Covenant Transportation Group, Inc. (CVTI) Expected to Post Quarterly Sales of $237.85 Million
Brokerages expect Covenant Transportation Group, Inc. (NASDAQ:CVTI) to announce $237.85 million in sales for the current fiscal quarter, according to Zacks Investment Research. Two analysts have issued estimates for Covenant Transportation Group’s earnings, with estimates ranging from $231.40 million to $244.30 million. Covenant Transportation Group reported sales of $178.63 million in the same quarter last year, which indicates a positive year over year growth rate of 33.2%. The business is scheduled to issue its next earnings results on Thursday, October 18th.
On average, analysts expect that Covenant Transportation Group will report full-year sales of $872.05 million for the current fiscal year, with estimates ranging from $853.50 million to $890.60 million. For the next year, analysts expect that the business will post sales of $1.00 billion per share, with estimates ranging from $992.90 million to $1.02 billion. Zacks Investment Research’s sales calculations are an average based on a survey of analysts that follow Covenant Transportation Group.
Covenant Transportation Group (NASDAQ:CVTI) last issued its quarterly earnings results on Wednesday, July 25th. The transportation company reported $0.54 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.49 by $0.05. Covenant Transportation Group had a return on equity of 10.06% and a net margin of 9.09%. The firm had revenue of $196.32 million during the quarter, compared to the consensus estimate of $199.25 million.
In other news, CEO David Ray Parker sold 10,263 shares of the stock in a transaction dated Wednesday, June 6th. The shares were sold at an average price of $32.50, for a total transaction of $333,547.50. Following the transaction, the chief executive officer now owns 114,443 shares of the company’s stock, valued at approximately $3,719,397.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Ralph H. Lovin, Jr. sold 3,000 shares of the stock in a transaction dated Wednesday, June 13th. The stock was sold at an average price of $34.85, for a total transaction of $104,550.00. Following the transaction, the vice president now directly owns 33,639 shares in the company, valued at approximately $1,172,319.15. The disclosure for this sale can be found here. Insiders have sold a total of 173,132 shares of company stock worth $5,686,691 in the last three months. Insiders own 35.20% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in CVTI. Wells Fargo & Company MN lifted its position in Covenant Transportation Group by 28.2% in the 4th quarter. Wells Fargo & Company MN now owns 63,492 shares of the transportation company’s stock valued at $1,824,000 after acquiring an additional 13,950 shares in the last quarter. BlackRock Inc. lifted its position in Covenant Transportation Group by 1.4% in the 4th quarter. BlackRock Inc. now owns 835,104 shares of the transportation company’s stock valued at $23,993,000 after acquiring an additional 11,623 shares in the last quarter. Deutsche Bank AG lifted its position in Covenant Transportation Group by 188.3% in the 4th quarter. Deutsche Bank AG now owns 39,959 shares of the transportation company’s stock valued at $1,146,000 after acquiring an additional 26,099 shares in the last quarter. Goldman Sachs Group Inc. lifted its position in Covenant Transportation Group by 84.2% in the 4th quarter. Goldman Sachs Group Inc. now owns 25,619 shares of the transportation company’s stock valued at $736,000 after acquiring an additional 11,707 shares in the last quarter. Finally, TIAA CREF Investment Management LLC lifted its position in Covenant Transportation Group by 51.7% in the 4th quarter. TIAA CREF Investment Management LLC now owns 49,357 shares of the transportation company’s stock valued at $1,418,000 after acquiring an additional 16,827 shares in the last quarter. 64.23% of the stock is currently owned by institutional investors.
Covenant Transportation Group traded up $0.64, reaching $31.00, during trading hours on Monday, MarketBeat reports. 94,997 shares of the company’s stock were exchanged, compared to its average volume of 168,751. The company has a current ratio of 2.18, a quick ratio of 2.12 and a debt-to-equity ratio of 0.61. Covenant Transportation Group has a twelve month low of $19.29 and a twelve month high of $35.19. The company has a market cap of $551.21 million, a P/E ratio of 36.90 and a beta of 1.61.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 31st. Stockholders of record on Wednesday, August 15th will be given a dividend of $0.02 per share. The ex-dividend date of this dividend is Tuesday, August 14th. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.26%.
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.
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