Covenant Transportation Group (NASDAQ:CVTI) Upgraded to Hold by Zacks Investment Research

Zacks Investment Research upgraded shares of Covenant Transportation Group (NASDAQ:CVTI) from a sell rating to a hold rating in a research note released on Monday morning, Zacks.com reports.

According to Zacks, “Covenant Transport, Inc. is a truckload carrier that offers just-in-time and other premium transportation service for customers throughout the United States. “

Other equities research analysts have also recently issued reports about the stock. Stephens set a $25.00 price target on shares of Covenant Transportation Group and gave the company a buy rating in a report on Tuesday, March 19th. Cowen restated a market perform rating and set a $23.00 price target (down from $27.00) on shares of Covenant Transportation Group in a report on Tuesday, March 19th. ValuEngine cut shares of Covenant Transportation Group from a sell rating to a strong sell rating in a report on Friday, March 15th. Finally, BidaskClub cut shares of Covenant Transportation Group from a sell rating to a strong sell rating in a report on Tuesday, March 5th. Three investment analysts have rated the stock with a sell rating, two have assigned a hold rating and one has issued a buy rating to the company’s stock. Covenant Transportation Group currently has a consensus rating of Hold and a consensus target price of $25.33.

CVTI stock opened at $15.67 on Monday. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.70 and a quick ratio of 1.67. Covenant Transportation Group has a 52-week low of $14.55 and a 52-week high of $34.37. The stock has a market cap of $279.38 million, a price-to-earnings ratio of 6.36 and a beta of 1.72.

Covenant Transportation Group (NASDAQ:CVTI) last released its quarterly earnings results on Thursday, April 25th. The transportation company reported $0.27 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.20 by $0.07. Covenant Transportation Group had a net margin of 4.57% and a return on equity of 13.27%. The company had revenue of $219.18 million during the quarter, compared to analysts’ expectations of $226.90 million. As a group, equities analysts anticipate that Covenant Transportation Group will post 2.09 EPS for the current fiscal year.

In related news, Director Robert E. Bosworth bought 5,000 shares of Covenant Transportation Group stock in a transaction that occurred on Friday, May 31st. The stock was acquired at an average price of $15.00 per share, for a total transaction of $75,000.00. Following the completion of the purchase, the director now owns 78,451 shares in the company, valued at $1,176,765. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 31.60% of the stock is currently owned by company insiders.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. New York State Common Retirement Fund lifted its stake in shares of Covenant Transportation Group by 1.8% in the fourth quarter. New York State Common Retirement Fund now owns 29,870 shares of the transportation company’s stock valued at $574,000 after buying an additional 522 shares during the period. Victory Capital Management Inc. lifted its stake in shares of Covenant Transportation Group by 0.9% in the fourth quarter. Victory Capital Management Inc. now owns 68,513 shares of the transportation company’s stock valued at $1,315,000 after buying an additional 605 shares during the period. Commonwealth Equity Services LLC lifted its stake in shares of Covenant Transportation Group by 3.2% in the first quarter. Commonwealth Equity Services LLC now owns 26,514 shares of the transportation company’s stock valued at $503,000 after buying an additional 829 shares during the period. Geode Capital Management LLC lifted its stake in shares of Covenant Transportation Group by 0.6% in the first quarter. Geode Capital Management LLC now owns 148,633 shares of the transportation company’s stock valued at $2,821,000 after buying an additional 913 shares during the period. Finally, Dynamic Technology Lab Private Ltd lifted its stake in shares of Covenant Transportation Group by 10.7% in the first quarter. Dynamic Technology Lab Private Ltd now owns 13,642 shares of the transportation company’s stock valued at $259,000 after buying an additional 1,318 shares during the period. Institutional investors and hedge funds own 65.64% of the company’s stock.

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 expedited and dedicated services. The company also provides ancillary services, including freight brokerage and logistics services, warehousing, and accounts receivable factoring; and over-the-road truckload services, as well as transportation management, shuttle, and switching services.

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