A number of other research analysts have also commented on the company. BidaskClub upgraded Covenant Transportation Group from a sell rating to a hold rating in a research note on Wednesday, July 17th. Zacks Investment Research upgraded Covenant Transportation Group from a sell rating to a hold rating in a research note on Monday, June 17th. Wolfe Research upgraded Covenant Transportation Group from an underperform rating to a peer perform rating in a research note on Friday, June 28th. Cowen restated an outperform rating and issued a $21.00 target price (down from $24.00) on shares of Covenant Transportation Group in a research note on Wednesday, July 17th. Finally, Stephens initiated coverage on Covenant Transportation Group in a research note on Monday, July 1st. They issued a hold rating for the company. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Covenant Transportation Group currently has an average rating of Hold and a consensus price target of $24.67.
Shares of CVTI traded down $0.30 during mid-day trading on Thursday, hitting $15.58. The company’s stock had a trading volume of 79,007 shares, compared to its average volume of 165,030. Covenant Transportation Group has a one year low of $13.27 and a one year high of $32.34. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.70 and a quick ratio of 1.67. The firm has a market capitalization of $291.68 million, a price-to-earnings ratio of 6.60 and a beta of 1.56. The business has a 50-day moving average of $14.75.
In other news, Director Robert E. Bosworth bought 5,000 shares of the business’s stock in a transaction that occurred on Friday, May 31st. The stock was acquired at an average cost of $15.00 per share, for a total transaction of $75,000.00. Following the completion of the purchase, the director now owns 78,451 shares of the company’s stock, valued at approximately $1,176,765. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 31.60% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in CVTI. LSV Asset Management raised its stake in Covenant Transportation Group by 289.6% during the first quarter. LSV Asset Management now owns 383,084 shares of the transportation company’s stock worth $7,270,000 after acquiring an additional 284,748 shares in the last quarter. Millennium Management LLC raised its stake in Covenant Transportation Group by 81.7% during the fourth quarter. Millennium Management LLC now owns 167,041 shares of the transportation company’s stock worth $3,207,000 after acquiring an additional 75,128 shares in the last quarter. BlackRock Inc. raised its stake in Covenant Transportation Group by 7.8% during the fourth quarter. BlackRock Inc. now owns 1,008,481 shares of the transportation company’s stock worth $19,361,000 after acquiring an additional 72,933 shares in the last quarter. D. E. Shaw & Co. Inc. acquired a new position in Covenant Transportation Group during the fourth quarter worth $1,295,000. Finally, Deutsche Bank AG raised its stake in Covenant Transportation Group by 227.8% during the fourth quarter. Deutsche Bank AG now owns 82,534 shares of the transportation company’s stock worth $1,583,000 after acquiring an additional 57,353 shares in the last quarter. Hedge funds and other institutional investors own 65.30% 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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