Navellier & Associates Inc Boosts Position in Covenant Transportation Group, Inc. (CVTI)

Navellier & Associates Inc boosted its holdings in Covenant Transportation Group, Inc. (NASDAQ:CVTI) by 127.6% during the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 41,163 shares of the transportation company’s stock after buying an additional 23,078 shares during the period. Navellier & Associates Inc’s holdings in Covenant Transportation Group were worth $1,297,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. First Trust Advisors LP raised its holdings in Covenant Transportation Group by 18.3% in the second quarter. First Trust Advisors LP now owns 13,763 shares of the transportation company’s stock valued at $434,000 after buying an additional 2,126 shares during the period. Commonwealth Equity Services LLC raised its holdings in Covenant Transportation Group by 10.2% in the first quarter. Commonwealth Equity Services LLC now owns 25,790 shares of the transportation company’s stock valued at $769,000 after buying an additional 2,384 shares during the period. Hodges Capital Management Inc. raised its holdings in Covenant Transportation Group by 4.6% in the first quarter. Hodges Capital Management Inc. now owns 88,920 shares of the transportation company’s stock valued at $2,652,000 after buying an additional 3,920 shares during the period. IndexIQ Advisors LLC raised its holdings in Covenant Transportation Group by 7.9% in the second quarter. IndexIQ Advisors LLC now owns 73,328 shares of the transportation company’s stock valued at $2,310,000 after buying an additional 5,361 shares during the period. Finally, Meeder Asset Management Inc. raised its holdings in Covenant Transportation Group by 711.7% in the second quarter. Meeder Asset Management Inc. now owns 6,339 shares of the transportation company’s stock valued at $200,000 after buying an additional 5,558 shares during the period. Hedge funds and other institutional investors own 64.23% of the company’s stock.

NASDAQ CVTI opened at $31.00 on Friday. The company has a debt-to-equity ratio of 0.74, a quick ratio of 2.12 and a current ratio of 2.84. Covenant Transportation Group, Inc. has a one year low of $19.29 and a one year high of $35.19. The company has a market capitalization of $556.53 million, a P/E ratio of 19.84 and a beta of 1.61.

Covenant Transportation Group (NASDAQ:CVTI) last issued its quarterly earnings data on Wednesday, July 25th. The transportation company reported $0.54 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.49 by $0.05. Covenant Transportation Group had a net margin of 9.09% and a return on equity of 9.77%. The company had revenue of $196.32 million during the quarter, compared to the consensus estimate of $199.25 million. equities research analysts predict that Covenant Transportation Group, Inc. will post 2.13 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 31st. Shareholders of record on Wednesday, August 15th will be given a $0.02 dividend. This represents a $0.08 annualized dividend and a yield of 0.26%. The ex-dividend date of this dividend is Tuesday, August 14th.

In other Covenant Transportation Group news, CEO David Ray Parker sold 10,263 shares of the stock in a transaction that occurred on Wednesday, June 6th. The shares were sold at an average price of $32.50, for a total value of $333,547.50. Following the completion of the sale, the chief executive officer now owns 114,443 shares of the company’s stock, valued at $3,719,397.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Ralph H. Lovin, Jr. sold 3,000 shares of the stock in a transaction that occurred on Wednesday, June 13th. The shares were sold at an average price of $34.85, for a total transaction of $104,550.00. Following the completion of the sale, the vice president now directly owns 33,639 shares of the company’s stock, valued at approximately $1,172,319.15. The disclosure for this sale can be found here. Insiders sold 173,132 shares of company stock valued at $5,686,691 in the last ninety days. 35.20% of the stock is owned by corporate insiders.

Several research analysts recently commented on the stock. Stephens restated a “buy” rating and issued a $35.00 price target on shares of Covenant Transportation Group in a report on Friday, July 27th. BidaskClub upgraded shares of Covenant Transportation Group from a “hold” rating to a “buy” rating in a report on Friday, June 8th. Zacks Investment Research lowered shares of Covenant Transportation Group from a “buy” rating to a “hold” rating in a report on Monday, May 21st. ValuEngine upgraded shares of Covenant Transportation Group from a “buy” rating to a “strong-buy” rating in a report on Saturday, May 12th. Finally, Cowen raised their price target on shares of Covenant Transportation Group from $32.00 to $35.00 and gave the company a “market perform” rating in a report on Wednesday, June 6th. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $36.60.

About Covenant Transportation Group

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

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