Granite Investment Partners LLC Trims Stake in Covenant Transportation Group, Inc. (NASDAQ:CVTI)

Granite Investment Partners LLC trimmed its stake in Covenant Transportation Group, Inc. (NASDAQ:CVTI) by 34.3% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 48,164 shares of the transportation company’s stock after selling 25,125 shares during the period. Granite Investment Partners LLC owned 0.26% of Covenant Transportation Group worth $1,396,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of CVTI. Bank of New York Mellon Corp increased its stake in shares of Covenant Transportation Group by 5.8% in the 1st quarter. Bank of New York Mellon Corp now owns 63,247 shares of the transportation company’s stock worth $1,190,000 after purchasing an additional 3,473 shares in the last quarter. American International Group Inc. boosted its holdings in Covenant Transportation Group by 7.2% in the 1st quarter. American International Group Inc. now owns 7,309 shares of the transportation company’s stock worth $137,000 after buying an additional 489 shares during the period. FMR LLC boosted its holdings in Covenant Transportation Group by 0.4% in the 1st quarter. FMR LLC now owns 463,000 shares of the transportation company’s stock worth $8,704,000 after buying an additional 1,700 shares during the period. Vanguard Group Inc. boosted its holdings in Covenant Transportation Group by 12.7% in the 1st quarter. Vanguard Group Inc. now owns 525,843 shares of the transportation company’s stock worth $9,887,000 after buying an additional 59,199 shares during the period. Finally, Geode Capital Management LLC boosted its holdings in Covenant Transportation Group by 4.2% in the 1st quarter. Geode Capital Management LLC now owns 100,207 shares of the transportation company’s stock worth $1,883,000 after buying an additional 4,068 shares during the period. Hedge funds and other institutional investors own 63.29% of the company’s stock.

Several research analysts recently weighed in on the stock. BidaskClub raised shares of Covenant Transportation Group from a “buy” rating to a “strong-buy” rating in a report on Thursday. ValuEngine downgraded shares of Covenant Transportation Group from a “buy” rating to a “hold” rating in a report on Friday, December 1st. Cowen reaffirmed a “hold” rating and issued a $25.50 target price on shares of Covenant Transportation Group in a report on Tuesday, October 24th. TheStreet raised shares of Covenant Transportation Group from a “c+” rating to a “b” rating in a report on Thursday, October 19th. Finally, Zacks Investment Research raised shares of Covenant Transportation Group from a “hold” rating to a “strong-buy” rating and set a $32.00 price objective for the company in a report on Monday, October 16th. Four investment analysts have rated the stock with a hold rating, one has assigned a buy rating and two have assigned a strong buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $25.63.

In related news, VP Ralph H. Lovin, Jr. sold 4,000 shares of the stock in a transaction dated Wednesday, October 11th. The shares were sold at an average price of $28.43, for a total value of $113,720.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO David Ray Parker sold 57,381 shares of the stock in a transaction dated Wednesday, October 25th. The stock was sold at an average price of $28.68, for a total transaction of $1,645,687.08. The disclosure for this sale can be found here. Insiders have sold a total of 512,826 shares of company stock worth $15,000,875 over the last 90 days. Corporate insiders own 35.20% of the company’s stock.

Shares of Covenant Transportation Group, Inc. (NASDAQ CVTI) traded down $0.12 during midday trading on Thursday, hitting $29.74. 200,573 shares of the stock traded hands, compared to its average volume of 113,979. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.66 and a quick ratio of 1.62. The stock has a market cap of $545.04, a PE ratio of 43.19 and a beta of 1.67. Covenant Transportation Group, Inc. has a 52-week low of $15.86 and a 52-week high of $30.60.

Covenant Transportation Group (NASDAQ:CVTI) last announced its earnings results on Thursday, October 19th. The transportation company reported $0.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.17 by $0.08. The firm had revenue of $178.60 million for the quarter, compared to analysts’ expectations of $170.10 million. Covenant Transportation Group had a net margin of 1.82% and a return on equity of 5.30%. The business’s revenue was up 8.6% compared to the same quarter last year. During the same period in the prior year, the company earned $0.16 EPS. equities analysts forecast that Covenant Transportation Group, Inc. will post 0.9 EPS for the current fiscal year.

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Covenant Transportation Group 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.

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

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