BidaskClub Downgrades Covenant Transportation Group (NASDAQ:CVTI) to Hold

BidaskClub downgraded shares of Covenant Transportation Group (NASDAQ:CVTI) from a buy rating to a hold rating in a research note released on Friday, January 5th.

Several other analysts have also commented on the company. TheStreet raised Covenant Transportation Group from a c+ rating to a b rating in a report on Thursday, October 19th. Zacks Investment Research raised Covenant Transportation Group from a sell rating to a hold rating in a research note on Friday, September 15th. ValuEngine lowered Covenant Transportation Group from a buy rating to a hold rating in a research note on Friday, December 1st. Finally, Cowen restated a hold rating and issued a $25.50 target price on shares of Covenant Transportation Group in a research report on Tuesday, October 24th. Four analysts have rated the stock with a hold rating and one has given a buy rating to the company. Covenant Transportation Group has a consensus rating of Hold and a consensus target price of $27.50.

Shares of Covenant Transportation Group (NASDAQ CVTI) traded down $0.65 during trading hours on Friday, hitting $27.99. The stock had a trading volume of 72,736 shares, compared to its average volume of 92,246. Covenant Transportation Group has a 1 year low of $15.86 and a 1 year high of $30.60. The stock has a market capitalization of $523.83, a PE ratio of 40.57 and a beta of 1.68. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.62 and a current ratio of 1.66.

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

In related news, COO Samuel F. Hough sold 2,000 shares of the company’s stock in a transaction dated Friday, November 3rd. The stock was sold at an average price of $30.00, for a total value of $60,000.00. Following the completion of the sale, the chief operating officer now directly owns 62,763 shares of the company’s stock, valued at approximately $1,882,890. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Chairman David Ray Parker sold 60,919 shares of the company’s stock in a transaction that occurred on Friday, November 3rd. The shares were sold at an average price of $30.04, for a total value of $1,830,006.76. Following the sale, the chairman now directly owns 110,580 shares of the company’s stock, valued at $3,321,823.20. The disclosure for this sale can be found here. Insiders have sold a total of 508,826 shares of company stock valued at $14,887,155 over the last three months. 35.20% of the stock is currently owned by insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of CVTI. Bank of New York Mellon Corp raised its stake in Covenant Transportation Group by 742.8% during the 3rd quarter. Bank of New York Mellon Corp now owns 520,327 shares of the transportation company’s stock valued at $15,079,000 after acquiring an additional 458,587 shares during the last quarter. Ameriprise Financial Inc. purchased a new position in shares of Covenant Transportation Group during the 3rd quarter worth approximately $11,686,000. Alliancebernstein L.P. raised its stake in shares of 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 buying an additional 153,410 shares in the last quarter. Essex Investment Management Co. LLC purchased a new position in shares of Covenant Transportation Group during the 3rd quarter worth approximately $2,367,000. Finally, Nicholas Investment Partners LP purchased a new position in shares of Covenant Transportation Group during the 3rd quarter worth approximately $1,570,000. 63.29% of the stock is owned by hedge funds and other institutional investors.

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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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