Covenant Transportation Group (NASDAQ:CVTI) Rating Lowered to Hold at BidaskClub

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

A number of other equities research analysts also recently weighed in on the company. Zacks Investment Research downgraded Covenant Transportation Group from a strong-buy rating to a hold rating in a report on Tuesday, December 26th. ValuEngine downgraded Covenant Transportation Group from a buy rating to a hold rating in a report on Friday, December 1st. Cowen reiterated a hold rating and issued a $25.50 price target on shares of Covenant Transportation Group in a report on Tuesday, October 24th. Finally, TheStreet upgraded Covenant Transportation Group from a c+ rating to a b rating in a research note on Thursday, October 19th. Four equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. The company currently has an average rating of Hold and a consensus target price of $27.50.

Shares of Covenant Transportation Group (CVTI) opened at $28.86 on Friday. Covenant Transportation Group has a twelve month low of $15.86 and a twelve month high of $30.60. The company has a current ratio of 1.66, a quick ratio of 1.62 and a debt-to-equity ratio of 0.77. The stock has a market capitalization of $546.03, a P/E ratio of 43.73 and a beta of 1.68.

In other Covenant Transportation Group news, CEO David Ray Parker sold 57,381 shares of the business’s stock in a transaction on Wednesday, October 25th. The stock was sold at an average price of $28.68, for a total transaction of $1,645,687.08. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Samuel F. Hough sold 2,000 shares of the business’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 transaction, the chief operating officer now owns 62,763 shares of the company’s stock, valued at approximately $1,882,890. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 508,826 shares of company stock valued at $14,887,155. 35.20% of the stock is owned by company insiders.

Several institutional investors have recently made changes to their positions in the company. TIAA CREF Investment Management LLC lifted its holdings in shares of Covenant Transportation Group by 1.0% in the second quarter. TIAA CREF Investment Management LLC now owns 32,530 shares of the transportation company’s stock valued at $570,000 after buying an additional 312 shares during the period. Rhumbline Advisers lifted its holdings in shares of Covenant Transportation Group by 5.9% in the second quarter. Rhumbline Advisers now owns 13,745 shares of the transportation company’s stock valued at $241,000 after buying an additional 760 shares during the period. The Manufacturers Life Insurance Company lifted its holdings in shares of Covenant Transportation Group by 15.6% in the second quarter. The Manufacturers Life Insurance Company now owns 10,909 shares of the transportation company’s stock valued at $191,000 after buying an additional 1,472 shares during the period. Penn Capital Management Co. Inc. lifted its holdings in shares of Covenant Transportation Group by 0.9% in the second quarter. Penn Capital Management Co. Inc. now owns 319,573 shares of the transportation company’s stock valued at $5,602,000 after buying an additional 2,703 shares during the period. Finally, Macquarie Group Ltd. purchased a new stake in shares of Covenant Transportation Group during the third quarter valued at $113,000. Institutional investors and hedge funds own 63.29% of the company’s stock.

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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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