Essex Investment Management Co. LLC Invests $2.37 Million in Covenant Transportation Group, Inc. (CVTI)

Essex Investment Management Co. LLC purchased a new position in Covenant Transportation Group, Inc. (NASDAQ:CVTI) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 81,675 shares of the transportation company’s stock, valued at approximately $2,367,000. Essex Investment Management Co. LLC owned about 0.45% of Covenant Transportation Group at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. American International Group Inc. raised its holdings in shares of Covenant Transportation Group by 7.2% during the first quarter. American International Group Inc. now owns 7,309 shares of the transportation company’s stock worth $137,000 after purchasing an additional 489 shares during the last quarter. First Trust Advisors LP acquired a new stake in Covenant Transportation Group during the third quarter valued at $277,000. Nationwide Fund Advisors grew its position in Covenant Transportation Group by 11.9% during the first quarter. Nationwide Fund Advisors now owns 10,166 shares of the transportation company’s stock valued at $191,000 after buying an additional 1,080 shares during the period. The Manufacturers Life Insurance Company grew 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 valued at $191,000 after purchasing an additional 1,472 shares during the period. Finally, Rhumbline Advisers grew its position in shares of Covenant Transportation Group by 5.9% in the second quarter. Rhumbline Advisers now owns 13,745 shares of the transportation company’s stock valued at $241,000 after purchasing an additional 760 shares during the period. 60.82% of the stock is owned by institutional investors and hedge funds.

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

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Covenant Transportation Group (NASDAQ:CVTI) last issued its quarterly earnings results on Thursday, October 19th. The transportation company reported $0.25 EPS for the quarter, topping the consensus estimate of $0.17 by $0.08. Covenant Transportation Group had a net margin of 1.82% and a return on equity of 5.35%. The firm had revenue of $178.60 million for the quarter, compared to analysts’ expectations of $170.10 million. During the same period in the previous year, the business earned $0.16 earnings per share. Covenant Transportation Group’s revenue for the quarter was up 8.6% compared to the same quarter last year.

In related news, President Joey B. Hogan sold 5,000 shares of the business’s stock in a transaction that occurred on Thursday, September 7th. The stock was sold at an average price of $25.03, for a total value of $125,150.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Ralph H. Lovin, Jr. sold 4,000 shares of the business’s stock in a transaction that occurred on Wednesday, October 11th. The shares were sold at an average price of $28.43, for a total value of $113,720.00. The disclosure for this sale can be found here. Insiders sold a total of 325,303 shares of company stock worth $9,304,390 in the last three months. 35.20% of the stock is currently owned by company insiders.

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.

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

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