Granite Investment Partners LLC lessened its stake in Covenant Transportation Group, Inc. (NASDAQ:CVTI) by 34.3% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 48,164 shares of the transportation company’s stock after selling 25,125 shares during the quarter. Granite Investment Partners LLC owned approximately 0.26% of Covenant Transportation Group worth $1,396,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in the company. Alliancebernstein L.P. lifted its holdings in shares of 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 in the last quarter. Vanguard Group Inc. increased its position in Covenant Transportation Group by 2.7% in the second quarter. Vanguard Group Inc. now owns 539,993 shares of the transportation company’s stock worth $9,467,000 after purchasing an additional 14,150 shares during the last quarter. Bank of New York Mellon Corp increased its position in Covenant Transportation Group by 742.8% in the third quarter. Bank of New York Mellon Corp now owns 520,327 shares of the transportation company’s stock worth $15,079,000 after purchasing an additional 458,587 shares during the last quarter. FMR LLC increased its position in Covenant Transportation Group by 0.4% in the first quarter. FMR LLC now owns 463,000 shares of the transportation company’s stock worth $8,704,000 after purchasing an additional 1,700 shares during the last quarter. Finally, Ameriprise Financial Inc. bought a new stake in Covenant Transportation Group in the third quarter worth $11,686,000. 62.02% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Covenant Transportation Group, Inc. (NASDAQ CVTI) traded up $0.67 on Wednesday, hitting $29.69. 74,600 shares of the stock were exchanged, compared to its average volume of 113,391. Covenant Transportation Group, Inc. has a 1 year low of $15.86 and a 1 year high of $30.60. The stock has a market capitalization of $530.78, a price-to-earnings ratio of 42.06 and a beta of 1.69. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.66 and a quick ratio of 1.62.

Covenant Transportation Group (NASDAQ:CVTI) last released its quarterly earnings data on Thursday, October 19th. The transportation company reported $0.25 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.17 by $0.08. Covenant Transportation Group had a net margin of 1.82% and a return on equity of 5.30%. The company had revenue of $178.60 million during the quarter, compared to analyst estimates of $170.10 million. During the same period in the prior year, the firm earned $0.16 earnings per share. The firm’s revenue for the quarter was up 8.6% compared to the same quarter last year. equities analysts forecast that Covenant Transportation Group, Inc. will post 0.89 EPS for the current year.

In other news, COO Samuel F. Hough sold 2,000 shares of the stock in a transaction that occurred on Friday, November 3rd. The stock was sold at an average price of $30.00, for a total transaction of $60,000.00. Following the transaction, the chief operating officer now owns 62,763 shares in the company, valued at approximately $1,882,890. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, VP Ralph H. Lovin, Jr. sold 8,922 shares of the stock in a transaction that occurred on Thursday, September 7th. The shares were sold at an average price of $25.48, for a total value of $227,332.56. Following the transaction, the vice president now owns 46,371 shares in the company, valued at approximately $1,181,533.08. The disclosure for this sale can be found here. Over the last three months, insiders have sold 442,441 shares of company stock valued at $12,823,135. Insiders own 35.20% of the company’s stock.

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CVTI has been the topic of several research reports. Zacks Investment Research upgraded shares of Covenant Transportation Group from a “hold” rating to a “strong-buy” rating and set a $32.00 price target on the stock in a research report on Monday, October 16th. Cowen and Company reiterated a “hold” rating and set a $25.50 price objective on shares of Covenant Transportation Group in a research report on Tuesday, October 24th. TheStreet upgraded shares of Covenant Transportation Group from a “c+” rating to a “b” rating in a research report on Thursday, October 19th. Stephens upgraded shares of Covenant Transportation Group from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $20.00 to $25.00 in a research report on Monday, August 14th. Finally, BidaskClub upgraded shares of Covenant Transportation Group from a “strong sell” rating to a “sell” rating in a research report on Thursday, August 3rd. Five equities research analysts have rated the stock with a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $25.63.

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.

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

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