Covenant Transportation Group, Inc. (NASDAQ:CVTI) – Investment analysts at Seaport Global Securities upped their Q2 2018 earnings per share estimates for shares of Covenant Transportation Group in a research report issued to clients and investors on Thursday. Seaport Global Securities analyst K. Sterling now forecasts that the transportation company will post earnings of $0.33 per share for the quarter, up from their prior forecast of $0.24. Seaport Global Securities currently has a “Buy” rating and a $40.00 target price on the stock. Seaport Global Securities also issued estimates for Covenant Transportation Group’s Q3 2018 earnings at $0.59 EPS, Q4 2018 earnings at $0.69 EPS, FY2018 earnings at $1.80 EPS, Q3 2019 earnings at $0.66 EPS, Q4 2019 earnings at $0.76 EPS and FY2019 earnings at $2.25 EPS.
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 analysts’ consensus estimates of $0.51 by ($0.01). The business had revenue of $203.31 million during the quarter, compared to analysts’ expectations of $202.40 million. Covenant Transportation Group had a return on equity of 6.26% and a net margin of 7.94%. Covenant Transportation Group’s quarterly revenue was up 6.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.33 EPS.
Shares of Covenant Transportation Group stock opened at $31.80 on Monday. The company has a quick ratio of 1.95, a current ratio of 2.00 and a debt-to-equity ratio of 0.63. The company has a market cap of $582.89, a P/E ratio of 10.46 and a beta of 1.64. Covenant Transportation Group has a 1-year low of $15.86 and a 1-year high of $32.38.
In related news, Chairman David Ray Parker sold 25,773 shares of Covenant Transportation Group stock in a transaction that occurred on Thursday, February 1st. The shares were sold at an average price of $30.02, for a total value of $773,705.46. Following the sale, the chairman now owns 108,430 shares of the company’s stock, valued at approximately $3,255,068.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 35.20% of the company’s stock.
A number of hedge funds have recently modified their holdings of the business. Dimensional Fund Advisors LP raised its holdings in Covenant Transportation Group by 0.4% during the 3rd quarter. Dimensional Fund Advisors LP now owns 1,343,474 shares of the transportation company’s stock valued at $38,932,000 after acquiring an additional 5,817 shares during the period. BlackRock Inc. raised its holdings in Covenant Transportation Group by 1.4% during the 4th quarter. BlackRock Inc. now owns 835,104 shares of the transportation company’s stock valued at $23,993,000 after acquiring an additional 11,623 shares during the period. Vanguard Group Inc. raised its holdings in Covenant Transportation Group by 2.7% during the 2nd quarter. Vanguard Group Inc. now owns 539,993 shares of the transportation company’s stock valued at $9,467,000 after acquiring an additional 14,150 shares during the period. Bank of New York Mellon Corp raised its holdings in Covenant Transportation Group by 742.8% during the 3rd quarter. Bank of New York Mellon Corp now owns 520,327 shares of the transportation company’s stock valued at $15,079,000 after acquiring an additional 458,587 shares during the period. Finally, Ameriprise Financial Inc. bought a new stake in Covenant Transportation Group during the 3rd quarter valued at $11,686,000. 63.40% of the stock is currently owned by institutional investors and hedge funds.
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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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