Alambic Investment Management L.P. Takes Position in Covenant Transportation Group, Inc. (CVTI)

Alambic Investment Management L.P. acquired a new position in Covenant Transportation Group, Inc. (NASDAQ:CVTI) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 12,777 shares of the transportation company’s stock, valued at approximately $367,000. Alambic Investment Management L.P. owned about 0.07% of Covenant Transportation Group as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of the company. TIAA CREF Investment Management LLC grew its position in shares of Covenant Transportation Group by 1.0% in the 2nd quarter. TIAA CREF Investment Management LLC now owns 32,530 shares of the transportation company’s stock worth $570,000 after buying an additional 312 shares during the last quarter. Rhumbline Advisers grew its position in shares of Covenant Transportation Group by 5.9% in the 2nd quarter. Rhumbline Advisers now owns 13,745 shares of the transportation company’s stock worth $241,000 after buying an additional 760 shares during the last quarter. The Manufacturers Life Insurance Company grew its position in shares of Covenant Transportation Group by 15.6% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 10,909 shares of the transportation company’s stock worth $191,000 after buying an additional 1,472 shares during the last quarter. Macquarie Group Ltd. purchased a new position in shares of Covenant Transportation Group in the 3rd quarter worth approximately $113,000. Finally, Northern Trust Corp grew its position in Covenant Transportation Group by 3.3% during the 2nd quarter. Northern Trust Corp now owns 149,807 shares of the transportation company’s stock worth $2,627,000 after purchasing an additional 4,760 shares during the last quarter. 63.58% of the stock is currently owned by hedge funds and other institutional investors.

Covenant Transportation Group, Inc. (CVTI) traded down $0.40 during mid-day trading on Friday, hitting $26.37. 142,000 shares of the stock traded hands, compared to its average volume of 161,642. The stock has a market cap of $489.62, a P/E ratio of 31.13 and a beta of 1.56. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.66 and a quick ratio of 1.62. Covenant Transportation Group, Inc. has a fifty-two week low of $15.86 and a fifty-two week high of $30.60.

Covenant Transportation Group (NASDAQ:CVTI) last posted its earnings results on Monday, January 29th. The transportation company reported $0.50 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.51 by ($0.01). Covenant Transportation Group had a net margin of 7.94% and a return on equity of 6.63%. The firm had revenue of $203.31 million during the quarter, compared to analyst estimates of $202.40 million. During the same quarter in the prior year, the firm earned $0.33 earnings per share. The business’s revenue for the quarter was up 6.5% on a year-over-year basis. equities analysts forecast that Covenant Transportation Group, Inc. will post 1.68 earnings per share for the current year.

In related news, Chairman David Ray Parker sold 10,783 shares of the business’s stock in a transaction on Friday, November 24th. The shares were sold at an average price of $30.02, for a total value of $323,705.66. Following the completion of the transaction, the chairman now directly owns 110,580 shares in the company, valued at approximately $3,319,611.60. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Over the last quarter, insiders sold 110,080 shares of company stock valued at $3,303,928. Company insiders own 35.20% of the company’s stock.

Several analysts have weighed in on CVTI shares. TheStreet raised shares of Covenant Transportation Group from a “c+” rating to a “b” rating in a research report on Thursday, October 19th. Zacks Investment Research raised shares of Covenant Transportation Group from a “hold” rating to a “buy” rating and set a $34.00 target price on the stock in a research report on Friday, February 2nd. BidaskClub downgraded shares of Covenant Transportation Group from a “strong-buy” rating to a “buy” rating in a report on Wednesday, December 20th. Cowen reaffirmed a “market perform” rating and issued a $30.00 price objective (up from $25.50) on shares of Covenant Transportation Group in a report on Tuesday, January 30th. Finally, ValuEngine downgraded shares of Covenant Transportation Group from a “buy” rating to a “hold” rating in a report on Friday, December 1st. Four research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $29.67.

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Covenant Transportation Group 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.

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

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