Trade Report: The Covenant Transportation Group Inc. (CVTI) Upgraded to “Hold” at Zacks Investment Research

The Covenant Transportation Group Inc. (CVTI) Upgraded to “Hold” at Zacks Investment Research

Zacks Investment Research upgraded shares of Covenant Transportation Group Inc. (NASDAQ:CVTI) from a sell rating to a hold rating in a research report report published on Wednesday morning.

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. “

A number of other brokerages have also weighed in on CVTI. BB&T Corp. lowered shares of Covenant Transportation Group from a buy rating to a hold rating in a research note on Wednesday, June 22nd. Cowen and Company decreased their price target on shares of Covenant Transportation Group from $34.00 to $30.00 and set an outperform rating on the stock in a research note on Wednesday, June 22nd. Finally, Stifel Nicolaus raised their price target on shares of Covenant Transportation Group from $23.00 to $24.00 and gave the company a buy rating in a research note on Thursday, July 28th. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The company currently has a consensus rating of Buy and a consensus price target of $27.00.

Shares of Covenant Transportation Group (NASDAQ:CVTI) traded down 13.2549% on Wednesday, hitting $15.3799. The stock had a trading volume of 772,740 shares. The company has a market cap of $279.82 million, a P/E ratio of 9.7341 and a beta of 0.66. Covenant Transportation Group has a 52-week low of $13.60 and a 52-week high of $25.77. The company has a 50-day moving average of $19.13 and a 200-day moving average of $20.68.

Covenant Transportation Group (NASDAQ:CVTI) last posted its earnings results on Wednesday, July 27th. The company reported $0.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.19 by $0.01. Covenant Transportation Group had a net margin of 4.06% and a return on equity of 13.75%. The business had revenue of $158.80 million for the quarter, compared to analyst estimates of $156.62 million. During the same period in the prior year, the company posted $0.60 EPS. The company’s revenue for the quarter was down 9.5% on a year-over-year basis. On average, equities analysts anticipate that Covenant Transportation Group will post $1.17 EPS for the current fiscal year.

Hedge funds have recently added to or reduced their stakes in the stock. Alambic Investment Management L.P. acquired a new stake in Covenant Transportation Group during the second quarter worth approximately $190,000. GSA Capital Partners LLP increased its stake in Covenant Transportation Group by 29.6% in the second quarter. GSA Capital Partners LLP now owns 68,738 shares of the company’s stock worth $1,242,000 after buying an additional 15,700 shares during the last quarter. Commonwealth Equity Services Inc increased its stake in Covenant Transportation Group by 8.5% in the second quarter. Commonwealth Equity Services Inc now owns 27,717 shares of the company’s stock worth $501,000 after buying an additional 2,179 shares during the last quarter. Mutual of America Capital Management LLC increased its stake in Covenant Transportation Group by 136.4% in the second quarter. Mutual of America Capital Management LLC now owns 407,314 shares of the company’s stock worth $7,360,000 after buying an additional 235,022 shares during the last quarter. Finally, California State Teachers Retirement System increased its stake in Covenant Transportation Group by 0.4% in the second quarter. California State Teachers Retirement System now owns 24,928 shares of the company’s stock worth $450,000 after buying an additional 100 shares during the last quarter. Institutional investors own 65.82% of the company’s stock.

Covenant Transportation Group Company Profile

Covenant Transportation Group, Inc is a truckload transportation company. The Company provides truckload transportation and brokerage services to customers throughout the continental United States, into and out of Mexico, and into and out of portions of Canada. It operates through the asset-based truckload services (Truckload) segment.

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