Covenant Transportation Group Inc. (CVTI) Rating Increased to Hold at Zacks Investment Research
Covenant Transportation Group Inc. (NASDAQ:CVTI) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Wednesday.
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. “
CVTI has been the subject of several other research reports. Cowen and Company cut their target price on Covenant Transportation Group from $30.00 to $29.00 and set an “outperform” rating for the company in a research note on Friday, July 29th. Stifel Nicolaus increased their price objective on Covenant Transportation Group from $23.00 to $24.00 and gave the company a “buy” rating in a research note on Thursday, July 28th. Finally, BB&T Corp. lowered Covenant Transportation Group from a “buy” rating to a “hold” rating in a research note on Wednesday, June 22nd.
Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $27.00.
Covenant Transportation Group (NASDAQ:CVTI) traded down 1.50% during mid-day trading on Wednesday, reaching $17.73. 125,986 shares of the company traded hands. The stock has a market capitalization of $322.58 million, a price-to-earnings ratio of 11.22 and a beta of 0.66. Covenant Transportation Group has a 12-month low of $13.60 and a 12-month high of $25.77. The company’s 50-day moving average is $19.20 and its 200-day moving average is $20.70.
Covenant Transportation Group (NASDAQ:CVTI) last issued its earnings results on Wednesday, July 27th. The company reported $0.20 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.19 by $0.01. The business earned $158.80 million during the quarter, compared to analyst estimates of $156.62 million. Covenant Transportation Group had a return on equity of 13.75% and a net margin of 4.06%. Covenant Transportation Group’s revenue for the quarter was down 9.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.60 earnings per share. Equities analysts predict that Covenant Transportation Group will post $1.17 earnings per share for the current fiscal year.
Several institutional investors have recently made changes to their positions in CVTI. Alliancebernstein L.P. increased its position in shares of Covenant Transportation Group by 50.1% in the second quarter. Alliancebernstein L.P. now owns 1,223,583 shares of the company’s stock worth $22,110,000 after buying an additional 408,133 shares in the last quarter. Weiss Multi Strategy Advisers LLC increased its position in shares of Covenant Transportation Group by 2,498.0% in the second quarter. Weiss Multi Strategy Advisers LLC now owns 413,812 shares of the company’s stock worth $7,478,000 after buying an additional 397,884 shares in the last quarter. Mutual of America Capital Management LLC increased its position in shares of 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 in the last quarter. Penn Capital Management Co. Inc. acquired a new position in shares of Covenant Transportation Group during the second quarter worth approximately $3,460,000. Finally, Basswood Capital Management L.L.C. increased its position in shares of Covenant Transportation Group by 22.0% in the second quarter. Basswood Capital Management L.L.C. now owns 222,602 shares of the company’s stock worth $4,022,000 after buying an additional 40,161 shares in 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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