Mutual of America Capital Management LLC Sells 53,238 Shares of Covenant Transportation Group, Inc. (CVTI)

Mutual of America Capital Management LLC cut its holdings in Covenant Transportation Group, Inc. (NASDAQ:CVTI) by 12.7% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 366,694 shares of the transportation company’s stock after selling 53,238 shares during the quarter. Mutual of America Capital Management LLC owned 2.01% of Covenant Transportation Group worth $6,428,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the stock. Nationwide Fund Advisors lifted its position in Covenant Transportation Group by 156.4% in the second quarter. Nationwide Fund Advisors now owns 26,066 shares of the transportation company’s stock worth $457,000 after buying an additional 15,900 shares during the last quarter. TIAA CREF Investment Management LLC lifted its position in Covenant Transportation Group by 1.0% in the second quarter. TIAA CREF Investment Management LLC now owns 32,530 shares of the transportation company’s stock worth $570,000 after buying an additional 312 shares during the last quarter. Alliancebernstein L.P. lifted its position in Covenant Transportation Group by 11.6% in the second quarter. Alliancebernstein L.P. now owns 1,480,296 shares of the transportation company’s stock worth $25,950,000 after buying an additional 153,410 shares during the last quarter. Victory Capital Management Inc. lifted its position in Covenant Transportation Group by 11.5% in the second quarter. Victory Capital Management Inc. now owns 71,802 shares of the transportation company’s stock worth $1,259,000 after buying an additional 7,430 shares during the last quarter. Finally, Rhumbline Advisers lifted its position in Covenant Transportation Group by 5.9% in the second quarter. Rhumbline Advisers now owns 13,745 shares of the transportation company’s stock worth $241,000 after buying an additional 760 shares during the last quarter. 62.10% of the stock is owned by hedge funds and other institutional investors.

In other Covenant Transportation Group news, 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 value of $227,332.56. Following the completion of the sale, 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 document filed with the SEC, which can be accessed through this link. Also, 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 disclosure for this sale can be found here. 35.20% of the stock is owned by corporate insiders.

Shares of Covenant Transportation Group, Inc. (NASDAQ CVTI) traded up 0.5143% during mid-day trading on Wednesday, reaching $25.3095. The company had a trading volume of 17,918 shares. The company has a market capitalization of $462.83 million, a PE ratio of 45.2764 and a beta of 1.61. Covenant Transportation Group, Inc. has a 1-year low of $14.26 and a 1-year high of $26.49. The stock’s 50-day moving average price is $22.32 and its 200 day moving average price is $19.08.

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 the Thomson Reuters’ consensus estimate of $0.08. The company had revenue of $164.30 million during the quarter, compared to analysts’ expectations of $158.40 million. Covenant Transportation Group had a return on equity of 4.65% and a net margin of 1.60%. The firm’s quarterly revenue was up 3.5% on a year-over-year basis. During the same period in the prior year, the business earned $0.20 EPS. Equities analysts expect that Covenant Transportation Group, Inc. will post $0.71 EPS for the current year.

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A number of brokerages recently issued reports on CVTI. ValuEngine upgraded Covenant Transportation Group from a “sell” rating to a “hold” rating in a research report on Friday, June 2nd. BidaskClub upgraded Covenant Transportation Group from a “sell” rating to a “hold” rating in a research report on Monday, August 14th. Zacks Investment Research upgraded Covenant Transportation Group from a “sell” rating to a “hold” rating in a research report on Tuesday, June 27th. Cowen and Company restated a “buy” rating and issued a $24.00 price target on shares of Covenant Transportation Group in a research report on Monday, August 28th. Finally, Stephens upgraded Covenant Transportation Group from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $20.00 to $25.00 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’s stock. Covenant Transportation Group currently has a consensus rating of “Hold” and an average target price of $23.00.

Covenant Transportation Group 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.

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

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