Equities analysts expect that Covenant Transportation Group, Inc. (NASDAQ:CVTI) will announce $170.75 million in sales for the current fiscal quarter, according to Zacks. Two analysts have issued estimates for Covenant Transportation Group’s earnings. The highest sales estimate is $174.20 million and the lowest is $167.30 million. Covenant Transportation Group reported sales of $164.50 million in the same quarter last year, which indicates a positive year-over-year growth rate of 3.8%. The company is expected to announce its next quarterly earnings results on Wednesday, October 18th.

On average, analysts expect that Covenant Transportation Group will report full-year sales of $170.75 million for the current financial year, with estimates ranging from $689.30 million to $704.80 million. For the next year, analysts anticipate that the business will post sales of $745.20 million per share, with estimates ranging from $741.80 million to $748.60 million. Zacks’ sales averages are an average based on a survey of analysts that follow Covenant Transportation Group.

Covenant Transportation Group (NASDAQ:CVTI) last issued its quarterly earnings results on Tuesday, July 25th. The transportation company reported $0.08 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.08. Covenant Transportation Group had a net margin of 1.60% and a return on equity of 4.65%. The firm had revenue of $164.30 million for the quarter, compared to analyst estimates of $158.40 million. During the same period in the previous year, the business earned $0.20 EPS. The company’s revenue was up 3.5% compared to the same quarter last year.

A number of research firms have weighed in on CVTI. Zacks Investment Research raised shares of Covenant Transportation Group from a “sell” rating to a “hold” rating in a research note on Tuesday, October 3rd. Cowen and Company reissued a “buy” rating and set a $24.00 price target on shares of Covenant Transportation Group in a research report on Monday, August 28th. BidaskClub raised shares of Covenant Transportation Group from a “sell” rating to a “hold” rating in a research report on Monday, August 14th. ValuEngine raised shares of Covenant Transportation Group from a “sell” rating to a “hold” rating in a research report on Monday, August 14th. Finally, Stephens raised shares of Covenant Transportation Group from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $20.00 to $25.00 in a research report on Monday, August 14th. Five analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Covenant Transportation Group currently has a consensus rating of “Hold” and an average target price of $23.00.

Shares of Covenant Transportation Group (NASDAQ:CVTI) opened at 28.28 on Thursday. The firm has a 50-day moving average of $25.71 and a 200 day moving average of $20.10. The firm has a market capitalization of $517.16 million, a price-to-earnings ratio of 50.59 and a beta of 1.68. Covenant Transportation Group has a 52 week low of $14.26 and a 52 week high of $29.58.

In related news, VP Ralph H. Lovin, Jr. sold 8,922 shares of the firm’s stock in a transaction dated Thursday, September 7th. The shares were sold at an average price of $25.48, for a total transaction of $227,332.56. Following the transaction, the vice president now directly owns 46,371 shares of the company’s stock, valued at $1,181,533.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, President Joey B. Hogan sold 5,000 shares of the firm’s stock in a transaction dated Thursday, September 7th. The shares were sold at an average price of $25.03, for a total transaction of $125,150.00. The disclosure for this sale can be found here. 35.20% of the stock is owned by company insiders.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its position in shares of Covenant Transportation Group by 12.7% during the first quarter. Vanguard Group Inc. now owns 525,843 shares of the transportation company’s stock valued at $9,887,000 after purchasing an additional 59,199 shares in the last quarter. Bank of America Corp DE increased its holdings in Covenant Transportation Group by 56.3% during the first quarter. Bank of America Corp DE now owns 40,854 shares of the transportation company’s stock worth $767,000 after buying an additional 14,724 shares during the last quarter. Kennedy Capital Management Inc. purchased a new stake in Covenant Transportation Group during the first quarter worth about $6,483,000. Fisher Asset Management LLC increased its holdings in Covenant Transportation Group by 34.0% during the second quarter. Fisher Asset Management LLC now owns 122,242 shares of the transportation company’s stock worth $2,143,000 after buying an additional 31,042 shares during the last quarter. Finally, FMR LLC increased its holdings in Covenant Transportation Group by 0.4% during the first quarter. FMR LLC now owns 463,000 shares of the transportation company’s stock worth $8,704,000 after buying an additional 1,700 shares during the last quarter. 62.10% of the stock is currently owned by institutional investors.

COPYRIGHT VIOLATION NOTICE: “Brokerages Expect Covenant Transportation Group, Inc. (CVTI) Will Announce Quarterly Sales of $170.75 Million” was first published by American Banking News and is owned by of American Banking News. If you are viewing this news story on another domain, it was illegally stolen and reposted in violation of international trademark and copyright legislation. The original version of this news story can be read at https://www.americanbankingnews.com/2017/10/12/brokerages-expect-covenant-transportation-group-inc-cvti-will-announce-quarterly-sales-of-170-75-million.html.

About Covenant Transportation Group

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

Earnings History and Estimates for Covenant Transportation Group (NASDAQ:CVTI)

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.