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.

A number of research firms have recently issued reports on CVTI. BidaskClub cut shares of Covenant Transportation Group from a “buy” rating to a “hold” rating in a research report on Saturday, July 14th. ValuEngine raised shares of Covenant Transportation Group from a “buy” rating to a “strong-buy” rating in a research report on Saturday, May 12th. Zacks Investment Research raised shares of Covenant Transportation Group from a “hold” rating to a “buy” rating and set a $37.00 price objective on the stock in a research report on Tuesday, June 12th. Stifel Nicolaus increased their price objective on shares of Covenant Transportation Group from $35.00 to $36.00 and gave the stock a “buy” rating in a research report on Wednesday, June 6th. Finally, Stephens reissued a “buy” rating and set a $35.00 price objective on shares of Covenant Transportation Group in a research report on Friday, July 27th. Two analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Covenant Transportation Group presently has an average rating of “Buy” and an average target price of $36.60.

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.

Recommended Story: Book Value Of Equity Per Share – BVPS Explained

Get a free copy of the Zacks research report on Covenant Transportation Group (CVTI)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Earnings History and Estimates for Covenant Transportation Group (NASDAQ:CVTI)

Receive News & Ratings for Covenant Transportation Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Covenant Transportation Group and related companies with MarketBeat.com's FREE daily email newsletter.