Covenant Transportation Group (NASDAQ:CVTI) Raised to Outperform at Cowen

Cowen upgraded shares of Covenant Transportation Group (NASDAQ:CVTI) from a market perform rating to an outperform rating in a report issued on Wednesday, May 22nd, Benzinga reports. The brokerage currently has $23.00 price objective on the transportation company’s stock, down from their previous price objective of $24.00.

Several other research analysts have also commented on CVTI. Zacks Investment Research lowered shares of Covenant Transportation Group from a hold rating to a sell rating in a report on Wednesday, February 13th. Stephens lowered shares of Covenant Transportation Group from an overweight rating to an equal weight rating in a report on Wednesday, May 1st. BidaskClub upgraded shares of Covenant Transportation Group from a strong sell rating to a sell rating in a report on Friday, January 25th. Finally, ValuEngine upgraded shares of Covenant Transportation Group from a strong sell rating to a sell rating in a research note on Thursday, January 24th. Three research analysts have rated the stock with a sell rating, two have issued a hold rating and one has assigned a buy rating to the company. The stock presently has a consensus rating of Hold and a consensus price target of $25.33.

CVTI traded down $0.35 during trading on Wednesday, hitting $15.32. 109,005 shares of the stock traded hands, compared to its average volume of 126,218. The stock has a market capitalization of $281.40 million, a P/E ratio of 6.49 and a beta of 1.72. The company has a quick ratio of 1.67, a current ratio of 1.70 and a debt-to-equity ratio of 0.74. Covenant Transportation Group has a 12-month low of $14.55 and a 12-month high of $34.37.

Covenant Transportation Group (NASDAQ:CVTI) last announced its quarterly earnings results on Thursday, April 25th. The transportation company reported $0.27 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.20 by $0.07. Covenant Transportation Group had a net margin of 4.57% and a return on equity of 13.27%. The business had revenue of $219.18 million during the quarter, compared to analysts’ expectations of $226.90 million. Sell-side analysts expect that Covenant Transportation Group will post 2.09 EPS for the current fiscal year.

In other news, Director Robert E. Bosworth acquired 5,000 shares of the business’s stock in a transaction that occurred on Friday, May 31st. The shares were bought at an average cost of $15.00 per share, with a total value of $75,000.00. Following the transaction, the director now owns 78,451 shares of the company’s stock, valued at approximately $1,176,765. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 31.60% of the company’s stock.

A number of hedge funds have recently made changes to their positions in CVTI. LSV Asset Management boosted its holdings in shares of Covenant Transportation Group by 289.6% during the 1st quarter. LSV Asset Management now owns 383,084 shares of the transportation company’s stock valued at $7,270,000 after acquiring an additional 284,748 shares during the last quarter. Hotchkis & Wiley Capital Management LLC purchased a new stake in shares of Covenant Transportation Group during the 1st quarter valued at about $3,481,000. Goldman Sachs Group Inc. boosted its holdings in shares of Covenant Transportation Group by 340.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 134,028 shares of the transportation company’s stock valued at $2,544,000 after acquiring an additional 103,577 shares during the last quarter. Millennium Management LLC boosted its holdings in shares of Covenant Transportation Group by 81.7% during the 4th quarter. Millennium Management LLC now owns 167,041 shares of the transportation company’s stock valued at $3,207,000 after acquiring an additional 75,128 shares during the last quarter. Finally, BlackRock Inc. boosted its holdings in shares of Covenant Transportation Group by 7.8% during the 4th quarter. BlackRock Inc. now owns 1,008,481 shares of the transportation company’s stock valued at $19,361,000 after acquiring an additional 72,933 shares during the last quarter. 65.64% of the stock is currently owned by 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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