Equities analysts expect that Covenant Transportation Group, Inc. (NASDAQ:CVTI) will post sales of $269.20 million for the current quarter, according to Zacks. Two analysts have issued estimates for Covenant Transportation Group’s earnings, with the highest sales estimate coming in at $275.60 million and the lowest estimate coming in at $262.80 million. Covenant Transportation Group posted sales of $203.31 million in the same quarter last year, which suggests a positive year-over-year growth rate of 32.4%. The firm is scheduled to announce its next quarterly earnings report on Monday, February 4th.
On average, analysts expect that Covenant Transportation Group will report full year sales of $882.40 million for the current year, with estimates ranging from $876.00 million to $888.80 million. For the next year, analysts anticipate that the business will post sales of $1.01 billion, with estimates ranging from $998.60 million to $1.01 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of research analysts that cover Covenant Transportation Group.
Covenant Transportation Group (NASDAQ:CVTI) last released its earnings results on Wednesday, October 24th. The transportation company reported $0.66 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.61 by $0.05. Covenant Transportation Group had a net margin of 9.22% and a return on equity of 11.56%. The business had revenue of $243.30 million for the quarter, compared to analysts’ expectations of $237.85 million.
Several equities research analysts recently issued reports on the stock. BidaskClub raised shares of Covenant Transportation Group from a “hold” rating to a “buy” rating in a research report on Wednesday, September 12th. ValuEngine cut shares of Covenant Transportation Group from a “buy” rating to a “hold” rating in a research report on Tuesday, September 4th. 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. Cowen decreased their target price on shares of Covenant Transportation Group from $36.00 to $32.00 and set a “market perform” rating on the stock in a research report on Thursday, October 25th. Finally, Zacks Investment Research raised shares of Covenant Transportation Group from a “hold” rating to a “buy” rating and set a $28.00 target price on the stock in a research report on Friday, October 26th. Three equities research analysts have rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $34.20.
In related news, insider John A. Tweed bought 11,887 shares of the firm’s stock in a transaction that occurred on Monday, November 12th. The shares were acquired at an average cost of $23.61 per share, with a total value of $280,652.07. Following the completion of the transaction, the insider now owns 23,137 shares of the company’s stock, valued at $546,264.57. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider John A. Tweed purchased 18,659 shares of the business’s stock in a transaction that occurred on Wednesday, November 14th. The stock was acquired at an average price of $23.57 per share, for a total transaction of $439,792.63. Following the acquisition, the insider now directly owns 23,137 shares of the company’s stock, valued at approximately $545,339.09. The disclosure for this purchase can be found here. 35.20% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of CVTI. Bank of Montreal Can raised its holdings in Covenant Transportation Group by 70.3% in the second quarter. Bank of Montreal Can now owns 100,857 shares of the transportation company’s stock valued at $3,177,000 after buying an additional 41,633 shares during the period. Acadian Asset Management LLC raised its holdings in Covenant Transportation Group by 126.5% in the second quarter. Acadian Asset Management LLC now owns 48,625 shares of the transportation company’s stock valued at $1,531,000 after buying an additional 27,156 shares during the period. Meeder Asset Management Inc. raised its holdings in Covenant Transportation Group by 711.7% in the second quarter. Meeder Asset Management Inc. now owns 6,339 shares of the transportation company’s stock valued at $200,000 after buying an additional 5,558 shares during the period. Wells Fargo & Company MN raised its holdings in Covenant Transportation Group by 1,409.4% in the second quarter. Wells Fargo & Company MN now owns 395,969 shares of the transportation company’s stock valued at $12,473,000 after buying an additional 369,735 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new position in Covenant Transportation Group in the second quarter valued at approximately $1,084,000. Hedge funds and other institutional investors own 65.88% of the company’s stock.
CVTI opened at $22.41 on Friday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.47 and a current ratio of 1.50. Covenant Transportation Group has a 1 year low of $21.39 and a 1 year high of $35.19. The company has a market capitalization of $410.58 million, a P/E ratio of 11.54 and a beta of 1.55.
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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