BidaskClub Lowers Covenant Transportation Group (CVTI) to Hold

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

Several other equities research analysts also recently commented on the company. TheStreet raised Covenant Transportation Group from a “c+” rating to a “b” rating in a report on Thursday, October 19th. Zacks Investment Research raised Covenant Transportation Group from a “sell” rating to a “hold” rating in a report on Friday, September 15th. ValuEngine downgraded Covenant Transportation Group from a “buy” rating to a “hold” rating in a report on Friday, December 1st. Finally, Cowen reissued a “hold” rating and issued a $25.50 price objective on shares of Covenant Transportation Group in a report on Tuesday, October 24th. Four investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $27.50.

Covenant Transportation Group (CVTI) traded down $0.33 during midday trading on Friday, hitting $27.09. The stock had a trading volume of 96,441 shares, compared to its average volume of 90,687. The firm has a market cap of $501.51, a P/E ratio of 39.26 and a beta of 1.68. The company has a current ratio of 1.66, a quick ratio of 1.62 and a debt-to-equity ratio of 0.77. Covenant Transportation Group has a 12 month low of $15.86 and a 12 month high of $30.60.

Covenant Transportation Group (NASDAQ:CVTI) last released its quarterly earnings data on Thursday, October 19th. The transportation company reported $0.25 EPS for the quarter, beating the consensus estimate of $0.17 by $0.08. The company had revenue of $178.60 million during the quarter, compared to the consensus estimate of $170.10 million. Covenant Transportation Group had a return on equity of 5.30% and a net margin of 1.82%. The firm’s revenue for the quarter was up 8.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.16 EPS. equities analysts predict that Covenant Transportation Group will post 0.9 EPS for the current fiscal year.

In related news, COO Samuel F. Hough sold 2,000 shares of the stock in a transaction on Friday, November 3rd. The stock was sold at an average price of $30.00, for a total value of $60,000.00. Following the sale, the chief operating officer now owns 62,763 shares in the company, valued at approximately $1,882,890. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, 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 disclosure for this sale can be found here. In the last 90 days, insiders sold 512,826 shares of company stock worth $15,000,875. 35.20% of the stock is owned by company insiders.

Institutional investors and hedge funds have recently bought and sold shares of the stock. Citadel Advisors LLC bought a new stake in Covenant Transportation Group in the 3rd quarter valued at $583,000. Essex Investment Management Co. LLC bought a new stake in Covenant Transportation Group in the 3rd quarter valued at $2,367,000. Susquehanna International Group LLP raised its stake in Covenant Transportation Group by 216.8% in the 3rd quarter. Susquehanna International Group LLP now owns 11,684 shares of the transportation company’s stock valued at $339,000 after acquiring an additional 21,684 shares during the period. Nationwide Fund Advisors raised its stake in Covenant Transportation Group by 156.4% in the 2nd quarter. Nationwide Fund Advisors now owns 26,066 shares of the transportation company’s stock valued at $457,000 after acquiring an additional 15,900 shares during the period. Finally, GSA Capital Partners LLP raised its stake in Covenant Transportation Group by 48.9% in the 3rd quarter. GSA Capital Partners LLP now owns 59,395 shares of the transportation company’s stock valued at $1,721,000 after acquiring an additional 19,500 shares during the period. Institutional investors and hedge funds own 63.29% of the company’s stock.

WARNING: This piece was first reported by American Banking News and is owned by of American Banking News. If you are reading this piece on another domain, it was illegally copied and reposted in violation of United States and international copyright and trademark legislation. The correct version of this piece can be accessed at https://www.americanbankingnews.com/2018/01/06/bidaskclub-lowers-covenant-transportation-group-cvti-to-hold.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.

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

Leave a Reply