Shares of Covenant Transportation Group, Inc. (NASDAQ:CVTI) have been given an average rating of “Hold” by the eight brokerages that are currently covering the company, MarketBeat.com reports. Three investment analysts have rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating on the company. The average 1 year price target among brokers that have covered the stock in the last year is $34.20.
CVTI has been the subject of a number of recent analyst reports. ValuEngine cut shares of Covenant Transportation Group from a “buy” rating to a “hold” rating in a research note on Tuesday, September 4th. Wolfe Research cut shares of Covenant Transportation Group from a “peer perform” rating to an “underperform” rating in a research note on Friday, October 5th. Cowen lowered their target price on shares of Covenant Transportation Group from $36.00 to $32.00 and set a “market perform” rating for the company in a research note on Thursday, October 25th. BidaskClub cut shares of Covenant Transportation Group from a “sell” rating to a “strong sell” rating in a research note on Wednesday, October 24th. Finally, Zacks Investment Research upgraded shares of Covenant Transportation Group from a “hold” rating to a “buy” rating and set a $28.00 target price for the company in a research note on Friday, October 26th.
In other Covenant Transportation Group news, President Joey B. Hogan sold 7,300 shares of Covenant Transportation Group stock in a transaction that occurred on Wednesday, August 29th. The shares were sold at an average price of $30.01, for a total transaction of $219,073.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 35.20% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in CVTI. Northern Trust Corp lifted its stake in Covenant Transportation Group by 5.6% during the 1st quarter. Northern Trust Corp now owns 158,385 shares of the transportation company’s stock valued at $4,725,000 after acquiring an additional 8,355 shares during the period. JPMorgan Chase & Co. lifted its stake in Covenant Transportation Group by 4,876.2% during the 1st quarter. JPMorgan Chase & Co. now owns 202,085 shares of the transportation company’s stock valued at $6,027,000 after acquiring an additional 198,024 shares during the period. Allianz Asset Management GmbH acquired a new stake in Covenant Transportation Group during the 1st quarter valued at approximately $1,689,000. Cubist Systematic Strategies LLC acquired a new stake in Covenant Transportation Group during the 1st quarter valued at approximately $225,000. Finally, Bank of Montreal Can lifted its stake in Covenant Transportation Group by 70.3% during the 2nd quarter. Bank of Montreal Can now owns 100,857 shares of the transportation company’s stock valued at $3,177,000 after acquiring an additional 41,633 shares during the period. Institutional investors and hedge funds own 65.36% of the company’s stock.
CVTI stock traded up $0.16 during trading on Friday, reaching $25.36. The company had a trading volume of 2,100 shares, compared to its average volume of 131,680. The stock has a market capitalization of $466.10 million, a PE ratio of 30.06 and a beta of 1.42. 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 has a twelve month low of $23.51 and a twelve month high of $35.19.
Covenant Transportation Group (NASDAQ:CVTI) last released its earnings results on Wednesday, October 24th. The transportation company reported $0.66 EPS for the quarter, topping analysts’ consensus estimates of $0.61 by $0.05. The company had revenue of $243.30 million during the quarter, compared to analysts’ expectations of $237.85 million. Covenant Transportation Group had a net margin of 9.22% and a return on equity of 11.77%. On average, equities research analysts expect that Covenant Transportation Group will post 2.21 earnings per share for the current year.
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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