Covenant Transportation Group (NASDAQ:CVTI) Downgraded to “Buy” at BidaskClub

Covenant Transportation Group (NASDAQ:CVTI) was downgraded by equities research analysts at BidaskClub from a “strong-buy” rating to a “buy” rating in a research note issued to investors on Wednesday, December 20th.

Several other analysts also recently weighed in on the company. ValuEngine downgraded Covenant Transportation Group from a “buy” rating to a “hold” rating in a research note on Friday, December 1st. Cowen restated a “hold” rating and issued a $25.50 price target on shares of Covenant Transportation Group in a research note on Tuesday, October 24th. TheStreet upgraded Covenant Transportation Group from a “c+” rating to a “b” rating in a research note on Thursday, October 19th. Finally, Zacks Investment Research upgraded Covenant Transportation Group from a “hold” rating to a “strong-buy” rating and set a $32.00 target price on the stock in a research note on Monday, October 16th. Four research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $27.50.

Covenant Transportation Group (CVTI) traded down $0.65 on Wednesday, reaching $27.99. The company’s stock had a trading volume of 72,736 shares, compared to its average volume of 92,246. Covenant Transportation Group has a fifty-two week low of $15.86 and a fifty-two week high of $30.60. 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 company has a market cap of $523.83, a price-to-earnings ratio of 40.57 and a beta of 1.68.

Covenant Transportation Group (NASDAQ:CVTI) last posted its earnings results on Thursday, October 19th. The transportation company reported $0.25 earnings per share for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $178.60 million for the quarter, compared to the consensus estimate of $170.10 million. During the same quarter in the prior year, the business earned $0.16 EPS. The business’s revenue for the quarter was up 8.6% on a year-over-year basis. analysts anticipate that Covenant Transportation Group will post 0.9 earnings per share for the current fiscal year.

In other news, CEO David Ray Parker sold 10,000 shares of the stock in a transaction on Wednesday, December 6th. The stock was sold at an average price of $30.02, for a total transaction of $300,200.00. Following the transaction, the chief executive officer now directly owns 110,580 shares of the company’s stock, valued at approximately $3,319,611.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, COO Samuel F. Hough sold 2,000 shares of the firm’s stock in a transaction on 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 transaction, the chief operating officer now directly owns 62,763 shares in the company, valued at $1,882,890. The disclosure for this sale can be found here. Insiders have sold a total of 508,826 shares of company stock worth $14,887,155 over the last three months. Insiders own 35.20% of the company’s stock.

A number of large investors have recently bought and sold shares of CVTI. Bank of New York Mellon Corp raised its holdings in Covenant Transportation Group by 742.8% during the third 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 period. Ameriprise Financial Inc. bought a new stake in Covenant Transportation Group during the third quarter valued at about $11,686,000. Alliancebernstein L.P. raised its holdings in Covenant Transportation Group by 11.6% during the second quarter. Alliancebernstein L.P. now owns 1,480,296 shares of the transportation company’s stock valued at $25,950,000 after acquiring an additional 153,410 shares during the period. Essex Investment Management Co. LLC bought a new stake in Covenant Transportation Group during the third quarter valued at about $2,367,000. Finally, Vanguard Group Inc. raised its holdings in Covenant Transportation Group by 12.7% during the first quarter. Vanguard Group Inc. now owns 525,843 shares of the transportation company’s stock valued at $9,887,000 after acquiring an additional 59,199 shares during the period. 63.29% of the stock is currently owned by institutional investors and hedge funds.

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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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