Zacks Investment Research upgraded shares of Covenant Transportation Group, Inc. (NASDAQ:CVTI) from a sell rating to a hold rating in a research report sent to investors on Tuesday.

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 equities research analysts have also recently commented on CVTI. BidaskClub upgraded shares of Covenant Transportation Group from a strong sell rating to a sell rating in a research report on Thursday, August 3rd. ValuEngine raised shares of Covenant Transportation Group from a sell rating to a hold rating in a report on Monday, August 14th. Stephens upgraded shares of Covenant Transportation Group from an equal weight rating to an overweight rating and raised their price objective for the company from $20.00 to $25.00 in a research report on Monday, August 14th. Finally, 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. Five analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Covenant Transportation Group presently has an average rating of Hold and an average target price of $23.00.

Shares of Covenant Transportation Group (NASDAQ:CVTI) traded down 1.03% during midday trading on Tuesday, reaching $27.89. The company’s stock had a trading volume of 60,881 shares. The stock has a market capitalization of $510.02 million, a PE ratio of 49.89 and a beta of 1.68. The stock’s 50 day moving average is $24.52 and its 200 day moving average is $19.67. Covenant Transportation Group has a 12 month low of $14.26 and a 12 month high of $29.58.

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

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In related news, VP Ralph H. Lovin, Jr. sold 8,922 shares of Covenant Transportation Group stock in a transaction 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 approximately $1,181,533.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, President Joey B. Hogan sold 5,000 shares of Covenant Transportation Group stock in a transaction on Thursday, September 7th. The stock was 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. Company insiders own 35.20% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the company. American International Group Inc. lifted its holdings in shares of 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 last quarter. Nationwide Fund Advisors increased its stake in Covenant Transportation Group by 11.9% in the 1st quarter. Nationwide Fund Advisors now owns 10,166 shares of the transportation company’s stock worth $191,000 after purchasing an additional 1,080 shares in the last quarter. The Manufacturers Life Insurance Company increased its stake in Covenant Transportation Group by 15.6% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 10,909 shares of the transportation company’s stock worth $191,000 after purchasing an additional 1,472 shares in the last quarter. Rhumbline Advisers increased its stake in Covenant Transportation Group by 5.9% in the 2nd quarter. Rhumbline Advisers now owns 13,745 shares of the transportation company’s stock worth $241,000 after purchasing an additional 760 shares in the last quarter. Finally, Teachers Advisors LLC increased its stake in Covenant Transportation Group by 7.0% in the 4th quarter. Teachers Advisors LLC now owns 19,263 shares of the transportation company’s stock worth $373,000 after purchasing an additional 1,268 shares in the last quarter. 62.10% of the stock is owned by institutional investors and hedge funds.

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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