BlueCrest Capital Management Ltd purchased a new position in Covenant Transportation Group, Inc. (NASDAQ:CVTI) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 80,300 shares of the transportation company’s stock, valued at approximately $2,307,000. BlueCrest Capital Management Ltd owned 0.44% of Covenant Transportation Group as of its most recent SEC filing.
A number of other hedge funds have also recently modified their holdings of the stock. Bogle Investment Management L P DE purchased a new stake in Covenant Transportation Group in the fourth quarter worth $2,427,000. Citadel Advisors LLC grew its stake in Covenant Transportation Group by 72.8% in the fourth quarter. Citadel Advisors LLC now owns 34,748 shares of the transportation company’s stock worth $998,000 after purchasing an additional 14,638 shares during the period. BlackRock Inc. grew its stake in Covenant Transportation Group by 1.4% in the fourth quarter. BlackRock Inc. now owns 835,104 shares of the transportation company’s stock worth $23,993,000 after purchasing an additional 11,623 shares during the period. Wells Fargo & Company MN grew its stake in Covenant Transportation Group by 28.2% in the fourth quarter. Wells Fargo & Company MN now owns 63,492 shares of the transportation company’s stock worth $1,824,000 after purchasing an additional 13,950 shares during the period. Finally, Alambic Investment Management L.P. purchased a new stake in Covenant Transportation Group in the fourth quarter worth $367,000. 63.12% of the stock is currently owned by institutional investors.
Several equities research analysts recently weighed in on CVTI shares. ValuEngine raised Covenant Transportation Group from a “hold” rating to a “buy” rating in a research note on Thursday, March 15th. Seaport Global Securities raised Covenant Transportation Group from a “neutral” rating to a “buy” rating and set a $40.00 price target on the stock in a research note on Thursday, March 15th. Zacks Investment Research raised Covenant Transportation Group from a “hold” rating to a “buy” rating and set a $34.00 price target on the stock in a research note on Friday, February 2nd. BidaskClub cut Covenant Transportation Group from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, December 20th. Finally, Cowen reissued a “market perform” rating and issued a $30.00 target price (up from $25.50) on shares of Covenant Transportation Group in a research note on Tuesday, January 30th. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $32.25.
Shares of NASDAQ CVTI traded down $1.12 during trading on Monday, reaching $28.71. The company had a trading volume of 180,091 shares, compared to its average volume of 196,969. Covenant Transportation Group, Inc. has a 12-month low of $15.86 and a 12-month high of $33.36. The stock has a market cap of $546.78, a P/E ratio of 34.88 and a beta of 1.52. The company has a current ratio of 2.00, a quick ratio of 1.95 and a debt-to-equity ratio of 0.63.
Covenant Transportation Group (NASDAQ:CVTI) last released its earnings results on Monday, January 29th. The transportation company reported $0.50 EPS for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.01). Covenant Transportation Group had a return on equity of 6.26% and a net margin of 7.94%. The company had revenue of $203.31 million during the quarter, compared to analysts’ expectations of $202.40 million. During the same period in the prior year, the company posted $0.33 earnings per share. The company’s revenue was up 6.5% on a year-over-year basis. analysts forecast that Covenant Transportation Group, Inc. will post 1.82 earnings per share for the current fiscal year.
In other news, VP Ralph H. Lovin, Jr. sold 3,000 shares of the company’s stock in a transaction on Wednesday, March 21st. The stock was sold at an average price of $33.00, for a total transaction of $99,000.00. Following the transaction, the vice president now directly owns 34,532 shares of the company’s stock, valued at $1,139,556. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Chairman David Ray Parker sold 25,773 shares of the company’s stock in a transaction on Thursday, February 1st. The shares were sold at an average price of $30.02, for a total value of $773,705.46. Following the transaction, the chairman now directly owns 108,430 shares in the company, valued at $3,255,068.60. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 159,755 shares of company stock worth $5,013,282. Corporate insiders own 35.20% of the company’s stock.
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Covenant Transportation Group 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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