Seaport Global Securities Upgrades Covenant Transportation Group (CVTI) to “Buy”

Seaport Global Securities upgraded shares of Covenant Transportation Group (NASDAQ:CVTI) from a neutral rating to a buy rating in a research report released on Thursday, March 15th, MarketBeat Ratings reports. Seaport Global Securities currently has $40.00 price target on the transportation company’s stock.

A number of other equities analysts also recently issued reports on the stock. Zacks Investment Research downgraded shares of Covenant Transportation Group from a strong-buy rating to a hold rating in a report on Tuesday, December 26th. BidaskClub downgraded shares of Covenant Transportation Group from a strong-buy rating to a buy rating in a report on Wednesday, December 20th. ValuEngine downgraded shares of Covenant Transportation Group from a buy rating to a hold rating in a report on Friday, December 1st. Finally, 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 report on Tuesday, January 30th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The stock presently has a consensus rating of Buy and an average price target of $32.60.

CVTI opened at $29.02 on Thursday. The company has a current ratio of 2.00, a quick ratio of 1.95 and a debt-to-equity ratio of 0.63. The company has a market capitalization of $552.83, a P/E ratio of 34.55 and a beta of 1.53. Covenant Transportation Group has a 12-month low of $15.86 and a 12-month high of $33.36.

Covenant Transportation Group (NASDAQ:CVTI) last posted its quarterly earnings data on Monday, January 29th. The transportation company reported $0.50 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.01). The business had revenue of $203.31 million during the quarter, compared to analysts’ expectations of $202.40 million. Covenant Transportation Group had a return on equity of 6.26% and a net margin of 7.94%. The business’s quarterly revenue was up 6.5% compared to the same quarter last year. During the same period in the previous year, the business posted $0.33 EPS. equities research analysts predict that Covenant Transportation Group will post 1.82 earnings per share for the current year.

In other news, VP Ralph H. Lovin, Jr. sold 3,000 shares of Covenant Transportation Group 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 sale, the vice president now owns 34,532 shares in the company, valued at $1,139,556. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Chairman David Ray Parker sold 25,773 shares of Covenant Transportation Group stock in a transaction that occurred on Thursday, February 1st. The shares were sold at an average price of $30.02, for a total transaction of $773,705.46. Following the sale, the chairman now owns 108,430 shares in the company, valued at approximately $3,255,068.60. The disclosure for this sale can be found here. Insiders have sold 159,755 shares of company stock worth $5,013,282 in the last ninety days. Insiders own 35.20% of the company’s stock.

Institutional investors have recently added to or reduced their stakes in the company. Citadel Advisors LLC bought a new stake in shares of Covenant Transportation Group during the third quarter valued at approximately $583,000. GSA Capital Partners LLP raised its position in shares of Covenant Transportation Group by 48.9% during the third quarter. GSA Capital Partners LLP now owns 59,395 shares of the transportation company’s stock valued at $1,721,000 after buying an additional 19,500 shares during the last quarter. Susquehanna International Group LLP raised its position in shares of Covenant Transportation Group by 216.8% during the third quarter. Susquehanna International Group LLP now owns 11,684 shares of the transportation company’s stock valued at $339,000 after buying an additional 21,684 shares during the last quarter. Bank of Montreal Can raised its position in shares of Covenant Transportation Group by 17,027.4% during the fourth quarter. Bank of Montreal Can now owns 58,747 shares of the transportation company’s stock valued at $1,688,000 after buying an additional 58,404 shares during the last quarter. Finally, Ameriprise Financial Inc. bought a new stake in shares of Covenant Transportation Group during the third quarter valued at approximately $11,686,000. Hedge funds and other institutional investors own 63.12% of the company’s stock.

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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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