First Trust Advisors LP increased its position in shares of Covenant Transportation Group, Inc. (NASDAQ:CVTI) by 18.3% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 13,763 shares of the transportation company’s stock after acquiring an additional 2,126 shares during the quarter. First Trust Advisors LP owned approximately 0.08% of Covenant Transportation Group worth $434,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently made changes to their positions in CVTI. Meeder Asset Management Inc. lifted its position in Covenant Transportation Group by 711.7% in the second quarter. Meeder Asset Management Inc. now owns 6,339 shares of the transportation company’s stock valued at $200,000 after buying an additional 5,558 shares during the last quarter. Element Capital Management LLC acquired a new position in Covenant Transportation Group in the first quarter valued at about $223,000. Cubist Systematic Strategies LLC acquired a new position in Covenant Transportation Group in the first quarter valued at about $225,000. Koch Industries Inc. acquired a new position in Covenant Transportation Group in the first quarter valued at about $277,000. Finally, Cavalier Investments LLC acquired a new position in Covenant Transportation Group in the first quarter valued at about $298,000. 65.32% of the stock is currently owned by hedge funds and other institutional investors.

CVTI has been the topic of a number of recent analyst reports. ValuEngine cut shares of Covenant Transportation Group from a “strong-buy” rating to a “buy” rating in a research report on Monday, July 2nd. Stifel Nicolaus upped their target price on shares of Covenant Transportation Group from $35.00 to $36.00 and gave the company a “buy” rating in a research report on Wednesday, June 6th. Zacks Investment Research raised shares of Covenant Transportation Group from a “hold” rating to a “buy” rating and set a $37.00 target price on the stock in a research report on Tuesday, June 12th. Stephens reaffirmed a “buy” rating and issued a $35.00 target price on shares of Covenant Transportation Group in a research report on Friday, July 27th. Finally, BidaskClub cut shares of Covenant Transportation Group from a “buy” rating to a “hold” rating in a research report on Saturday, July 14th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The stock currently 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 stock in a transaction dated Wednesday, August 29th. The shares were sold at an average price of $30.01, for a total transaction of $219,073.00. The sale was disclosed in a legal filing with the SEC, which is available at this link. 35.20% of the stock is currently owned by corporate insiders.

NASDAQ CVTI opened at $30.09 on Monday. Covenant Transportation Group, Inc. has a 12 month low of $24.79 and a 12 month high of $35.19. The company has a debt-to-equity ratio of 0.74, a quick ratio of 2.80 and a current ratio of 2.84. The stock has a market capitalization of $551.94 million, a price-to-earnings ratio of 35.82 and a beta of 1.47.

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

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

Covenant Transportation Group Profile

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.

Further Reading: How to calculate the intrinsic value of a stock

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

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