Covenant Transportation Group, Inc. (CVTI) Raised to “Hold” at Zacks Investment Research

Covenant Transportation Group, Inc. (NASDAQ:CVTI) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Friday.

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. “

CVTI has been the topic of several other reports. ValuEngine raised Covenant Transportation Group from a “sell” rating to a “hold” rating in a research report on Friday, June 2nd. BidaskClub raised Covenant Transportation Group from a “sell” rating to a “hold” rating in a research report on Monday, August 14th. Cowen and Company reissued a “buy” rating and set a $24.00 price target on shares of Covenant Transportation Group in a research report on Monday, August 28th. Finally, Stephens raised Covenant Transportation Group from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $20.00 to $25.00 in a research report on Monday, August 14th. Five investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Covenant Transportation Group presently has a consensus rating of “Hold” and an average price target of $23.00.

Covenant Transportation Group (NASDAQ CVTI) traded down 0.36% during mid-day trading on Friday, hitting $24.76. 125,212 shares of the company were exchanged. The stock has a market cap of $452.79 million, a price-to-earnings ratio of 44.29 and a beta of 1.61. Covenant Transportation Group has a 12 month low of $14.26 and a 12 month high of $26.49. The firm has a 50 day moving average price of $21.74 and a 200 day moving average price of $18.99.

Covenant Transportation Group (NASDAQ:CVTI) last released its quarterly earnings data on Tuesday, July 25th. The transportation company reported $0.08 earnings per share for the quarter, meeting the consensus estimate of $0.08. The business had revenue of $164.30 million for the quarter, compared to analyst estimates of $158.40 million. Covenant Transportation Group had a return on equity of 4.65% and a net margin of 1.60%. The company’s revenue was up 3.5% compared to the same quarter last year. During the same period in the previous year, the company posted $0.20 EPS. Analysts anticipate that Covenant Transportation Group will post $0.71 EPS for the current fiscal year.

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In other Covenant Transportation Group news, VP Ralph H. Lovin, Jr. sold 8,922 shares of Covenant Transportation Group stock in a transaction that occurred on Thursday, September 7th. The stock was sold at an average price of $25.48, for a total transaction of $227,332.56. Following the sale, the vice president now directly owns 46,371 shares in the company, valued at approximately $1,181,533.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, President Joey B. Hogan sold 5,000 shares of Covenant Transportation Group stock in a transaction that occurred on Thursday, September 7th. The stock was sold at an average price of $25.03, for a total value of $125,150.00. The disclosure for this sale can be found here. Insiders own 35.20% of the company’s stock.

A number of hedge funds have recently bought and sold shares of CVTI. RK Capital Management LLC purchased a new stake in Covenant Transportation Group during the 1st quarter worth approximately $6,522,000. Kennedy Capital Management Inc. purchased a new stake in Covenant Transportation Group during the 1st quarter worth approximately $6,483,000. Wellington Management Group LLP increased its holdings in Covenant Transportation Group by 194.1% during the 1st quarter. Wellington Management Group LLP now owns 373,626 shares of the transportation company’s stock worth $7,024,000 after purchasing an additional 246,585 shares during the last quarter. Alliancebernstein L.P. increased its holdings 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 purchasing an additional 153,410 shares during the last quarter. Finally, Weiss Multi Strategy Advisers LLC increased its holdings in Covenant Transportation Group by 128.5% during the 1st quarter. Weiss Multi Strategy Advisers LLC now owns 177,118 shares of the transportation company’s stock worth $3,330,000 after purchasing an additional 99,618 shares during the last quarter. Institutional investors own 62.13% of the company’s stock.

Covenant Transportation Group Company Profile

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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