Covenant Transportation Group, Inc. (CVTI) Position Trimmed by Hodges Capital Management Inc.

Hodges Capital Management Inc. decreased its position in shares of Covenant Transportation Group, Inc. (NASDAQ:CVTI) by 54.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 35,420 shares of the transportation company’s stock after selling 42,475 shares during the quarter. Hodges Capital Management Inc. owned about 0.19% of Covenant Transportation Group worth $672,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Great West Life Assurance Co. Can acquired a new stake in Covenant Transportation Group during the 4th quarter worth approximately $51,000. Metropolitan Life Insurance Co. NY raised its holdings in Covenant Transportation Group by 400.7% during the 4th quarter. Metropolitan Life Insurance Co. NY now owns 4,441 shares of the transportation company’s stock worth $85,000 after buying an additional 3,554 shares during the period. MetLife Investment Advisors LLC raised its holdings in Covenant Transportation Group by 61.5% during the 3rd quarter. MetLife Investment Advisors LLC now owns 9,330 shares of the transportation company’s stock worth $271,000 after buying an additional 3,554 shares during the period. Weiss Multi Strategy Advisers LLC acquired a new stake in Covenant Transportation Group during the 4th quarter worth approximately $192,000. Finally, Royce & Associates LP acquired a new stake in Covenant Transportation Group during the 4th quarter worth approximately $250,000. 64.17% of the stock is currently owned by institutional investors and hedge funds.

NASDAQ CVTI opened at $19.96 on Wednesday. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.63 and a current ratio of 1.66. Covenant Transportation Group, Inc. has a 12-month low of $18.13 and a 12-month high of $35.19. The company has a market capitalization of $366.26 million, a PE ratio of 8.46 and a beta of 1.60.

Covenant Transportation Group (NASDAQ:CVTI) last posted its quarterly earnings data on Wednesday, January 23rd. The transportation company reported $0.92 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.76 by $0.16. Covenant Transportation Group had a net margin of 4.80% and a return on equity of 13.57%. The company had revenue of $272.27 million for the quarter, compared to the consensus estimate of $269.20 million. On average, analysts predict that Covenant Transportation Group, Inc. will post 2.11 EPS for the current fiscal year.

Several brokerages have commented on CVTI. Stephens set a $31.00 target price on shares of Covenant Transportation Group and gave the stock a “buy” rating in a report on Thursday, January 24th. Zacks Investment Research downgraded shares of Covenant Transportation Group from a “hold” rating to a “sell” rating in a report on Wednesday, February 13th. BidaskClub upgraded shares of Covenant Transportation Group from a “strong sell” rating to a “sell” rating in a report on Friday, January 25th. ValuEngine upgraded shares of Covenant Transportation Group from a “strong sell” rating to a “sell” rating in a report on Thursday, January 24th. Finally, Cowen restated a “market perform” rating and set a $23.00 target price (down from $27.00) on shares of Covenant Transportation Group in a report on Tuesday, March 19th. Three equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the company. The company has an average rating of “Hold” and an average target price of $28.00.

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Covenant Transportation Group Profile

Covenant Transportation Group, Inc, together with its subsidiaries, provides truckload transportation and brokerage services primarily in the continental United States. It offers expedited and dedicated services. The company also provides ancillary services, including freight brokerage and logistics services, warehousing, and accounts receivable factoring; and over-the-road truckload services, as well as transportation management, shuttle, and switching services.

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

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