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 Friday.

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 equities research analysts also recently weighed in on the company. Cowen and Company restated a “buy” rating and set a $24.00 price target on shares of Covenant Transportation Group in a report on Monday, August 28th. BidaskClub upgraded Covenant Transportation Group from a “sell” rating to a “hold” rating in a report on Monday, August 14th. ValuEngine upgraded Covenant Transportation Group from a “sell” rating to a “hold” rating in a report on Monday, August 14th. Finally, Stephens upgraded Covenant Transportation Group from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $20.00 to $25.00 in a report on Monday, August 14th. Five equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Covenant Transportation Group currently has a consensus rating of “Hold” and a consensus target price of $23.00.

Covenant Transportation Group (NASDAQ CVTI) traded down 0.36% during trading on Friday, reaching $24.76. The company’s stock had a trading volume of 125,212 shares. Covenant Transportation Group has a 1-year low of $14.26 and a 1-year high of $26.49. The stock has a market capitalization of $452.79 million, a PE ratio of 44.29 and a beta of 1.61. The stock has a 50 day moving average price of $21.74 and a 200 day moving average price of $18.99.

Covenant Transportation Group (NASDAQ:CVTI) last issued its quarterly earnings results on Tuesday, July 25th. The transportation company reported $0.08 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.08. Covenant Transportation Group had a return on equity of 4.65% and a net margin of 1.60%. The company had revenue of $164.30 million for the quarter, compared to the consensus estimate of $158.40 million. During the same quarter in the prior year, the business earned $0.20 EPS. Covenant Transportation Group’s revenue was up 3.5% on a year-over-year basis. Analysts anticipate that Covenant Transportation Group will post $0.71 earnings per share for the current fiscal year.

WARNING: “Covenant Transportation Group, Inc. (CVTI) Rating Increased to Hold at Zacks Investment Research” was originally reported by American Banking News and is owned by of American Banking News. If you are viewing this news story on another website, it was stolen and republished in violation of US & international copyright & trademark laws. The correct version of this news story can be accessed at https://www.americanbankingnews.com/2017/09/15/covenant-transportation-group-inc-cvti-rating-increased-to-hold-at-zacks-investment-research.html.

In other news, President Joey B. Hogan sold 5,000 shares of the stock in a transaction dated Thursday, September 7th. The stock was sold at an average price of $25.03, for a total value of $125,150.00. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, VP Ralph H. Lovin, Jr. sold 8,922 shares of the stock in a transaction dated Thursday, September 7th. The shares were sold at an average price of $25.48, for a total value of $227,332.56. Following the completion of the transaction, the vice president now owns 46,371 shares in the company, valued at approximately $1,181,533.08. The disclosure for this sale can be found here. Corporate insiders own 35.20% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. The Manufacturers Life Insurance Company increased its holdings in shares of Covenant Transportation Group by 15.6% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 10,909 shares of the transportation company’s stock valued at $191,000 after acquiring an additional 1,472 shares during the last quarter. State Street Corp increased its holdings in shares of Covenant Transportation Group by 7.7% in the 2nd quarter. State Street Corp now owns 199,828 shares of the transportation company’s stock valued at $3,503,000 after acquiring an additional 14,265 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of Covenant Transportation Group by 2.7% in the 2nd quarter. Vanguard Group Inc. now owns 539,993 shares of the transportation company’s stock valued at $9,467,000 after acquiring an additional 14,150 shares during the last quarter. Northern Trust Corp increased its holdings in shares of Covenant Transportation Group by 3.3% in the 2nd quarter. Northern Trust Corp now owns 149,807 shares of the transportation company’s stock valued at $2,627,000 after acquiring an additional 4,760 shares during the last quarter. Finally, Penn Capital Management Co. Inc. increased its holdings in shares of Covenant Transportation Group by 0.9% in the 2nd quarter. Penn Capital Management Co. Inc. now owns 319,573 shares of the transportation company’s stock valued at $5,602,000 after acquiring an additional 2,703 shares during the last quarter. Institutional investors and hedge funds own 62.13% of the company’s stock.

Covenant Transportation Group Company Profile

Covenant Transportation Group, Inc is a provider of expedited long haul freight transportation, primarily using two-person driver teams in transcontinental lanes. The Company’s services also include refrigerated, dedicated, cross-border, regional and brokerage. The Company’s segments include Truckload and Other.

Get a free copy of the Zacks research report on Covenant Transportation Group (CVTI)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Covenant Transportation Group Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Covenant Transportation Group Inc. and related companies with MarketBeat.com's FREE daily email newsletter.