Covenant Transportation Group, Inc. (NASDAQ:CVTI)’s share price was up 1.6% on Monday . The stock traded as high as $29.58 and last traded at $28.51. Approximately 73,428 shares changed hands during trading, a decline of 32% from the average daily volume of 107,819 shares. The stock had previously closed at $28.98.

CVTI has been the topic of several recent research reports. Cowen and Company restated a “buy” rating and set a $24.00 price target on shares of Covenant Transportation Group in a report on Monday, August 28th. Zacks Investment Research raised shares of Covenant Transportation Group from a “sell” rating to a “hold” rating in a research note on Tuesday, June 27th. BidaskClub raised shares of Covenant Transportation Group from a “sell” rating to a “hold” rating in a research note on Monday, August 14th. ValuEngine upgraded shares of Covenant Transportation Group from a “sell” rating to a “hold” rating in a research report on Monday, August 14th. Finally, 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. Five research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Covenant Transportation Group has a consensus rating of “Hold” and an average price target of $23.00.

The stock’s 50-day moving average is $24.52 and its 200 day moving average is $19.67. The firm has a market capitalization of $515.33 million, a price-to-earnings ratio of 50.41 and a beta of 1.68.

Covenant Transportation Group (NASDAQ:CVTI) last announced its quarterly earnings results on Tuesday, July 25th. The transportation company reported $0.08 earnings per share for the quarter, meeting the consensus estimate of $0.08. The firm had revenue of $164.30 million for the quarter, compared to analysts’ expectations of $158.40 million. Covenant Transportation Group had a net margin of 1.60% and a return on equity of 4.65%. The company’s revenue was up 3.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.20 EPS. Equities research analysts forecast that Covenant Transportation Group, Inc. will post $0.71 EPS for the current fiscal year.

In other Covenant Transportation Group news, VP Ralph H. Lovin, Jr. sold 8,922 shares of the stock in a transaction dated Thursday, September 7th. The shares were sold at an average price of $25.48, for a total transaction of $227,332.56. Following the completion of the transaction, the vice president now owns 46,371 shares of the company’s stock, valued at $1,181,533.08. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, President Joey B. Hogan sold 5,000 shares of Covenant Transportation Group stock in a transaction dated Thursday, September 7th. The shares were sold at an average price of $25.03, for a total transaction of $125,150.00. The disclosure for this sale can be found here. 35.20% of the stock is owned by insiders.

Institutional investors have recently added to or reduced their stakes in the company. American International Group Inc. lifted its holdings in shares of Covenant Transportation Group by 7.2% in the 1st quarter. American International Group Inc. now owns 7,309 shares of the transportation company’s stock worth $137,000 after acquiring an additional 489 shares during the last quarter. Nationwide Fund Advisors boosted its position in shares of Covenant Transportation Group by 11.9% during the 1st quarter. Nationwide Fund Advisors now owns 10,166 shares of the transportation company’s stock worth $191,000 after purchasing an additional 1,080 shares during the period. The Manufacturers Life Insurance Company boosted its position in shares of Covenant Transportation Group by 15.6% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 10,909 shares of the transportation company’s stock worth $191,000 after purchasing an additional 1,472 shares during the period. Rhumbline Advisers boosted its position in shares of Covenant Transportation Group by 5.9% during the 2nd quarter. Rhumbline Advisers now owns 13,745 shares of the transportation company’s stock worth $241,000 after purchasing an additional 760 shares during the period. Finally, Teachers Advisors LLC boosted its position in shares of Covenant Transportation Group by 7.0% during the 4th quarter. Teachers Advisors LLC now owns 19,263 shares of the transportation company’s stock worth $373,000 after purchasing an additional 1,268 shares during the period. 62.10% of the stock is currently owned by institutional investors and hedge funds.

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About Covenant Transportation Group

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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