GSA Capital Partners LLP acquired a new stake in shares of Covenant Transportation Group, Inc. (NASDAQ:CVTI) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 39,895 shares of the transportation company’s stock, valued at approximately $699,000. GSA Capital Partners LLP owned 0.22% of Covenant Transportation Group at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. American International Group Inc. raised its position in Covenant Transportation Group by 7.2% during the first quarter. American International Group Inc. now owns 7,309 shares of the transportation company’s stock valued at $137,000 after purchasing an additional 489 shares during the period. Nationwide Fund Advisors raised its position in Covenant Transportation Group by 11.9% during the first quarter. Nationwide Fund Advisors now owns 10,166 shares of the transportation company’s stock valued at $191,000 after purchasing an additional 1,080 shares during the period. Rhumbline Advisers raised its position in Covenant Transportation Group by 5.9% during the second quarter. Rhumbline Advisers now owns 13,745 shares of the transportation company’s stock valued at $241,000 after purchasing an additional 760 shares during the period. Teachers Advisors LLC raised its position in Covenant Transportation Group by 7.0% during the fourth quarter. Teachers Advisors LLC now owns 19,263 shares of the transportation company’s stock valued at $373,000 after purchasing an additional 1,268 shares during the period. Finally, Horrell Capital Management Inc. raised its position in Covenant Transportation Group by 2.5% during the second quarter. Horrell Capital Management Inc. now owns 27,941 shares of the transportation company’s stock valued at $490,000 after purchasing an additional 681 shares during the period. Institutional investors and hedge funds own 62.10% of the company’s stock.

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

CVTI has been the topic of a number of recent research reports. Zacks Investment Research upgraded Covenant Transportation Group from a “sell” rating to a “hold” rating in a research report on Friday, September 15th. Cowen and Company restated a “buy” rating and set a $24.00 price objective on shares of Covenant Transportation Group in a research report on Monday, August 28th. Stephens upgraded Covenant Transportation Group from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $20.00 to $25.00 in a research report on Monday, August 14th. BidaskClub upgraded Covenant Transportation Group from a “strong sell” rating to a “sell” rating in a research report on Thursday, August 3rd. Finally, ValuEngine upgraded Covenant Transportation Group from a “sell” rating to a “hold” rating in a research report on Monday, August 14th. Five investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. Covenant Transportation Group presently has a consensus rating of “Hold” and an average price target of $23.00.

Shares of Covenant Transportation Group, Inc. (NASDAQ:CVTI) opened at 28.24 on Friday. The stock has a 50 day moving average price of $24.88 and a 200 day moving average price of $19.79. Covenant Transportation Group, Inc. has a one year low of $14.26 and a one year high of $29.58. The stock has a market capitalization of $516.42 million, a P/E ratio of 50.52 and a beta of 1.68.

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

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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Institutional Ownership by Quarter for Covenant Transportation Group (NASDAQ:CVTI)

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