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 research report issued to clients and 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. “
A number of other brokerages have also recently commented on CVTI. BB&T Corp. cut Covenant Transportation Group from a “buy” rating to a “hold” rating in a report on Wednesday, June 22nd.
Cowen and Company dropped their target price 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. Finally, Stifel Nicolaus lifted their target price on Covenant Transportation Group from $23.00 to $24.00 and gave the stock a “buy” rating in a report on Thursday, July 28th. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Covenant Transportation Group currently has an average rating of “Buy” and an average target price of $27.00.
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Shares of Covenant Transportation Group (NASDAQ:CVTI) traded down 1.50% during trading on Wednesday, hitting $17.73. The stock had a trading volume of 125,986 shares. 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 has a 12 month low of $13.60 and a 12 month high of $25.77. The company has a market cap of $322.58 million, a P/E ratio of 11.22 and a beta of 0.66.
Covenant Transportation Group (NASDAQ:CVTI) last announced its earnings results on Wednesday, July 27th. The company reported $0.20 EPS for the quarter, topping the Zacks’ consensus estimate of $0.19 by $0.01. The firm 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 quarterly revenue was down 9.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.60 EPS. Equities analysts expect that Covenant Transportation Group will post $1.17 EPS for the current fiscal year.
Institutional investors have recently bought and sold shares of the stock. Alambic Investment Management L.P. purchased a new stake in shares of Covenant Transportation Group during the second quarter valued at $190,000. K.J. Harrison & Partners Inc purchased a new stake in shares of Covenant Transportation Group during the second quarter valued at $361,000. Cowen Group Inc. boosted its stake in shares of Covenant Transportation Group by 7.1% in the second quarter. Cowen Group Inc. now owns 15,000 shares of the company’s stock valued at $271,000 after buying an additional 1,000 shares in the last quarter. Livingston Group Asset Management CO operating as Southport Capital Management boosted its stake in shares of Covenant Transportation Group by 0.8% in the second quarter. Livingston Group Asset Management CO operating as Southport Capital Management now owns 96,726 shares of the company’s stock valued at $1,748,000 after buying an additional 769 shares in the last quarter. Finally, GSA Capital Partners LLP boosted its stake in shares of Covenant Transportation Group by 29.6% in the second quarter. GSA Capital Partners LLP now owns 68,738 shares of the company’s stock valued at $1,242,000 after buying an additional 15,700 shares in the last quarter. Institutional investors own 65.82% of the company’s stock.
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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