Covenant Transportation Group Inc. (CVTI) Stock Rating Lowered 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 issued 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. “
Several other research firms also recently issued reports on CVTI. Cowen and Company reaffirmed a “buy” rating on shares of Covenant Transportation Group in a report on Friday. BB&T Corp. downgraded shares of Covenant Transportation Group from a “buy” rating to a “hold” rating in a report on Wednesday, June 22nd.
Finally, Stifel Nicolaus increased their price objective on shares of Covenant Transportation Group from $23.00 to $24.00 and gave the company a “buy” rating in a report on Thursday, July 28th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the company. The company has a consensus 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 trading on Tuesday, reaching $15.15. 107,058 shares of the company traded hands. The firm has a 50 day moving average of $18.77 and a 200 day moving average of $20.45. Covenant Transportation Group has a 52 week low of $13.60 and a 52 week high of $25.77. The stock has a market capitalization of $275.64 million, a PE ratio of 9.59 and a beta of 0.66.
Covenant Transportation Group (NASDAQ:CVTI) last announced its quarterly earnings results on Wednesday, July 27th. The company reported $0.20 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.19 by $0.01. Covenant Transportation Group had a net margin of 4.06% and a return on equity of 13.75%. The firm had revenue of $158.80 million for the quarter, compared to the consensus estimate of $156.62 million. During the same period in the prior year, the firm posted $0.60 earnings per share. The firm’s quarterly revenue was down 9.5% compared to the same quarter last year. On average, equities analysts predict that Covenant Transportation Group will post $1.17 EPS for the current year.
Institutional investors have recently bought and sold shares of the stock. Dimensional Fund Advisors LP increased its position in Covenant Transportation Group by 2.2% in the second quarter. Dimensional Fund Advisors LP now owns 1,362,865 shares of the company’s stock valued at $24,627,000 after buying an additional 29,064 shares in the last quarter. Alliancebernstein L.P. increased 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 in the last quarter. Copper Rock Capital Partners LLC increased 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 in the last quarter. Vanguard Group Inc. increased its position in Covenant Transportation Group by 0.5% in the second quarter. Vanguard Group Inc. now owns 453,912 shares of the company’s stock valued at $8,201,000 after buying an additional 2,160 shares in the last quarter. Finally, Weiss Multi Strategy Advisers LLC increased 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 in the last quarter. 65.37% of the stock is currently owned by institutional investors and hedge funds.
Covenant Transportation Group Company Profile
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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