Covenant Transportation Group (CVTI) Downgraded by ValuEngine

Covenant Transportation Group (NASDAQ:CVTI) was downgraded by research analysts at ValuEngine from a “buy” rating to a “hold” rating in a research note issued to investors on Friday.

Other analysts also recently issued reports about the stock. Stephens raised shares of Covenant Transportation Group from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $20.00 to $25.00 in a research report on Monday, August 14th. Zacks Investment Research upgraded Covenant Transportation Group from a “sell” rating to a “hold” rating in a research note on Tuesday, October 3rd. BidaskClub upgraded Covenant Transportation Group from a “sell” rating to a “hold” rating in a research note on Monday, August 14th. Cowen cut Covenant Transportation Group from an “outperform” rating to a “market perform” rating in a research note on Monday, October 16th. Finally, TheStreet upgraded Covenant Transportation Group from a “c+” rating to a “b” rating in a research note on Thursday, October 19th. Five research analysts have rated the stock with a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $25.63.

Shares of Covenant Transportation Group (NASDAQ CVTI) traded down $1.04 during trading hours on Friday, hitting $28.92. The stock had a trading volume of 117,836 shares, compared to its average volume of 97,975. The stock has a market capitalization of $528.95, a P/E ratio of 41.91 and a beta of 1.68. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.62 and a current ratio of 1.66. Covenant Transportation Group has a twelve month low of $15.86 and a twelve month high of $30.60.

Covenant Transportation Group (NASDAQ:CVTI) last issued its quarterly earnings data on Thursday, October 19th. The transportation company reported $0.25 EPS for the quarter, topping the Zacks’ consensus estimate of $0.17 by $0.08. Covenant Transportation Group had a return on equity of 5.30% and a net margin of 1.82%. The company had revenue of $178.60 million for the quarter, compared to analysts’ expectations of $170.10 million. During the same quarter in the previous year, the firm posted $0.16 earnings per share. The firm’s quarterly revenue was up 8.6% on a year-over-year basis. research analysts forecast that Covenant Transportation Group will post 0.89 earnings per share for the current year.

In related news, VP Ralph H. Lovin, Jr. sold 8,922 shares of the business’s stock in a transaction dated Thursday, September 7th. The stock was sold at an average price of $25.48, for a total value 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 sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Chairman David Ray Parker sold 10,783 shares of the business’s stock in a transaction dated Friday, November 24th. The shares were sold at an average price of $30.02, for a total value of $323,705.66. Following the completion of the sale, the chairman now directly owns 110,580 shares of the company’s stock, valued at $3,319,611.60. The disclosure for this sale can be found here. In the last quarter, insiders sold 457,038 shares of company stock worth $13,261,261. Insiders own 35.20% of the company’s stock.

Institutional investors have recently made changes to their positions in the stock. American International Group Inc. increased its position in Covenant Transportation Group by 7.2% during the first quarter. American International Group Inc. now owns 7,309 shares of the transportation company’s stock worth $137,000 after buying an additional 489 shares during the last quarter. Vanguard Group Inc. increased its stake 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 buying an additional 59,199 shares during the period. Geode Capital Management LLC increased its stake in shares of Covenant Transportation Group by 4.2% during the first quarter. Geode Capital Management LLC now owns 100,207 shares of the transportation company’s stock valued at $1,883,000 after buying an additional 4,068 shares during the period. Bank of America Corp DE increased its stake in shares of 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 valued at $767,000 after buying an additional 14,724 shares during the period. Finally, Municipal Employees Retirement System of Michigan purchased a new position in shares of Covenant Transportation Group during the second quarter valued at $622,000. 63.18% of the stock is owned by hedge funds and other institutional investors.

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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.

To view ValuEngine’s full report, visit ValuEngine’s official website.

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