Covenant Transportation Group, Inc. (NASDAQ:CVTI) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Friday.

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. “

Several other research analysts have also recently weighed in on CVTI. Cowen and Company reaffirmed a “buy” rating and issued a $24.00 price target on shares of Covenant Transportation Group in a report on Monday, August 28th. BidaskClub cut shares of Covenant Transportation Group from a “sell” rating to a “strong sell” rating in a report on Wednesday, July 12th. ValuEngine raised shares of Covenant Transportation Group from a “sell” rating to a “hold” rating in a report on Friday, June 2nd. Finally, Stephens raised shares of Covenant Transportation Group from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $20.00 to $25.00 in a report on Monday, August 14th. Five research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Covenant Transportation Group currently has an average rating of “Hold” and a consensus price target of $23.00.

Shares of Covenant Transportation Group (NASDAQ CVTI) opened at 24.76 on Friday. The firm has a market cap of $452.79 million, a P/E ratio of 44.29 and a beta of 1.61. Covenant Transportation Group has a one year low of $14.26 and a one year high of $26.49. The firm has a 50 day moving average price of $21.94 and a 200-day moving average price of $19.02.

Covenant Transportation Group (NASDAQ:CVTI) last issued its earnings results on Tuesday, July 25th. The transportation company reported $0.08 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.08. Covenant Transportation Group had a net margin of 1.60% and a return on equity of 4.65%. The business had revenue of $164.30 million for the quarter, compared to analysts’ expectations of $158.40 million. During the same quarter in the previous year, the firm posted $0.20 EPS. The business’s revenue for the quarter was up 3.5% compared to the same quarter last year. Analysts forecast that Covenant Transportation Group will post $0.71 earnings per share for the current year.

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In related news, President Joey B. Hogan sold 5,000 shares of the company’s stock in a transaction on Thursday, September 7th. The shares were sold at an average price of $25.03, for a total value of $125,150.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Ralph H. Lovin, Jr. sold 8,922 shares of the company’s stock in a transaction on Thursday, September 7th. The stock was sold at an average price of $25.48, for a total transaction of $227,332.56. Following the completion of the transaction, the vice president now owns 46,371 shares of the company’s stock, valued at $1,181,533.08. The disclosure for this sale can be found here. 35.20% of the stock is currently owned by insiders.

A number of large investors have recently made changes to their positions in the stock. The Manufacturers Life Insurance Company boosted its position in Covenant Transportation Group by 15.6% during the second quarter. The Manufacturers Life Insurance Company now owns 10,909 shares of the transportation company’s stock valued at $191,000 after buying an additional 1,472 shares during the period. State Street Corp boosted its position in Covenant Transportation Group by 7.7% during the second quarter. State Street Corp now owns 199,828 shares of the transportation company’s stock valued at $3,503,000 after buying an additional 14,265 shares during the period. Vanguard Group Inc. boosted its position in Covenant Transportation Group by 2.7% during the second quarter. Vanguard Group Inc. now owns 539,993 shares of the transportation company’s stock valued at $9,467,000 after buying an additional 14,150 shares during the period. Northern Trust Corp boosted its position in Covenant Transportation Group by 3.3% during the second quarter. Northern Trust Corp now owns 149,807 shares of the transportation company’s stock valued at $2,627,000 after buying an additional 4,760 shares during the period. Finally, Penn Capital Management Co. Inc. boosted its position in Covenant Transportation Group by 0.9% during the second quarter. Penn Capital Management Co. Inc. now owns 319,573 shares of the transportation company’s stock valued at $5,602,000 after buying an additional 2,703 shares during the period. Institutional investors own 62.13% of the company’s stock.

Covenant Transportation Group Company 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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