, valued at approximately $912,691.98. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 31.60% of the stock is currently owned by company insiders.

A number of institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. raised its holdings in Covenant Transportation Group by 2.7% during the 2nd quarter. BlackRock Inc. now owns 1,109,393 shares of the transportation company’s stock worth $16,321,000 after purchasing an additional 28,689 shares during the last quarter. Vanguard Group Inc. raised its holdings in Covenant Transportation Group by 3.1% during the 2nd quarter. Vanguard Group Inc. now owns 663,466 shares of the transportation company’s stock worth $9,759,000 after purchasing an additional 20,097 shares during the last quarter. Russell Investments Group Ltd. raised its holdings in Covenant Transportation Group by 444.1% during the 3rd quarter. Russell Investments Group Ltd. now owns 246,663 shares of the transportation company’s stock worth $4,055,000 after purchasing an additional 201,332 shares during the last quarter. D. E. Shaw & Co. Inc. raised its holdings in Covenant Transportation Group by 143.4% during the 2nd quarter. D. E. Shaw & Co. Inc. now owns 232,952 shares of the transportation company’s stock worth $3,427,000 after purchasing an additional 137,233 shares during the last quarter. Finally, Nuveen Asset Management LLC bought a new stake in shares of Covenant Transportation Group in the 2nd quarter valued at $3,255,000. Hedge funds and other institutional investors own 63.55% of the company’s stock.

About Covenant Transportation Group

Covenant Transportation Group, Inc, together with its subsidiaries, provides truckload transportation and brokerage services primarily in the continental United States. It offers expedited and dedicated services. The company also provides ancillary services, including freight brokerage and logistics services, warehousing, and accounts receivable factoring; and over-the-road truckload services, as well as transportation management, shuttle, and switching services.

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