Wedge Capital Management L L P NC Cuts Position in Covenant Transportation Group, Inc. (CVTI)

Wedge Capital Management L L P NC cut its stake in Covenant Transportation Group, Inc. (NASDAQ:CVTI) by 22.9% during the 4th quarter, HoldingsChannel.com reports. The firm owned 25,900 shares of the transportation company’s stock after selling 7,700 shares during the quarter. Wedge Capital Management L L P NC’s holdings in Covenant Transportation Group were worth $744,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in the business. Chicago Equity Partners LLC purchased a new position in Covenant Transportation Group in the fourth quarter valued at about $1,906,000. Fisher Asset Management LLC raised its position in Covenant Transportation Group by 16.5% in the fourth 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 period. First Quadrant L P CA purchased a new position in Covenant Transportation Group in the fourth quarter valued at about $207,000. Acadian Asset Management LLC raised its position in Covenant Transportation Group by 1,010.9% in the fourth quarter. Acadian Asset Management LLC now owns 61,088 shares of the transportation company’s stock valued at $1,755,000 after purchasing an additional 55,589 shares during the period. Finally, Bank of Montreal Can raised its position in Covenant Transportation Group by 17,027.4% in the fourth quarter. Bank of Montreal Can now owns 58,747 shares of the transportation company’s stock valued at $1,688,000 after purchasing an additional 58,404 shares during the period. 64.03% of the stock is currently owned by institutional investors.

Several research analysts have commented on CVTI shares. Zacks Investment Research raised Covenant Transportation Group from a “hold” rating to a “strong-buy” rating and set a $32.00 price objective on the stock in a research report on Monday, October 16th. BidaskClub lowered Covenant Transportation Group from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, December 20th. Cowen restated a “market perform” rating and set a $30.00 target price (up from $25.50) on shares of Covenant Transportation Group in a research note on Tuesday, January 30th. ValuEngine downgraded Covenant Transportation Group from a “buy” rating to a “hold” rating in a research note on Friday, December 1st. Finally, TheStreet upgraded Covenant Transportation Group from a “c+” rating to a “b” rating in a research note on Thursday, October 19th. Four analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $29.67.

In related news, Chairman David Ray Parker sold 25,773 shares of Covenant Transportation Group stock in a transaction dated Thursday, February 1st. The stock was sold at an average price of $30.02, for a total value of $773,705.46. Following the completion of the transaction, the chairman now directly owns 108,430 shares in the company, valued at $3,255,068.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold 110,080 shares of company stock valued at $3,303,928 over the last quarter. Insiders own 35.20% of the company’s stock.

Shares of Covenant Transportation Group, Inc. (NASDAQ CVTI) opened at $27.72 on Thursday. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.62 and a current ratio of 1.66. The firm has a market capitalization of $497.12, a PE ratio of 31.60 and a beta of 1.56. Covenant Transportation Group, Inc. has a 52 week low of $15.86 and a 52 week high of $30.60.

Covenant Transportation Group (NASDAQ:CVTI) last announced its earnings results on Monday, January 29th. The transportation company reported $0.50 earnings per share for the quarter, missing the consensus estimate of $0.51 by ($0.01). The business had revenue of $203.31 million for the quarter, compared to analyst estimates of $202.40 million. Covenant Transportation Group had a net margin of 7.94% and a return on equity of 6.63%. The firm’s revenue was up 6.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.33 earnings per share. sell-side analysts predict that Covenant Transportation Group, Inc. will post 1.58 EPS for the current fiscal year.

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Covenant Transportation Group Company 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.

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

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