Covenant Transportation Group (CVTI) Stock Rating Lowered by ValuEngine

Covenant Transportation Group (NASDAQ:CVTI) was downgraded by equities researchers at ValuEngine from a “strong-buy” rating to a “buy” rating in a research note issued on Monday.

Other equities research analysts have also recently issued reports about the stock. Seaport Global Securities raised shares of Covenant Transportation Group from a “neutral” rating to a “buy” rating and set a $40.00 target price on the stock in a research report on Thursday, March 15th. Stifel Nicolaus raised their price target on shares of Covenant Transportation Group from $35.00 to $36.00 and gave the company a “buy” rating in a report on Wednesday, June 6th. Zacks Investment Research lowered shares of Covenant Transportation Group from a “buy” rating to a “hold” rating in a report on Monday, May 21st. BidaskClub upgraded shares of Covenant Transportation Group from a “sell” rating to a “hold” rating in a report on Friday, May 11th. Finally, Cowen raised their price target on shares of Covenant Transportation Group from $32.00 to $35.00 and gave the company a “market perform” rating in a report on Wednesday, June 6th. One analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Covenant Transportation Group currently has an average rating of “Buy” and a consensus price target of $34.60.

CVTI opened at $31.03 on Monday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 2.12 and a current ratio of 2.18. Covenant Transportation Group has a 1 year low of $15.86 and a 1 year high of $35.19. The company has a market capitalization of $574.13 million, a P/E ratio of 29.27 and a beta of 1.63.

Covenant Transportation Group (NASDAQ:CVTI) last released its earnings results on Wednesday, April 25th. The transportation company reported $0.24 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.23 by $0.01. Covenant Transportation Group had a net margin of 8.32% and a return on equity of 7.34%. The business had revenue of $173.57 million for the quarter, compared to analysts’ expectations of $169.15 million. equities research analysts anticipate that Covenant Transportation Group will post 1.92 EPS for the current year.

In related news, CEO David Ray Parker sold 15,653 shares of the firm’s stock in a transaction that occurred on Wednesday, June 13th. The shares were sold at an average price of $35.04, for a total value of $548,481.12. Following the transaction, the chief executive officer now owns 114,443 shares in the company, valued at $4,010,082.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, VP Ralph H. Lovin, Jr. sold 3,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 13th. The shares were sold at an average price of $34.85, for a total transaction of $104,550.00. Following the completion of the transaction, the vice president now owns 33,639 shares in the company, valued at approximately $1,172,319.15. The disclosure for this sale can be found here. Insiders sold 173,132 shares of company stock worth $5,686,691 in the last 90 days. 33.10% of the stock is currently owned by insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of CVTI. Millennium Management LLC purchased a new position in Covenant Transportation Group in the fourth quarter valued at approximately $9,225,000. JPMorgan Chase & Co. raised its stake in shares of Covenant Transportation Group by 4,876.2% during the first quarter. JPMorgan Chase & Co. now owns 202,085 shares of the transportation company’s stock valued at $6,027,000 after purchasing an additional 198,024 shares during the period. 12th Street Asset Management Company LLC purchased a new stake in shares of Covenant Transportation Group during the first quarter valued at approximately $2,583,000. Bogle Investment Management L P DE purchased a new stake in shares of Covenant Transportation Group during the fourth quarter valued at approximately $2,427,000. Finally, BlueCrest Capital Management Ltd purchased a new stake in shares of Covenant Transportation Group during the fourth quarter valued at approximately $2,307,000. Hedge funds and other institutional investors own 63.25% of the company’s stock.

Covenant Transportation Group Company Profile

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.

To view ValuEngine’s full report, visit ValuEngine’s official website.

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