Analysts expect Covenant Transport (NASDAQ:CVTI) to post $185.05 million in sales for the current quarter, Zacks Investment Research reports. Two analysts have provided estimates for Covenant Transport’s earnings, with the lowest sales estimate coming in at $181.40 million and the highest estimate coming in at $188.70 million. Covenant Transport posted sales of $164.33 million during the same quarter last year, which suggests a positive year-over-year growth rate of 12.6%. The company is expected to announce its next quarterly earnings results on Tuesday, July 24th.
On average, analysts expect that Covenant Transport will report full year sales of $776.90 million for the current financial year, with estimates ranging from $772.10 million to $781.70 million. For the next year, analysts anticipate that the firm will post sales of $816.45 million per share, with estimates ranging from $807.30 million to $825.60 million. Zacks Investment Research’s sales averages are an average based on a survey of research analysts that that provide coverage for Covenant Transport.
Covenant Transport (NASDAQ:CVTI) last announced its quarterly earnings data on Wednesday, April 25th. The transportation company reported $0.24 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.23 by $0.01. Covenant Transport had a net margin of 8.32% and a return on equity of 7.34%. The firm had revenue of $173.57 million during the quarter, compared to analyst estimates of $169.15 million.
CVTI has been the subject of a number of analyst reports. Stifel Nicolaus raised shares of Covenant Transport from a “hold” rating to a “buy” rating and upped their price objective for the company from $34.00 to $35.00 in a report on Thursday, April 26th. Cowen reaffirmed a “market perform” rating and set a $30.00 target price (up previously from $25.50) on shares of Covenant Transport in a research note on Tuesday, January 30th. BidaskClub raised shares of Covenant Transport from a “sell” rating to a “hold” rating in a research note on Friday, May 11th. ValuEngine raised shares of Covenant Transport from a “hold” rating to a “buy” rating in a research note on Thursday, March 15th. Finally, Zacks Investment Research raised shares of Covenant Transport from a “hold” rating to a “buy” rating and set a $34.00 target price for the company in a research note on Friday, February 2nd. Two investment analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company’s stock. Covenant Transport currently has a consensus rating of “Buy” and a consensus price target of $32.80.
Shares of CVTI traded down $0.03 during mid-day trading on Friday, reaching $30.72. The stock had a trading volume of 134,100 shares, compared to its average volume of 184,004. The company has a current ratio of 2.18, a quick ratio of 2.12 and a debt-to-equity ratio of 0.61. Covenant Transport has a 52-week low of $30.92 and a 52-week high of $31.27. The firm has a market capitalization of $574.28 million, a P/E ratio of 36.61 and a beta of 1.57.
In other Covenant Transport news, Chairman David Ray Parker sold 51,652 shares of the stock in a transaction dated Thursday, March 15th. The shares were sold at an average price of $30.00, for a total transaction of $1,549,560.00. Following the completion of the transaction, the chairman now owns 104,166 shares of the company’s stock, valued at $3,124,980. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Ralph H. Lovin, Jr. sold 3,000 shares of the stock in a transaction dated Wednesday, March 21st. The stock was 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 approximately $1,139,556. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 133,982 shares of company stock valued at $4,239,577. 33.10% of the stock is currently owned by insiders.
A number of hedge funds have recently made changes to their positions in CVTI. MetLife Investment Advisors LLC acquired a new stake in shares of Covenant Transport during the fourth quarter worth about $166,000. First Quadrant L P CA acquired a new stake in shares of Covenant Transport during the fourth quarter worth about $207,000. Element Capital Management LLC acquired a new stake in shares of Covenant Transport during the first quarter worth about $223,000. Cubist Systematic Strategies LLC acquired a new stake in shares of Covenant Transport during the first quarter worth about $225,000. Finally, M&T Bank Corp acquired a new stake in shares of Covenant Transport during the first quarter worth about $263,000. 64.10% of the stock is owned by institutional investors.
About Covenant Transport
Covenant Transportation Group, Inc, together with its subsidiaries, provides truckload transportation and brokerage services primarily in the continental United States. It offers long haul, dedicated, temperature-controlled, and regional solo-driver services; long haul, regional, dedicated, and intermodal temperature-controlled services; and regional solo-driver and dedicated services.
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