ValuEngine upgraded shares of Covenant Transportation Group (NASDAQ:CVTI) from a hold rating to a buy rating in a research note published on Thursday, March 15th.
CVTI has been the subject of several other reports. BidaskClub upgraded shares of Covenant Transportation Group from a buy rating to a strong-buy rating in a report on Thursday, December 7th. Zacks Investment Research cut shares of Covenant Transportation Group from a strong-buy rating to a hold rating in a research note on Tuesday, December 26th. Cowen reaffirmed 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. Finally, Seaport Global Securities reaffirmed a neutral rating on shares of Covenant Transportation Group in a research report on Tuesday, January 30th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The company has a consensus rating of Buy and an average target price of $32.60.
Covenant Transportation Group stock traded down $1.14 during midday trading on Thursday, reaching $29.02. 173,933 shares of the company’s stock were exchanged, compared to its average volume of 266,438. Covenant Transportation Group has a 52 week low of $15.86 and a 52 week high of $33.36. The stock has a market capitalization of $552.83, a P/E ratio of 34.55 and a beta of 1.53. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.95 and a current ratio of 2.00.
Covenant Transportation Group (NASDAQ:CVTI) last released its quarterly earnings results on Monday, January 29th. The transportation company reported $0.50 earnings per share for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.01). Covenant Transportation Group had a net margin of 7.94% and a return on equity of 6.26%. The business had revenue of $203.31 million during the quarter, compared to analyst estimates of $202.40 million. During the same quarter in the previous year, the firm posted $0.33 earnings per share. The firm’s quarterly revenue was up 6.5% on a year-over-year basis. research analysts forecast that Covenant Transportation Group will post 1.82 earnings per share for the current year.
In other news, Chairman David Ray Parker sold 68,261 shares of the stock in a transaction that occurred on Wednesday, March 21st. The shares were sold at an average price of $32.67, for a total transaction of $2,230,086.87. Following the completion of the transaction, the chairman now directly owns 104,166 shares of the company’s stock, valued at approximately $3,403,103.22. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Ralph H. Lovin, Jr. sold 3,000 shares of the stock in a transaction that occurred on Wednesday, March 21st. The shares were sold at an average price of $33.00, for a total transaction of $99,000.00. Following the transaction, the vice president now directly owns 34,532 shares of the company’s stock, valued at $1,139,556. The disclosure for this sale can be found here. Insiders sold a total of 159,755 shares of company stock worth $5,013,282 in the last 90 days. 35.20% of the stock is currently owned by company insiders.
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Citadel Advisors LLC bought a new position in Covenant Transportation Group in the 3rd quarter worth approximately $583,000. GSA Capital Partners LLP boosted its holdings in Covenant Transportation Group by 48.9% in the 3rd quarter. GSA Capital Partners LLP now owns 59,395 shares of the transportation company’s stock worth $1,721,000 after buying an additional 19,500 shares during the period. Susquehanna International Group LLP boosted its holdings in Covenant Transportation Group by 216.8% in the 3rd quarter. Susquehanna International Group LLP now owns 11,684 shares of the transportation company’s stock worth $339,000 after buying an additional 21,684 shares during the period. Bank of Montreal Can boosted its holdings in Covenant Transportation Group by 17,027.4% in the 4th quarter. Bank of Montreal Can now owns 58,747 shares of the transportation company’s stock worth $1,688,000 after buying an additional 58,404 shares during the period. Finally, Ameriprise Financial Inc. bought a new position in Covenant Transportation Group in the 3rd quarter worth approximately $11,686,000. 63.12% of the stock is owned by 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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