Covenant Transportation Group (NASDAQ:CVTI) Stock Rating Upgraded by BidaskClub

Covenant Transportation Group (NASDAQ:CVTI) was upgraded by equities research analysts at BidaskClub from a “sell” rating to a “hold” rating in a research report issued on Wednesday, BidAskClub reports.

Several other research analysts have also recently issued reports on the company. Stephens set a $112.00 price objective on Genesee & Wyoming and gave the stock a “hold” rating in a research note on Monday, July 1st. Wolfe Research upgraded Covenant Transportation Group from an “underperform” rating to a “peer perform” rating in a research note on Friday, June 28th. Zacks Investment Research cut Forward Air from a “hold” rating to a “sell” rating in a research note on Monday, June 17th. Finally, Cowen reiterated an “outperform” rating and set a $28.00 price target (down from $30.00) on shares of Pure Storage in a research report on Wednesday, May 22nd. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the company’s stock. Covenant Transportation Group presently has a consensus rating of “Hold” and an average target price of $24.67.

Shares of NASDAQ:CVTI opened at $14.46 on Wednesday. Covenant Transportation Group has a 52-week low of $13.27 and a 52-week high of $32.34. The stock has a market capitalization of $269.09 million, a PE ratio of 6.13 and a beta of 1.57. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.67 and a current ratio of 1.70. The business has a 50-day moving average price of $14.65.



Covenant Transportation Group (NASDAQ:CVTI) last announced its quarterly earnings data on Thursday, April 25th. The transportation company reported $0.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.20 by $0.07. Covenant Transportation Group had a return on equity of 13.27% and a net margin of 4.57%. The firm had revenue of $219.18 million during the quarter, compared to analysts’ expectations of $226.90 million. Research analysts expect that Covenant Transportation Group will post 1.95 EPS for the current fiscal year.

In other news, Director Robert E. Bosworth purchased 5,000 shares of the stock in a transaction dated Friday, May 31st. The shares were purchased at an average cost of $15.00 per share, with a total value of $75,000.00. Following the completion of the purchase, the director now directly owns 78,451 shares of the company’s stock, valued at approximately $1,176,765. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 31.60% of the company’s stock.

Large investors have recently modified their holdings of the company. Rhumbline Advisers boosted its position in Covenant Transportation Group by 42.2% during the fourth quarter. Rhumbline Advisers now owns 18,061 shares of the transportation company’s stock worth $347,000 after purchasing an additional 5,357 shares during the period. First Trust Advisors LP lifted its holdings in shares of Covenant Transportation Group by 18.7% in the fourth quarter. First Trust Advisors LP now owns 22,201 shares of the transportation company’s stock worth $426,000 after buying an additional 3,496 shares in the last quarter. New York State Common Retirement Fund lifted its holdings in shares of Covenant Transportation Group by 1.8% in the fourth quarter. New York State Common Retirement Fund now owns 29,870 shares of the transportation company’s stock worth $574,000 after buying an additional 522 shares in the last quarter. BlackRock Inc. lifted its holdings in shares of Covenant Transportation Group by 7.8% in the fourth quarter. BlackRock Inc. now owns 1,008,481 shares of the transportation company’s stock worth $19,361,000 after buying an additional 72,933 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in shares of Covenant Transportation Group by 30.8% in the fourth quarter. Bank of New York Mellon Corp now owns 90,738 shares of the transportation company’s stock worth $1,742,000 after buying an additional 21,379 shares in the last quarter. 65.43% of the stock is currently owned by hedge funds and other institutional investors.

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 expedited and dedicated services. The company also provides ancillary services, including freight brokerage and logistics services, warehousing, and accounts receivable factoring; and over-the-road truckload services, as well as transportation management, shuttle, and switching services.

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