Bank of Montreal Can Raises Position in Covenant Transportation Group, Inc. (NASDAQ:CVTI)

Bank of Montreal Can raised its holdings in shares of Covenant Transportation Group, Inc. (NASDAQ:CVTI) by 70.3% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 100,857 shares of the transportation company’s stock after acquiring an additional 41,633 shares during the quarter. Bank of Montreal Can owned approximately 0.55% of Covenant Transportation Group worth $3,177,000 as of its most recent filing with the SEC.

Several other large investors have also added to or reduced their stakes in CVTI. Allianz Asset Management GmbH acquired a new stake in Covenant Transportation Group during the 1st quarter valued at $1,689,000. Navellier & Associates Inc acquired a new stake in Covenant Transportation Group during the 1st quarter valued at $539,000. Cubist Systematic Strategies LLC acquired a new stake in Covenant Transportation Group during the 1st quarter valued at $225,000. Element Capital Management LLC acquired a new stake in Covenant Transportation Group during the 1st quarter valued at $223,000. Finally, Barclays PLC grew its holdings in Covenant Transportation Group by 99.6% during the 1st quarter. Barclays PLC now owns 24,429 shares of the transportation company’s stock valued at $729,000 after buying an additional 12,188 shares during the last quarter. 65.48% of the stock is owned by institutional investors and hedge funds.

Shares of CVTI stock traded down $0.14 during mid-day trading on Friday, hitting $29.87. 97,000 shares of the company’s stock were exchanged, compared to its average volume of 175,449. Covenant Transportation Group, Inc. has a fifty-two week low of $22.06 and a fifty-two week high of $35.19. The company has a quick ratio of 2.80, a current ratio of 2.84 and a debt-to-equity ratio of 0.74. The stock has a market capitalization of $539.10 million, a price-to-earnings ratio of 35.56 and a beta of 1.61.

Covenant Transportation Group (NASDAQ:CVTI) last posted its quarterly earnings data on Wednesday, July 25th. The transportation company reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.49 by $0.05. Covenant Transportation Group had a return on equity of 9.77% and a net margin of 9.09%. The business had revenue of $196.32 million for the quarter, compared to analysts’ expectations of $199.25 million. analysts anticipate that Covenant Transportation Group, Inc. will post 2.13 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 31st. Stockholders of record on Wednesday, August 15th will be issued a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a dividend yield of 0.27%. The ex-dividend date of this dividend is Tuesday, August 14th. Covenant Transportation Group’s dividend payout ratio (DPR) is 9.52%.

CVTI has been the topic of a number of analyst reports. Zacks Investment Research upgraded Covenant Transportation Group from a “hold” rating to a “buy” rating and set a $37.00 target price on the stock in a report on Tuesday, June 12th. Cowen increased their target price on Covenant Transportation Group from $32.00 to $35.00 and gave the company a “market perform” rating in a report on Wednesday, June 6th. BidaskClub upgraded Covenant Transportation Group from a “hold” rating to a “buy” rating in a report on Friday, June 8th. ValuEngine cut Covenant Transportation Group from a “strong-buy” rating to a “buy” rating in a report on Monday, July 2nd. Finally, Stifel Nicolaus increased their target price on Covenant Transportation Group from $35.00 to $36.00 and gave the company a “buy” rating in a report on Wednesday, June 6th. Two analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $36.60.

In other news, President Joey B. Hogan sold 7,300 shares of the firm’s stock in a transaction on Wednesday, August 29th. The stock was sold at an average price of $30.01, for a total transaction of $219,073.00. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO David Ray Parker sold 92,799 shares of the firm’s stock in a transaction on Monday, June 11th. The stock was sold at an average price of $32.63, for a total value of $3,028,031.37. Following the sale, the chief executive officer now owns 114,443 shares in the company, valued at approximately $3,734,275.09. The disclosure for this sale can be found here. Insiders have sold 180,632 shares of company stock worth $5,911,854 in the last 90 days. Insiders own 35.20% of the company’s stock.

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

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