Covenant Transportation Group (NASDAQ:CVTI) was downgraded by analysts at ValuEngine from a “hold” rating to a “sell” rating in a research report issued on Thursday.
A number of other equities research analysts have also weighed in on CVTI. BidaskClub lowered Covenant Transportation Group from a “sell” rating to a “strong sell” rating in a research report on Wednesday, October 24th. Zacks Investment Research upgraded Covenant Transportation Group from a “hold” rating to a “buy” rating and set a $28.00 price objective on the stock in a research report on Friday, October 26th. Cowen reduced their price objective on Covenant Transportation Group from $36.00 to $32.00 and set a “market perform” rating on the stock in a research report on Thursday, October 25th. Stephens restated a “buy” rating and set a $35.00 price objective on shares of Covenant Transportation Group in a research report on Friday, July 27th. Finally, Wolfe Research lowered Covenant Transportation Group from a “peer perform” rating to an “underperform” rating in a research report on Friday, October 5th. Three equities research analysts have rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $34.20.
CVTI stock traded up $0.17 during midday trading on Thursday, reaching $25.20. 64,858 shares of the stock were exchanged, compared to its average volume of 165,176. The firm has a market capitalization of $466.10 million, a P/E ratio of 30.00 and a beta of 1.42. Covenant Transportation Group has a 52 week low of $23.51 and a 52 week high of $35.19. The company has a quick ratio of 2.80, a current ratio of 2.84 and a debt-to-equity ratio of 0.74.
Covenant Transportation Group (NASDAQ:CVTI) last issued its quarterly earnings data on Wednesday, October 24th. The transportation company reported $0.66 earnings per share for the quarter, topping analysts’ consensus estimates of $0.61 by $0.05. The business had revenue of $243.30 million for the quarter, compared to analyst estimates of $237.85 million. Covenant Transportation Group had a return on equity of 11.77% and a net margin of 9.22%. As a group, equities research analysts expect that Covenant Transportation Group will post 2.21 EPS for the current fiscal year.
In other Covenant Transportation Group news, President Joey B. Hogan sold 7,300 shares of Covenant Transportation Group stock in a transaction dated Wednesday, August 29th. The stock was sold at an average price of $30.01, for a total transaction of $219,073.00. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 35.20% of the stock is currently owned by insiders.
Institutional investors and hedge funds have recently made changes to their positions in the business. Zacks Investment Management lifted its holdings in Covenant Transportation Group by 5.8% during the 2nd quarter. Zacks Investment Management now owns 60,132 shares of the transportation company’s stock worth $1,894,000 after buying an additional 3,322 shares during the period. Bank of New York Mellon Corp lifted its holdings in Covenant Transportation Group by 17.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 67,043 shares of the transportation company’s stock worth $2,112,000 after buying an additional 9,883 shares during the period. Citadel Advisors LLC lifted its holdings in Covenant Transportation Group by 97.9% during the 2nd quarter. Citadel Advisors LLC now owns 97,208 shares of the transportation company’s stock worth $3,062,000 after buying an additional 48,083 shares during the period. Employees Retirement System of Texas acquired a new position in Covenant Transportation Group during the 2nd quarter worth about $1,449,000. Finally, GSA Capital Partners LLP lifted its holdings in Covenant Transportation Group by 319.7% during the 2nd quarter. GSA Capital Partners LLP now owns 55,143 shares of the transportation company’s stock worth $1,737,000 after buying an additional 42,005 shares during the period. 65.36% of the stock is currently owned by hedge funds and other institutional investors.
About Covenant Transportation Group
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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