Covenant Transportation Group, Inc. (CVTI) Releases Quarterly Earnings Results, Beats Expectations By $0.08 EPS
Covenant Transportation Group, Inc. (NASDAQ:CVTI) issued its quarterly earnings results on Thursday. The transportation company reported $0.25 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.17 by $0.08, Briefing.com reports. Covenant Transportation Group had a net margin of 1.60% and a return on equity of 4.65%. The company had revenue of $178.60 million during the quarter, compared to analyst estimates of $170.10 million. During the same quarter last year, the business posted $0.16 EPS. Covenant Transportation Group’s quarterly revenue was up 8.6% compared to the same quarter last year.
Covenant Transportation Group (NASDAQ CVTI) traded up 7.17% on Friday, reaching $29.75. 196,822 shares of the company were exchanged. The firm has a 50-day moving average of $26.59 and a 200 day moving average of $20.47. The firm has a market capitalization of $544.04 million, a P/E ratio of 53.22 and a beta of 1.68. Covenant Transportation Group has a 12-month low of $15.48 and a 12-month high of $30.60.
In other news, VP Ralph H. Lovin, Jr. sold 4,000 shares of the stock in a transaction on Wednesday, October 11th. The shares were sold at an average price of $28.43, for a total value of $113,720.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Ralph H. Lovin, Jr. sold 8,922 shares of the stock in a transaction on Thursday, September 7th. The stock was sold at an average price of $25.48, for a total transaction of $227,332.56. Following the completion of the sale, the vice president now directly owns 46,371 shares of the company’s stock, valued at $1,181,533.08. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 17,922 shares of company stock valued at $466,203. 35.20% of the stock is owned by corporate insiders.
An institutional investor recently raised its position in Covenant Transportation Group stock. The Manufacturers Life Insurance Company lifted its position in Covenant Transportation Group, Inc. (NASDAQ:CVTI) by 15.6% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 10,909 shares of the transportation company’s stock after purchasing an additional 1,472 shares during the period. The Manufacturers Life Insurance Company owned about 0.06% of Covenant Transportation Group worth $191,000 as of its most recent filing with the Securities and Exchange Commission (SEC). Institutional investors and hedge funds own 62.10% of the company’s stock.
A number of research firms recently weighed in on CVTI. Zacks Investment Research upgraded shares of Covenant Transportation Group from a “sell” rating to a “hold” rating in a research note on Tuesday, October 3rd. Cowen and Company lowered shares of Covenant Transportation Group from an “outperform” rating to a “market perform” rating in a research note on Monday. BidaskClub upgraded shares of Covenant Transportation Group from a “sell” rating to a “hold” rating in a research note on Monday, August 14th. ValuEngine upgraded shares of Covenant Transportation Group from a “sell” rating to a “hold” rating in a research note on Monday, August 14th. Finally, Stephens upgraded shares of Covenant Transportation Group from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $20.00 to $25.00 in a research note on Monday, August 14th. Five equities research analysts have rated the stock with a hold rating, one has issued a buy rating and one has given a strong buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $25.25.
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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.
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