Covenant Transportation Group, Inc. (NASDAQ:CVTI) – Research analysts at Seaport Global Securities lifted their Q2 2018 EPS estimates for Covenant Transportation Group in a research report issued to clients and investors on Thursday. Seaport Global Securities analyst K. Sterling now forecasts that the transportation company will post earnings per share of $0.33 for the quarter, up from their previous estimate of $0.24. Seaport Global Securities has a “Buy” rating and a $40.00 price objective on the stock. Seaport Global Securities also issued estimates for Covenant Transportation Group’s Q3 2018 earnings at $0.59 EPS, Q4 2018 earnings at $0.69 EPS, FY2018 earnings at $1.80 EPS, Q3 2019 earnings at $0.66 EPS, Q4 2019 earnings at $0.76 EPS and FY2019 earnings at $2.25 EPS.
CVTI has been the topic of a number of other research reports. ValuEngine upgraded Covenant Transportation Group from a “hold” rating to a “buy” rating in a research note on Thursday, March 15th. Cowen reissued a “market perform” rating and set a $30.00 price target (up previously from $25.50) on shares of Covenant Transportation Group in a research report on Tuesday, January 30th. BidaskClub downgraded Covenant Transportation Group from a “buy” rating to a “hold” rating in a research report on Friday, January 5th. Finally, Zacks Investment Research raised Covenant Transportation Group from a “hold” rating to a “buy” rating and set a $34.00 price objective on the stock in a research report on Friday, February 2nd. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of $32.25.
Shares of Covenant Transportation Group stock opened at $31.97 on Monday. Covenant Transportation Group has a twelve month low of $15.86 and a twelve month high of $33.36. The firm has a market capitalization of $582.89, a price-to-earnings ratio of 36.98 and a beta of 1.64. The company has a current ratio of 2.00, a quick ratio of 1.95 and a debt-to-equity ratio of 0.63.
Covenant Transportation Group (NASDAQ:CVTI) last posted its quarterly earnings results on Monday, January 29th. The transportation company reported $0.50 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.51 by ($0.01). The business had revenue of $203.31 million during the quarter, compared to the consensus estimate of $202.40 million. Covenant Transportation Group had a return on equity of 6.26% and a net margin of 7.94%. The company’s revenue for the quarter was up 6.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.33 earnings per share.
A number of hedge funds have recently made changes to their positions in the stock. The Manufacturers Life Insurance Company raised its position in Covenant Transportation Group by 15.6% during the second quarter. The Manufacturers Life Insurance Company now owns 10,909 shares of the transportation company’s stock valued at $191,000 after acquiring an additional 1,472 shares in the last quarter. Macquarie Group Ltd. purchased a new position in Covenant Transportation Group during the third quarter valued at approximately $113,000. Northern Trust Corp raised its position in Covenant Transportation Group by 3.3% during the second quarter. Northern Trust Corp now owns 149,807 shares of the transportation company’s stock valued at $2,627,000 after acquiring an additional 4,760 shares in the last quarter. New York State Common Retirement Fund raised its position in Covenant Transportation Group by 41.2% during the third quarter. New York State Common Retirement Fund now owns 16,666 shares of the transportation company’s stock valued at $483,000 after acquiring an additional 4,866 shares in the last quarter. Finally, Victory Capital Management Inc. raised its position in Covenant Transportation Group by 8.0% during the fourth quarter. Victory Capital Management Inc. now owns 73,107 shares of the transportation company’s stock valued at $2,100,000 after acquiring an additional 5,386 shares in the last quarter. Institutional investors own 63.12% of the company’s stock.
In related news, Chairman David Ray Parker sold 25,773 shares of Covenant Transportation Group stock in a transaction that occurred on Thursday, February 1st. The stock was sold at an average price of $30.02, for a total transaction of $773,705.46. Following the completion of the transaction, the chairman now directly owns 108,430 shares in the company, valued at $3,255,068.60. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Ralph H. Lovin, Jr. sold 2,000 shares of Covenant Transportation Group stock in a transaction that occurred on Thursday, March 15th. The shares were sold at an average price of $31.96, for a total value of $63,920.00. Following the transaction, the vice president now owns 37,532 shares of the company’s stock, valued at $1,199,522.72. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 79,425 shares of company stock valued at $2,387,185. 35.20% of the stock is owned by company insiders.
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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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