Schwab Charles Investment Management Inc. lifted its holdings in Covenant Transportation Group, Inc. (NASDAQ:CVTI) by 136.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 57,387 shares of the transportation company’s stock after acquiring an additional 33,093 shares during the quarter. Schwab Charles Investment Management Inc. owned 0.31% of Covenant Transportation Group worth $1,808,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in CVTI. Bailard Inc. acquired a new stake in shares of Covenant Transportation Group in the second quarter valued at about $233,000. Russell Investments Group Ltd. grew its position in shares of Covenant Transportation Group by 6.2% in the second quarter. Russell Investments Group Ltd. now owns 36,987 shares of the transportation company’s stock valued at $1,165,000 after purchasing an additional 2,170 shares during the period. Strs Ohio grew its position in shares of Covenant Transportation Group by 9.5% in the second quarter. Strs Ohio now owns 24,300 shares of the transportation company’s stock valued at $765,000 after purchasing an additional 2,100 shares during the period. Bank of New York Mellon Corp grew its position in shares of Covenant Transportation Group by 17.3% in the second quarter. Bank of New York Mellon Corp now owns 67,043 shares of the transportation company’s stock valued at $2,112,000 after purchasing an additional 9,883 shares during the period. Finally, Navellier & Associates Inc lifted its stake in shares of Covenant Transportation Group by 127.6% in the second quarter. Navellier & Associates Inc now owns 41,163 shares of the transportation company’s stock worth $1,297,000 after buying an additional 23,078 shares in the last quarter. Hedge funds and other institutional investors own 65.42% of the company’s stock.

NASDAQ:CVTI opened at $25.16 on Friday. The company has a current ratio of 2.84, a quick ratio of 2.80 and a debt-to-equity ratio of 0.74. The stock has a market capitalization of $533.05 million, a PE ratio of 29.95 and a beta of 1.42. Covenant Transportation Group, Inc. has a twelve month low of $24.79 and a twelve month high of $35.19.

Covenant Transportation Group (NASDAQ:CVTI) last posted its quarterly earnings results on Wednesday, July 25th. The transportation company reported $0.54 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.49 by $0.05. The firm had revenue of $196.32 million for the quarter, compared to the consensus estimate of $199.25 million. Covenant Transportation Group had a net margin of 9.09% and a return on equity of 9.77%. On average, research analysts anticipate that Covenant Transportation Group, Inc. will post 2.13 earnings per share for the current year.

In other news, President Joey B. Hogan sold 7,300 shares of the firm’s stock in a transaction dated Wednesday, August 29th. The shares were sold at an average price of $30.01, for a total value of $219,073.00. The transaction was disclosed in a filing with the SEC, which is available through this link. Company insiders own 33.10% of the company’s stock.

Several equities analysts have recently weighed in on CVTI shares. Wolfe Research downgraded shares of Covenant Transportation Group from a “peer perform” rating to an “underperform” rating in a research note on Friday, October 5th. BidaskClub raised shares of Covenant Transportation Group from a “hold” rating to a “buy” rating in a research note on Wednesday, September 12th. ValuEngine downgraded shares of Covenant Transportation Group from a “buy” rating to a “hold” rating in a research note on Tuesday, September 4th. Finally, Stephens reissued a “buy” rating and issued a $35.00 price target on shares of Covenant Transportation Group in a research note on Friday, July 27th. Three research analysts have rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $36.60.

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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Institutional Ownership by Quarter for Covenant Transportation Group (NASDAQ:CVTI)

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