Highbridge Capital Management LLC Invests $229,000 in Covenant Transportation Group, Inc. (CVTI)

Highbridge Capital Management LLC purchased a new stake in shares of Covenant Transportation Group, Inc. (NASDAQ:CVTI) in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 7,909 shares of the transportation company’s stock, valued at approximately $229,000.

Several other institutional investors and hedge funds also recently made changes to their positions in CVTI. Vanguard Group Inc. increased its position in shares of Covenant Transportation Group by 12.7% during the first quarter. Vanguard Group Inc. now owns 525,843 shares of the transportation company’s stock valued at $9,887,000 after acquiring an additional 59,199 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Covenant Transportation Group by 4.2% during the first quarter. Geode Capital Management LLC now owns 100,207 shares of the transportation company’s stock valued at $1,883,000 after acquiring an additional 4,068 shares during the last quarter. Bank of America Corp DE increased its position in shares of Covenant Transportation Group by 56.3% during the first quarter. Bank of America Corp DE now owns 40,854 shares of the transportation company’s stock valued at $767,000 after acquiring an additional 14,724 shares during the last quarter. Rhumbline Advisers increased its position in shares of Covenant Transportation Group by 5.9% during the second quarter. Rhumbline Advisers now owns 13,745 shares of the transportation company’s stock valued at $241,000 after acquiring an additional 760 shares during the last quarter. Finally, Victory Capital Management Inc. increased its position in shares of Covenant Transportation Group by 11.5% during the second quarter. Victory Capital Management Inc. now owns 71,802 shares of the transportation company’s stock valued at $1,259,000 after acquiring an additional 7,430 shares during the last quarter. Institutional investors and hedge funds own 63.29% of the company’s stock.

Covenant Transportation Group, Inc. (NASDAQ:CVTI) opened at $28.51 on Wednesday. The company has a quick ratio of 1.62, a current ratio of 1.66 and a debt-to-equity ratio of 0.77. Covenant Transportation Group, Inc. has a 12 month low of $15.86 and a 12 month high of $30.60. The company has a market cap of $525.66, a P/E ratio of 41.65 and a beta of 1.67.

Covenant Transportation Group (NASDAQ:CVTI) last posted its quarterly earnings data on Thursday, October 19th. The transportation company reported $0.25 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.17 by $0.08. Covenant Transportation Group had a net margin of 1.82% and a return on equity of 5.30%. The business had revenue of $178.60 million during the quarter, compared to analyst estimates of $170.10 million. During the same quarter last year, the firm posted $0.16 earnings per share. The business’s revenue for the quarter was up 8.6% compared to the same quarter last year. sell-side analysts expect that Covenant Transportation Group, Inc. will post 0.9 EPS for the current year.

In other news, VP Ralph H. Lovin, Jr. sold 4,000 shares of the firm’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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Chairman David Ray Parker sold 250,000 shares of the firm’s stock in a transaction that occurred on Friday, October 27th. The shares were sold at an average price of $28.77, for a total transaction of $7,192,500.00. The disclosure for this sale can be found here. In the last three months, insiders sold 512,826 shares of company stock valued at $15,000,875. Insiders own 35.20% of the company’s stock.

A number of equities research analysts have weighed in on CVTI shares. Zacks Investment Research upgraded shares of Covenant Transportation Group from a “sell” rating to a “hold” rating in a research report on Tuesday, September 5th. TheStreet upgraded shares of Covenant Transportation Group from a “c+” rating to a “b” rating in a research report on Thursday, October 19th. BidaskClub cut shares of Covenant Transportation Group from a “strong-buy” rating to a “buy” rating in a research report on Wednesday. ValuEngine cut shares of Covenant Transportation Group from a “buy” rating to a “hold” rating in a research report on Friday, December 1st. Finally, Cowen reiterated a “buy” rating and set a $24.00 price target on shares of Covenant Transportation Group in a research report on Monday, August 28th. Three research analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $25.63.

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

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