Zacks Investment Research upgraded shares of Covenant Transportation Group, Inc. (NASDAQ:CVTI) from a strong sell rating to a hold rating in a report released on Tuesday.

According to Zacks, “Covenant Transport, Inc. is a truckload carrier that offers just-in-time and other premium transportation service for customers throughout the United States. “

Several other equities analysts have also commented on CVTI. BidaskClub lowered Covenant Transportation Group from a sell rating to a strong sell rating in a research note on Wednesday, July 12th. ValuEngine upgraded Covenant Transportation Group from a sell rating to a hold rating in a research note on Friday, June 2nd. Stephens upgraded Covenant Transportation Group from an equal weight rating to an overweight rating and upped their price target for the stock from $20.00 to $25.00 in a research note on Monday, August 14th. Finally, Cowen and Company restated a buy rating and set a $24.00 price target on shares of Covenant Transportation Group in a research note on Monday, August 28th. Five investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. The stock presently has an average rating of Hold and a consensus target price of $23.00.

Covenant Transportation Group (CVTI) opened at 24.74 on Tuesday. The company has a 50-day moving average price of $19.77 and a 200 day moving average price of $18.69. The firm has a market capitalization of $452.42 million, a P/E ratio of 44.26 and a beta of 1.60. Covenant Transportation Group has a 1-year low of $14.26 and a 1-year high of $25.06.

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

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Hedge funds and other institutional investors have recently modified their holdings of the stock. The Manufacturers Life Insurance Company increased its position in shares of Covenant Transportation Group by 15.6% in the second quarter. The Manufacturers Life Insurance Company now owns 10,909 shares of the transportation company’s stock worth $191,000 after buying an additional 1,472 shares in the last quarter. State Street Corp increased its position in shares of Covenant Transportation Group by 7.7% in the second quarter. State Street Corp now owns 199,828 shares of the transportation company’s stock worth $3,503,000 after buying an additional 14,265 shares in the last quarter. Vanguard Group Inc. increased its position in shares of 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 buying an additional 14,150 shares in the last quarter. Northern Trust Corp increased its position in shares of Covenant Transportation Group by 3.3% in the second quarter. Northern Trust Corp now owns 149,807 shares of the transportation company’s stock worth $2,627,000 after buying an additional 4,760 shares in the last quarter. Finally, Penn Capital Management Co. Inc. increased its position in shares of Covenant Transportation Group by 0.9% in the second quarter. Penn Capital Management Co. Inc. now owns 319,573 shares of the transportation company’s stock worth $5,602,000 after buying an additional 2,703 shares in the last quarter. 62.13% of the stock is owned by hedge funds and other institutional investors.

Covenant Transportation Group Company 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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