Covenant Transportation Group Inc. (CVTI) Rating Increased to Hold at Zacks Investment Research
Covenant Transportation Group Inc. (NASDAQ:CVTI) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Wednesday.
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 analysts have also recently issued reports about the company. Stifel Nicolaus increased their price target on Covenant Transportation Group from $23.00 to $24.00 and gave the stock a “buy” rating in a report on Thursday, July 28th. BB&T Corp. cut Covenant Transportation Group from a “buy” rating to a “hold” rating in a report on Wednesday, June 22nd.
Finally, Cowen and Company lowered their price target on Covenant Transportation Group from $30.00 to $29.00 and set an “outperform” rating for the company in a report on Friday, July 29th. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $27.00.
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Covenant Transportation Group (NASDAQ:CVTI) traded down 1.50% during trading on Wednesday, reaching $17.73. The company’s stock had a trading volume of 125,986 shares. The stock has a market capitalization of $322.58 million, a PE ratio of 11.22 and a beta of 0.66. Covenant Transportation Group has a 1-year low of $13.60 and a 1-year high of $25.77. The stock has a 50 day moving average price of $19.20 and a 200 day moving average price of $20.70.
Covenant Transportation Group (NASDAQ:CVTI) last released its quarterly earnings results on Wednesday, July 27th. The company reported $0.20 earnings per share for the quarter, topping analysts’ consensus estimates of $0.19 by $0.01. The business earned $158.80 million during the quarter, compared to analysts’ expectations of $156.62 million. Covenant Transportation Group had a return on equity of 13.75% and a net margin of 4.06%. The company’s revenue was down 9.5% compared to the same quarter last year. During the same period in the prior year, the business posted $0.60 EPS. Analysts anticipate that Covenant Transportation Group will post $1.17 earnings per share for the current fiscal year.
A number of institutional investors have recently bought and sold shares of the company. Geode Capital Management LLC raised its position in Covenant Transportation Group by 16.1% in the first quarter. Geode Capital Management LLC now owns 83,927 shares of the company’s stock valued at $2,030,000 after buying an additional 11,636 shares during the last quarter. Foundry Partners LLC raised its position in Covenant Transportation Group by 0.3% in the second quarter. Foundry Partners LLC now owns 126,645 shares of the company’s stock valued at $2,288,000 after buying an additional 400 shares during the last quarter. James Investment Research Inc. raised its position in Covenant Transportation Group by 16.6% in the second quarter. James Investment Research Inc. now owns 148,780 shares of the company’s stock valued at $2,688,000 after buying an additional 21,180 shares during the last quarter. Copper Rock Capital Partners LLC raised its position in Covenant Transportation Group by 1.6% in the second quarter. Copper Rock Capital Partners LLC now owns 1,029,263 shares of the company’s stock valued at $18,599,000 after buying an additional 16,005 shares during the last quarter. Finally, Palo Capital Inc. purchased a new position in Covenant Transportation Group during the second quarter valued at about $312,000. 65.82% of the stock is currently owned by hedge funds and other institutional investors.
About Covenant Transportation Group
Covenant Transportation Group, Inc is a truckload transportation company. The Company provides truckload transportation and brokerage services to customers throughout the continental United States, into and out of Mexico, and into and out of portions of Canada. It operates through the asset-based truckload services (Truckload) segment.
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