ValuEngine Downgrades Covenant Transportation Group (CVTI) to Buy

ValuEngine downgraded shares of Covenant Transportation Group (NASDAQ:CVTI) from a strong-buy rating to a buy rating in a research note published on Monday morning.

A number of other brokerages have also recently issued reports on CVTI. Zacks Investment Research raised Covenant Transportation Group from a hold rating to a buy rating and set a $37.00 price objective for the company in a report on Tuesday, June 12th. BidaskClub raised Covenant Transportation Group from a hold rating to a buy rating in a report on Friday, June 8th. Cowen lifted their price objective on Covenant Transportation Group from $32.00 to $35.00 and gave the company a market perform rating in a report on Wednesday, June 6th. Stifel Nicolaus lifted their price objective on Covenant Transportation Group from $35.00 to $36.00 and gave the company a buy rating in a report on Wednesday, June 6th. Finally, Seaport Global Securities raised Covenant Transportation Group from a neutral rating to a buy rating and set a $40.00 price objective for the company in a report on Thursday, March 15th. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. Covenant Transportation Group has a consensus rating of Buy and a consensus price target of $34.60.

Shares of NASDAQ CVTI opened at $31.03 on Monday. The firm has a market cap of $568.81 million, a price-to-earnings ratio of 29.00 and a beta of 1.63. Covenant Transportation Group has a 52-week low of $15.86 and a 52-week high of $35.19. The company has a debt-to-equity ratio of 0.61, a current ratio of 2.18 and a quick ratio of 2.12.

Covenant Transportation Group (NASDAQ:CVTI) last issued its quarterly earnings data on Wednesday, April 25th. The transportation company reported $0.24 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.23 by $0.01. The company had revenue of $173.57 million during the quarter, compared to analysts’ expectations of $169.15 million. Covenant Transportation Group had a return on equity of 7.34% and a net margin of 8.32%. sell-side analysts predict that Covenant Transportation Group will post 1.97 earnings per share for the current year.

In related news, VP Ralph H. Lovin, Jr. sold 3,000 shares of Covenant Transportation Group stock in a transaction dated Wednesday, June 13th. The stock was sold at an average price of $34.85, for a total value of $104,550.00. Following the completion of the transaction, the vice president now directly owns 33,639 shares of the company’s stock, valued at $1,172,319.15. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO David Ray Parker sold 15,653 shares of Covenant Transportation Group stock in a transaction dated Wednesday, June 13th. The shares were sold at an average price of $35.04, for a total value of $548,481.12. Following the completion of the transaction, the chief executive officer now directly owns 114,443 shares of the company’s stock, valued at $4,010,082.72. The disclosure for this sale can be found here. Insiders sold 173,132 shares of company stock valued at $5,686,691 over the last ninety days. 35.20% of the stock is currently owned by company insiders.

Institutional investors have recently added to or reduced their stakes in the stock. Macquarie Group Ltd. raised its holdings in shares of Covenant Transportation Group by 846.5% in the fourth quarter. Macquarie Group Ltd. now owns 37,010 shares of the transportation company’s stock valued at $1,063,000 after buying an additional 33,100 shares during the last quarter. Citadel Advisors LLC raised its holdings in shares of Covenant Transportation Group by 72.8% in the fourth quarter. Citadel Advisors LLC now owns 34,748 shares of the transportation company’s stock valued at $998,000 after buying an additional 14,638 shares during the last quarter. Millennium Management LLC bought a new position in shares of Covenant Transportation Group in the fourth quarter valued at about $9,225,000. Cornerstone Capital Management Holdings LLC. bought a new position in shares of Covenant Transportation Group in the fourth quarter valued at about $1,318,000. Finally, TIAA CREF Investment Management LLC raised its holdings in Covenant Transportation Group by 51.7% during the 4th quarter. TIAA CREF Investment Management LLC now owns 49,357 shares of the transportation company’s stock worth $1,418,000 after purchasing an additional 16,827 shares during the last quarter. 63.25% of the stock is 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 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.

To view ValuEngine’s full report, visit ValuEngine’s official website.

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