Covenant Transportation Group Inc. (CVTI) Downgraded by Zacks Investment Research
Covenant Transportation Group Inc. (NASDAQ:CVTI) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a report released on Tuesday.
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 analysts have also weighed in on the company. Stifel Nicolaus upped their price objective on Covenant Transportation Group from $23.00 to $24.00 and gave the stock a “buy” rating in a research report on Thursday, July 28th. Cowen and Company cut their price objective on Covenant Transportation Group from $29.00 to $24.00 and set an “outperform” rating on the stock in a research report on Friday. Finally, BB&T Corp. lowered Covenant Transportation Group from a “buy” rating to a “hold” rating in a research report on Wednesday, June 22nd.
One research analyst has rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $26.00.
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Shares of Covenant Transportation Group (NASDAQ:CVTI) traded up 1.20% during mid-day trading on Tuesday, reaching $15.15. The company’s stock had a trading volume of 107,058 shares. The stock has a market capitalization of $275.64 million, a price-to-earnings ratio of 9.59 and a beta of 0.66. Covenant Transportation Group has a 52 week low of $13.60 and a 52 week high of $25.77. The company’s 50-day moving average is $18.77 and its 200-day moving average is $20.45.
Covenant Transportation Group (NASDAQ:CVTI) last posted its quarterly earnings data 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. Covenant Transportation Group had a return on equity of 13.75% and a net margin of 4.06%. The business had revenue of $158.80 million for the quarter, compared to analyst estimates of $156.62 million. During the same quarter in the prior year, the company earned $0.60 earnings per share. The company’s revenue was down 9.5% on a year-over-year basis. Equities analysts predict that Covenant Transportation Group will post $1.17 EPS for the current year.
A number of institutional investors have recently bought and sold shares of the stock. Alliancebernstein L.P. raised its position in Covenant Transportation Group by 50.1% in the second quarter. Alliancebernstein L.P. now owns 1,223,583 shares of the company’s stock valued at $22,110,000 after buying an additional 408,133 shares during the period. Weiss Multi Strategy Advisers LLC raised its position in Covenant Transportation Group by 2,498.0% in the second quarter. Weiss Multi Strategy Advisers LLC now owns 413,812 shares of the company’s stock valued at $7,478,000 after buying an additional 397,884 shares during the period. Mutual of America Capital Management LLC raised its position in Covenant Transportation Group by 136.4% in the second quarter. Mutual of America Capital Management LLC now owns 407,314 shares of the company’s stock valued at $7,360,000 after buying an additional 235,022 shares during the period. Penn Capital Management Co. Inc. acquired a new position in Covenant Transportation Group during the second quarter valued at approximately $3,460,000. Finally, Basswood Capital Management L.L.C. raised its position in Covenant Transportation Group by 22.0% in the second quarter. Basswood Capital Management L.L.C. now owns 222,602 shares of the company’s stock valued at $4,022,000 after buying an additional 40,161 shares during the period. 65.37% 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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