Equities analysts predict that Covenant Transportation Group, Inc. (NASDAQ:CVTI) will announce sales of $237.85 million for the current fiscal quarter, according to Zacks. Two analysts have made estimates for Covenant Transportation Group’s earnings, with estimates ranging from $231.40 million to $244.30 million. Covenant Transportation Group reported sales of $178.63 million in the same quarter last year, which indicates a positive year over year growth rate of 33.2%. The business is expected to report its next earnings results on Thursday, October 18th.
According to Zacks, analysts expect that Covenant Transportation Group will report full year sales of $872.05 million for the current fiscal year, with estimates ranging from $853.50 million to $890.60 million. For the next fiscal year, analysts expect that the firm will report sales of $1.00 billion, with estimates ranging from $992.90 million to $1.02 billion. Zacks Investment Research’s sales calculations are an average based on a survey of analysts that follow Covenant Transportation Group.
Covenant Transportation Group (NASDAQ:CVTI) last announced its quarterly earnings data on Wednesday, July 25th. The transportation company reported $0.54 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.49 by $0.05. Covenant Transportation Group had a net margin of 9.09% and a return on equity of 9.77%. The company had revenue of $196.32 million during the quarter, compared to analysts’ expectations of $199.25 million.
Several brokerages have weighed in on CVTI. ValuEngine cut shares of Covenant Transportation Group from a “hold” rating to a “sell” rating in a research report on Friday. BidaskClub cut shares of Covenant Transportation Group from a “hold” rating to a “sell” rating in a research report on Tuesday. Wolfe Research cut shares of Covenant Transportation Group from a “peer perform” rating to an “underperform” rating in a research report on Friday, October 5th. Finally, Stephens reissued a “buy” rating and set a $35.00 price target on shares of Covenant Transportation Group in a research report on Friday, July 27th. Three research analysts have rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the company. Covenant Transportation Group currently has an average rating of “Hold” and a consensus price target of $36.60.
In other Covenant Transportation Group news, President Joey B. Hogan sold 7,300 shares of the stock in a transaction on Wednesday, August 29th. The shares were sold at an average price of $30.01, for a total transaction of $219,073.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 33.10% of the company’s stock.
A number of institutional investors and hedge funds have recently made changes to their positions in CVTI. Northern Trust Corp boosted its position in Covenant Transportation Group by 5.6% during the 1st quarter. Northern Trust Corp now owns 158,385 shares of the transportation company’s stock valued at $4,725,000 after buying an additional 8,355 shares during the period. JPMorgan Chase & Co. boosted its position in Covenant Transportation Group by 4,876.2% during the 1st quarter. JPMorgan Chase & Co. now owns 202,085 shares of the transportation company’s stock valued at $6,027,000 after buying an additional 198,024 shares during the period. Koch Industries Inc. purchased a new stake in Covenant Transportation Group during the 1st quarter valued at $277,000. Commonwealth Equity Services LLC boosted its position in Covenant Transportation Group by 10.2% during the 1st quarter. Commonwealth Equity Services LLC now owns 25,790 shares of the transportation company’s stock valued at $769,000 after buying an additional 2,384 shares during the period. Finally, Allianz Asset Management GmbH purchased a new stake in Covenant Transportation Group during the 1st quarter valued at $1,689,000. 65.42% of the stock is owned by institutional investors and hedge funds.
Shares of Covenant Transportation Group stock opened at $25.16 on Friday. Covenant Transportation Group has a 52-week low of $24.79 and a 52-week high of $35.19. The firm has a market capitalization of $533.05 million, a PE ratio of 29.95 and a beta of 1.42. The company has a debt-to-equity ratio of 0.74, a current ratio of 2.84 and a quick ratio of 2.80.
About Covenant Transportation Group
Covenant Transportation Group, Inc, together with its subsidiaries, provides truckload transportation and brokerage services primarily in the continental United States. It offers long haul, dedicated, temperature-controlled, and regional solo-driver services; long haul, regional, dedicated, and intermodal temperature-controlled services; and regional solo-driver and dedicated services.
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