Equities research analysts forecast that Covenant Transportation Group, Inc. (NASDAQ:CVTI) will post sales of $201.95 million for the current fiscal quarter, according to Zacks. Two analysts have issued estimates for Covenant Transportation Group’s earnings, with the lowest sales estimate coming in at $199.20 million and the highest estimate coming in at $204.70 million. Covenant Transportation Group reported sales of $190.98 million in the same quarter last year, which indicates a positive year-over-year growth rate of 5.7%. The business is scheduled to issue its next earnings report on Wednesday, January 24th.
On average, analysts expect that Covenant Transportation Group will report full year sales of $201.95 million for the current year, with estimates ranging from $700.90 million to $706.40 million. For the next financial year, analysts anticipate that the firm will post sales of $755.10 million per share, with estimates ranging from $748.80 million to $761.40 million. Zacks Investment Research’s sales averages are a mean average based on a survey of research firms that that provide coverage for Covenant Transportation Group.
Covenant Transportation Group (NASDAQ:CVTI) last announced its quarterly earnings data on Thursday, October 19th. The transportation company reported $0.25 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.17 by $0.08. The firm had revenue of $178.60 million during the quarter, compared to analysts’ expectations of $170.10 million. Covenant Transportation Group had a return on equity of 5.30% and a net margin of 1.82%. The company’s quarterly revenue was up 8.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.16 EPS.
Shares of Covenant Transportation Group (CVTI) traded down $0.04 during midday trading on Tuesday, reaching $29.02. The company’s stock had a trading volume of 76,000 shares, compared to its average volume of 113,564. The firm has a market cap of $531.51, a PE ratio of 42.12 and a beta of 1.69. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.66 and a quick ratio of 1.62. Covenant Transportation Group has a 52-week low of $15.86 and a 52-week high of $30.60.
In other news, Chairman David Ray Parker sold 60,919 shares of the business’s stock in a transaction on Friday, November 3rd. The stock was sold at an average price of $30.04, for a total transaction of $1,830,006.76. Following the completion of the transaction, the chairman now owns 110,580 shares of the company’s stock, valued at approximately $3,321,823.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, COO Samuel F. Hough sold 2,000 shares of the business’s stock in a transaction on Friday, November 3rd. The stock was sold at an average price of $30.00, for a total value of $60,000.00. Following the transaction, the chief operating officer now directly owns 62,763 shares of the company’s stock, valued at approximately $1,882,890. The disclosure for this sale can be found here. Insiders have sold a total of 442,441 shares of company stock valued at $12,823,135 in the last three months. 35.20% of the stock is owned by insiders.
Hedge funds have recently modified their holdings of the stock. Macquarie Group Ltd. bought a new stake in Covenant Transportation Group during the 3rd quarter worth $113,000. American International Group Inc. grew its position in Covenant Transportation Group by 7.2% during 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. The Manufacturers Life Insurance Company grew its position in 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 acquiring an additional 1,472 shares during the last quarter. State Board of Administration of Florida Retirement System bought a new stake in Covenant Transportation Group during the 3rd quarter worth $217,000. Finally, Brandes Investment Partners LP bought a new stake in Covenant Transportation Group during the 3rd quarter worth $219,000. Institutional investors and hedge funds own 62.02% of the company’s stock.
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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