Covenant Transportation Group, Inc. (CVTI) Upgraded by Zacks Investment Research to “Strong-Buy”

Covenant Transportation Group, Inc. (NASDAQ:CVTI) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research report issued to clients and investors on Monday. The brokerage currently has a $32.00 target price on the transportation company’s stock. Zacks Investment Research‘s price target suggests a potential upside of 20.62% from the stock’s current price.

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. “

A number of other brokerages have also recently weighed in on CVTI. Cowen and Company cut shares of Covenant Transportation Group from an “outperform” rating to a “market perform” rating in a report on Monday. BidaskClub upgraded shares of Covenant Transportation Group from a “sell” rating to a “hold” rating in a report on Monday, August 14th. ValuEngine upgraded shares of Covenant Transportation Group from a “sell” rating to a “hold” rating in a report on Monday, August 14th. Finally, Stephens upgraded shares of Covenant Transportation Group from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $20.00 to $25.00 in a report on Monday, August 14th. Five equities research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company. The stock has an average rating of “Hold” and an average target price of $25.25.

Covenant Transportation Group (NASDAQ:CVTI) traded down 5.69% during trading on Monday, reaching $26.53. The company’s stock had a trading volume of 194,163 shares. The company has a 50-day moving average of $26.26 and a 200 day moving average of $20.26. The firm has a market cap of $485.15 million, a PE ratio of 47.46 and a beta of 1.68. Covenant Transportation Group has a one year low of $14.66 and a one year high of $29.58.

Covenant Transportation Group (NASDAQ:CVTI) last announced its quarterly earnings data on Tuesday, July 25th. The transportation company reported $0.08 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.08. The business had revenue of $164.30 million for the quarter, compared to analysts’ expectations of $158.40 million. Covenant Transportation Group had a net margin of 1.60% and a return on equity of 4.65%. The business’s revenue was up 3.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.20 earnings per share. Analysts expect that Covenant Transportation Group will post $0.72 EPS for the current fiscal year.

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In other news, VP Ralph H. Lovin, Jr. sold 8,922 shares of the stock in a transaction that occurred on Thursday, September 7th. The shares were sold at an average price of $25.48, for a total transaction of $227,332.56. Following the sale, the vice president now owns 46,371 shares in the company, valued at $1,181,533.08. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, VP Ralph H. Lovin, Jr. sold 4,000 shares of the stock in a transaction that occurred on Wednesday, October 11th. The shares were sold at an average price of $28.43, for a total transaction of $113,720.00. The disclosure for this sale can be found here. In the last quarter, insiders have sold 17,922 shares of company stock worth $466,203. Corporate insiders own 35.20% of the company’s stock.

Several large investors have recently bought and sold shares of CVTI. Teachers Advisors LLC grew its holdings in shares of Covenant Transportation Group by 7.0% during the fourth quarter. Teachers Advisors LLC now owns 19,263 shares of the transportation company’s stock valued at $373,000 after buying an additional 1,268 shares during the last quarter. Nationwide Fund Advisors lifted its position in Covenant Transportation Group by 11.9% during the first quarter. Nationwide Fund Advisors now owns 10,166 shares of the transportation company’s stock valued at $191,000 after purchasing an additional 1,080 shares during the period. Bank of New York Mellon Corp lifted its position in Covenant Transportation Group by 5.8% during the first quarter. Bank of New York Mellon Corp now owns 63,247 shares of the transportation company’s stock valued at $1,190,000 after purchasing an additional 3,473 shares during the period. Comerica Bank bought a new position in Covenant Transportation Group during the first quarter valued at approximately $930,000. Finally, American International Group Inc. lifted its position in Covenant Transportation Group by 7.2% during the first quarter. American International Group Inc. now owns 7,309 shares of the transportation company’s stock valued at $137,000 after purchasing an additional 489 shares during the period. Hedge funds and other institutional investors own 62.10% of the company’s stock.

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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