Covenant Transportation Group (NASDAQ:CVTI) Rating Increased to Sell at BidaskClub

BidaskClub upgraded shares of Covenant Transportation Group (NASDAQ:CVTI) from a strong sell rating to a sell rating in a research report sent to investors on Wednesday, BidAskClub reports.

A number of other equities analysts have also recently commented on CVTI. Zacks Investment Research cut Covenant Transportation Group from a hold rating to a sell rating in a report on Wednesday, February 13th. ValuEngine cut Covenant Transportation Group from a sell rating to a strong sell rating in a report on Friday, March 15th. Cowen reiterated a market perform rating and issued a $23.00 price objective (down previously from $27.00) on shares of Covenant Transportation Group in a research note on Tuesday, March 19th. Finally, Stephens set a $25.00 price objective on Covenant Transportation Group and gave the company a buy rating in a research note on Tuesday, March 19th. Three equities research analysts have rated the stock with a sell rating, two have issued a hold rating and one has assigned a buy rating to the stock. The company presently has an average rating of Hold and an average price target of $25.33.

Shares of Covenant Transportation Group stock opened at $15.21 on Wednesday. Covenant Transportation Group has a 12 month low of $14.55 and a 12 month high of $35.19. The stock has a market cap of $282.68 million, a P/E ratio of 6.44 and a beta of 1.72. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.70 and a quick ratio of 1.67.

Covenant Transportation Group (NASDAQ:CVTI) last announced its earnings results on Thursday, April 25th. The transportation company reported $0.27 EPS for the quarter, beating analysts’ consensus estimates of $0.20 by $0.07. Covenant Transportation Group had a return on equity of 13.27% and a net margin of 4.57%. The company had revenue of $219.18 million during the quarter, compared to analysts’ expectations of $226.90 million. As a group, equities analysts expect that Covenant Transportation Group will post 2.09 EPS for the current fiscal year.

In related news, Director Robert E. Bosworth acquired 5,000 shares of the firm’s stock in a transaction dated Friday, May 31st. The stock was acquired at an average price of $15.00 per share, for a total transaction of $75,000.00. Following the purchase, the director now owns 78,451 shares of the company’s stock, valued at approximately $1,176,765. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 31.60% of the company’s stock.

Hedge funds have recently bought and sold shares of the stock. Quantamental Technologies LLC purchased a new stake in Covenant Transportation Group during the first quarter worth approximately $47,000. DekaBank Deutsche Girozentrale acquired a new position in Covenant Transportation Group during the first quarter worth approximately $47,000. BNP Paribas Arbitrage SA increased its position in Covenant Transportation Group by 257.2% during the first quarter. BNP Paribas Arbitrage SA now owns 2,568 shares of the transportation company’s stock worth $49,000 after buying an additional 1,849 shares during the period. Great West Life Assurance Co. Can acquired a new position in Covenant Transportation Group during the fourth quarter worth approximately $51,000. Finally, Metropolitan Life Insurance Co. NY increased its position in Covenant Transportation Group by 400.7% during the fourth quarter. Metropolitan Life Insurance Co. NY now owns 4,441 shares of the transportation company’s stock worth $85,000 after buying an additional 3,554 shares during the period. Hedge funds and other institutional investors own 65.64% of the company’s stock.

Covenant Transportation Group Company Profile

Covenant Transportation Group, Inc, together with its subsidiaries, provides truckload transportation and brokerage services primarily in the continental United States. It offers expedited and dedicated services. The company also provides ancillary services, including freight brokerage and logistics services, warehousing, and accounts receivable factoring; and over-the-road truckload services, as well as transportation management, shuttle, and switching services.

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