ValuEngine upgraded shares of Covenant Transport (NASDAQ:CVTI) from a buy rating to a strong-buy rating in a research report sent to investors on Saturday morning.
Several other brokerages have also weighed in on CVTI. BidaskClub raised Covenant Transport from a sell rating to a hold rating in a research report on Friday. Stifel Nicolaus began coverage on Covenant Transport in a research report on Friday, April 6th. They set a hold rating and a $34.00 target price on the stock. Seaport Global Securities reissued a neutral rating on shares of Covenant Transport in a research report on Tuesday, January 30th. Zacks Investment Research raised Covenant Transport from a hold rating to a buy rating and set a $34.00 target price on the stock in a research report on Friday, February 2nd. Finally, Cowen restated a market perform rating and set a $30.00 price target (up previously from $25.50) on shares of Covenant Transport in a research note on Tuesday, January 30th. Two investment analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. The stock has an average rating of Buy and an average price target of $32.80.
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Shares of Covenant Transport opened at $31.33 on Friday, according to Marketbeat. The company has a current ratio of 2.18, a quick ratio of 2.12 and a debt-to-equity ratio of 0.61. Covenant Transport has a fifty-two week low of $31.02 and a fifty-two week high of $31.42. The stock has a market cap of $568.41 million, a PE ratio of 37.30 and a beta of 1.57.
Covenant Transport (NASDAQ:CVTI) last issued its earnings results on Wednesday, April 25th. The transportation company reported $0.24 earnings per share for the quarter, topping the consensus estimate of $0.23 by $0.01. Covenant Transport had a return on equity of 7.34% and a net margin of 8.32%. The business had revenue of $173.57 million for the quarter, compared to analyst estimates of $169.15 million. equities analysts forecast that Covenant Transport will post 1.8 EPS for the current year.
In related news, VP Ralph H. Lovin, Jr. sold 3,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 21st. The stock was sold at an average price of $33.00, for a total transaction of $99,000.00. Following the transaction, the vice president now owns 34,532 shares in the company, valued at approximately $1,139,556. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Chairman David Ray Parker sold 68,261 shares of the firm’s stock in a transaction that occurred on Wednesday, March 21st. The stock was sold at an average price of $32.67, for a total value of $2,230,086.87. Following the transaction, the chairman now owns 104,166 shares in the company, valued at approximately $3,403,103.22. The disclosure for this sale can be found here. Insiders have sold a total of 133,982 shares of company stock worth $4,239,577 in the last 90 days. 33.10% of the stock is currently owned by company insiders.
A number of large investors have recently added to or reduced their stakes in the stock. BlackRock Inc. grew its stake in Covenant Transport by 1.4% during the 4th quarter. BlackRock Inc. now owns 835,104 shares of the transportation company’s stock worth $23,993,000 after buying an additional 11,623 shares during the last quarter. Millennium Management LLC purchased a new position in Covenant Transport during the 4th quarter worth approximately $9,225,000. JPMorgan Chase & Co. grew its stake in Covenant Transport by 4,876.2% during the 1st quarter. JPMorgan Chase & Co. now owns 202,085 shares of the transportation company’s stock worth $6,027,000 after buying an additional 198,024 shares during the last quarter. Northern Trust Corp grew its stake in Covenant Transport by 5.6% during the 1st quarter. Northern Trust Corp now owns 158,385 shares of the transportation company’s stock worth $4,725,000 after buying an additional 8,355 shares during the last quarter. Finally, Fisher Asset Management LLC grew its stake in shares of Covenant Transport by 16.5% in the 4th quarter. Fisher Asset Management LLC now owns 142,465 shares of the transportation company’s stock valued at $4,093,000 after purchasing an additional 20,223 shares during the last quarter. Hedge funds and other institutional investors own 64.10% of the company’s stock.
About Covenant Transport
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.
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