Employees Retirement System of Texas purchased a new position in shares of Covenant Transportation Group, Inc. (NASDAQ:CVTI) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 46,000 shares of the transportation company’s stock, valued at approximately $1,449,000. Employees Retirement System of Texas owned approximately 0.25% of Covenant Transportation Group as of its most recent SEC filing.
A number of other large investors have also recently added to or reduced their stakes in CVTI. Meeder Asset Management Inc. lifted its stake in Covenant Transportation Group by 711.7% during the second quarter. Meeder Asset Management Inc. now owns 6,339 shares of the transportation company’s stock worth $200,000 after purchasing an additional 5,558 shares in the last quarter. Element Capital Management LLC acquired a new position in Covenant Transportation Group during the first quarter worth $223,000. Cubist Systematic Strategies LLC purchased a new stake in shares of Covenant Transportation Group during the first quarter worth $225,000. Bailard Inc. purchased a new stake in shares of Covenant Transportation Group during the second quarter worth $233,000. Finally, M&T Bank Corp purchased a new stake in shares of Covenant Transportation Group during the first quarter worth $263,000. Institutional investors own 65.48% of the company’s stock.
A number of research firms have recently weighed in on CVTI. Zacks Investment Research raised Covenant Transportation Group from a “hold” rating to a “buy” rating and set a $37.00 price objective on the stock in a research report on Tuesday, June 12th. BidaskClub raised Covenant Transportation Group from a “hold” rating to a “buy” rating in a research report on Friday, June 8th. Cowen upped their price objective on Covenant Transportation Group from $32.00 to $35.00 and gave the stock a “market perform” rating in a research report on Wednesday, June 6th. Stifel Nicolaus upped their price objective on Covenant Transportation Group from $35.00 to $36.00 and gave the stock a “buy” rating in a research report on Wednesday, June 6th. Finally, ValuEngine lowered Covenant Transportation Group from a “strong-buy” rating to a “buy” rating in a research report on Monday, July 2nd. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $36.60.
Covenant Transportation Group stock opened at $30.42 on Friday. Covenant Transportation Group, Inc. has a twelve month low of $24.57 and a twelve month high of $35.19. The company has a debt-to-equity ratio of 0.74, a quick ratio of 2.80 and a current ratio of 2.84. The firm has a market cap of $559.83 million, a PE ratio of 36.21 and a beta of 1.47.
Covenant Transportation Group (NASDAQ:CVTI) last posted its quarterly earnings data on Wednesday, July 25th. The transportation company reported $0.54 earnings per share for the quarter, topping analysts’ consensus estimates of $0.49 by $0.05. Covenant Transportation Group had a return on equity of 9.77% and a net margin of 9.09%. The business had revenue of $196.32 million for the quarter, compared to analyst estimates of $199.25 million. analysts predict that Covenant Transportation Group, Inc. will post 2.13 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, August 31st. Stockholders of record on Wednesday, August 15th were given a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.26%. The ex-dividend date of this dividend was Tuesday, August 14th. Covenant Transportation Group’s dividend payout ratio is currently 9.52%.
In related news, President Joey B. Hogan sold 7,300 shares of the stock in a transaction on Wednesday, August 29th. The stock was sold at an average price of $30.01, for a total value of $219,073.00. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO David Ray Parker sold 92,799 shares of the stock in a transaction on Monday, June 11th. The shares were sold at an average price of $32.63, for a total value of $3,028,031.37. Following the completion of the transaction, the chief executive officer now directly owns 114,443 shares in the company, valued at approximately $3,734,275.09. The disclosure for this sale can be found here. Insiders have sold 118,952 shares of company stock worth $3,906,225 in the last ninety days. Corporate insiders own 35.20% of the company’s stock.
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 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.
See Also: Asset Allocation
Want to see what other hedge funds are holding CVTI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Covenant Transportation Group, Inc. (NASDAQ:CVTI).
Receive News & Ratings for Covenant Transportation Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Covenant Transportation Group and related companies with MarketBeat.com's FREE daily email newsletter.