ValuEngine upgraded shares of Covenant Transportation Group (NASDAQ:CVTI) from a sell rating to a hold rating in a research report sent to investors on Thursday, ValuEngine reports.
Several other analysts have also issued reports on the company. BidaskClub upgraded Covenant Transportation Group from a sell rating to a hold rating in a report on Wednesday, July 17th. Zacks Investment Research raised Covenant Transportation Group from a sell rating to a hold rating in a research report on Monday, June 17th. Cowen reissued an outperform rating and set a $21.00 price target (down previously from $24.00) on shares of Covenant Transportation Group in a research report on Wednesday, July 17th. Stephens started coverage on Covenant Transportation Group in a research report on Monday, July 1st. They set a hold rating on the stock. Finally, Wolfe Research raised Covenant Transportation Group from an underperform rating to a peer perform rating in a research report on Friday, June 28th. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Covenant Transportation Group currently has an average rating of Hold and a consensus target price of $24.67.
CVTI traded down $0.30 on Thursday, hitting $15.58. 79,007 shares of the company were exchanged, compared to its average volume of 158,643. Covenant Transportation Group has a 12 month low of $13.27 and a 12 month high of $32.34. The company has a market cap of $309.50 million, a P/E ratio of 6.60 and a beta of 1.56. The company has a current ratio of 1.70, a quick ratio of 1.67 and a debt-to-equity ratio of 0.74. The company has a fifty day moving average price of $14.75.
Covenant Transportation Group (NASDAQ:CVTI) last released its earnings results on Wednesday, July 24th. The transportation company reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.34 by $0.01. Covenant Transportation Group had a return on equity of 12.02% and a net margin of 4.05%. The business had revenue of $219.30 million for the quarter, compared to analyst estimates of $220.05 million. On average, equities research analysts predict that Covenant Transportation Group will post 1.6 earnings per share for the current fiscal year.
In other Covenant Transportation Group news, Director Robert E. Bosworth purchased 5,000 shares of the stock in a transaction on Friday, May 31st. The shares were purchased at an average price of $15.00 per share, with a total value of $75,000.00. Following the completion of the transaction, the director now directly owns 78,451 shares in the company, valued at $1,176,765. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. 31.60% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the business. Quantamental Technologies LLC acquired a new position in Covenant Transportation Group during the first quarter worth approximately $47,000. BNP Paribas Arbitrage SA grew its position in shares of Covenant Transportation Group by 257.2% in the first quarter. BNP Paribas Arbitrage SA now owns 2,568 shares of the transportation company’s stock valued at $49,000 after purchasing an additional 1,849 shares during the last quarter. Great West Life Assurance Co. Can acquired a new position in shares of Covenant Transportation Group in the fourth quarter valued at approximately $51,000. Metropolitan Life Insurance Co. NY grew its position in shares of Covenant Transportation Group by 400.7% in the fourth quarter. Metropolitan Life Insurance Co. NY now owns 4,441 shares of the transportation company’s stock valued at $85,000 after purchasing an additional 3,554 shares during the last quarter. Finally, Campbell & CO Investment Adviser LLC grew its position in shares of Covenant Transportation Group by 8.0% in the second quarter. Campbell & CO Investment Adviser LLC now owns 13,856 shares of the transportation company’s stock valued at $204,000 after purchasing an additional 1,029 shares during the last quarter. 65.30% 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 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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