Covenant Transportation Group (NASDAQ:CVTI) Upgraded to Hold by BidaskClub

BidaskClub upgraded shares of Covenant Transportation Group (NASDAQ:CVTI) from a sell rating to a hold rating in a report released on Friday, BidAskClub reports.

Several other brokerages also recently issued reports on CVTI. ValuEngine raised shares of Covenant Transportation Group from a sell rating to a hold rating in a research report on Tuesday, December 3rd. Zacks Investment Research raised shares of Covenant Transportation Group from a sell rating to a hold rating in a research report on Tuesday, January 7th. Wolfe Research raised shares of Covenant Transportation Group from a peer perform rating to an outperform rating in a research report on Tuesday, January 7th. Cowen reissued a buy rating and set a $21.00 price objective on shares of Covenant Transportation Group in a research report on Friday, October 18th. Finally, Stifel Nicolaus downgraded shares of Covenant Transportation Group from a buy rating to a hold rating and set a $18.00 price objective on the stock. in a research report on Wednesday, October 30th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the company. The stock presently has a consensus rating of Hold and an average target price of $21.33.

Shares of Covenant Transportation Group stock opened at $14.02 on Friday. Covenant Transportation Group has a 1 year low of $12.35 and a 1 year high of $24.99. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.58 and a current ratio of 1.61. The company has a market capitalization of $258.82 million, a P/E ratio of 10.87 and a beta of 1.53. The company’s fifty day moving average is $13.15 and its two-hundred day moving average is $14.73.

Covenant Transportation Group (NASDAQ:CVTI) last issued its quarterly earnings data on Tuesday, October 22nd. The transportation company reported ($0.08) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.03 by ($0.11). Covenant Transportation Group had a return on equity of 7.79% and a net margin of 2.55%. The business had revenue of $222.91 million for the quarter, compared to analysts’ expectations of $209.50 million. As a group, equities analysts expect that Covenant Transportation Group will post 0.65 earnings per share for the current year.

In other news, COO James F. Brower, Jr. sold 6,000 shares of Covenant Transportation Group stock in a transaction dated Wednesday, October 30th. The shares were sold at an average price of $15.58, for a total value of $93,480.00. Following the sale, the chief operating officer now owns 58,581 shares of the company’s stock, valued at $912,691.98. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 31.60% of the stock is owned by insiders.

Several large investors have recently modified their holdings of CVTI. Royal Bank of Canada boosted its holdings in shares of Covenant Transportation Group by 1,098.8% in the second quarter. Royal Bank of Canada now owns 1,966 shares of the transportation company’s stock valued at $29,000 after acquiring an additional 1,802 shares in the last quarter. A.R.T. Advisors LLC acquired a new stake in shares of Covenant Transportation Group in the second quarter valued at about $148,000. Jefferies Group LLC acquired a new stake in shares of Covenant Transportation Group in the second quarter valued at about $151,000. United Services Automobile Association lifted its stake in shares of Covenant Transportation Group by 25.0% in the second quarter. United Services Automobile Association now owns 12,981 shares of the transportation company’s stock valued at $191,000 after purchasing an additional 2,594 shares during the period. Finally, Parametric Portfolio Associates LLC lifted its stake in shares of Covenant Transportation Group by 48.0% in the second quarter. Parametric Portfolio Associates LLC now owns 16,480 shares of the transportation company’s stock valued at $242,000 after purchasing an additional 5,343 shares during the period. 63.55% of the stock is currently owned by institutional investors and hedge funds.

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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