Zacks Investment Research cut shares of Covenant Transportation Group (NASDAQ:CVTI) from a strong-buy rating to a hold rating in a report released on Tuesday.

According to Zacks, “Covenant Transport, Inc. is a truckload carrier that offers just-in-time and other premium transportation service for customers throughout the United States. “

Several other brokerages have also weighed in on CVTI. TheStreet raised Covenant Transportation Group from a c+ rating to a b rating in a report on Thursday, October 19th. BidaskClub lowered Covenant Transportation Group from a strong-buy rating to a buy rating in a report on Wednesday, December 20th. ValuEngine lowered Covenant Transportation Group from a buy rating to a hold rating in a report on Friday, December 1st. Finally, Cowen reissued a buy rating and issued a $24.00 price objective on shares of Covenant Transportation Group in a report on Monday, August 28th. Four investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Covenant Transportation Group has an average rating of Hold and an average target price of $25.63.

Shares of Covenant Transportation Group (CVTI) opened at $28.77 on Tuesday. The company has a quick ratio of 1.62, a current ratio of 1.66 and a debt-to-equity ratio of 0.77. The firm has a market capitalization of $527.48, a PE ratio of 41.70 and a beta of 1.67. Covenant Transportation Group has a fifty-two week low of $15.86 and a fifty-two week high of $30.60.

Covenant Transportation Group (NASDAQ:CVTI) last announced its quarterly earnings data on Thursday, October 19th. The transportation company reported $0.25 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.17 by $0.08. The firm had revenue of $178.60 million during the quarter, compared to analyst estimates of $170.10 million. Covenant Transportation Group had a return on equity of 5.30% and a net margin of 1.82%. Covenant Transportation Group’s quarterly revenue was up 8.6% on a year-over-year basis. During the same period in the previous year, the company earned $0.16 earnings per share. equities analysts anticipate that Covenant Transportation Group will post 0.9 EPS for the current year.

In other Covenant Transportation Group news, VP Ralph H. Lovin, Jr. sold 4,000 shares of Covenant Transportation Group stock in a transaction that occurred on Wednesday, October 11th. The stock was sold at an average price of $28.43, for a total value of $113,720.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman David Ray Parker sold 60,919 shares of Covenant Transportation Group stock in a transaction that occurred on Friday, November 3rd. The shares were sold at an average price of $30.04, for a total value of $1,830,006.76. Following the completion of the transaction, the chairman now owns 110,580 shares of the company’s stock, valued at $3,321,823.20. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 512,826 shares of company stock valued at $15,000,875. 35.20% of the stock is currently owned by insiders.

A number of hedge funds have recently modified their holdings of the business. Citadel Advisors LLC acquired a new position in shares of Covenant Transportation Group during the third quarter worth approximately $583,000. Vanguard Group Inc. boosted its position 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 worth $9,887,000 after buying an additional 59,199 shares during the period. Essex Investment Management Co. LLC acquired a new position in shares of Covenant Transportation Group during the third quarter worth approximately $2,367,000. Susquehanna International Group LLP boosted its position in shares of Covenant Transportation Group by 216.8% during the third quarter. Susquehanna International Group LLP now owns 11,684 shares of the transportation company’s stock worth $339,000 after buying an additional 21,684 shares during the period. Finally, Nationwide Fund Advisors boosted its position in shares of Covenant Transportation Group by 156.4% during the second quarter. Nationwide Fund Advisors now owns 26,066 shares of the transportation company’s stock worth $457,000 after buying an additional 15,900 shares during the period. Institutional investors own 63.29% of the company’s stock.

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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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