Insider Buying: Covenant Transportation Group, Inc. (CVTI) Insider Buys 18,659 Shares of Stock

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Covenant Transportation Group, Inc. (NASDAQ:CVTI) insider John A. Tweed bought 18,659 shares of the stock in a transaction on Wednesday, November 14th. The shares were acquired at an average cost of $23.57 per share, for a total transaction of $439,792.63. Following the completion of the transaction, the insider now directly owns 23,137 shares of the company’s stock, valued at $545,339.09. The purchase was disclosed in a filing with the SEC, which is available through the SEC website.

Shares of NASDAQ:CVTI traded down $0.14 during midday trading on Wednesday, hitting $23.52. The company’s stock had a trading volume of 58,223 shares, compared to its average volume of 162,240. The company has a market cap of $434.36 million, a P/E ratio of 28.00 and a beta of 1.55. Covenant Transportation Group, Inc. has a fifty-two week low of $23.41 and a fifty-two week high of $35.19. The company has a debt-to-equity ratio of 0.62, a quick ratio of 2.80 and a current ratio of 1.50.

Covenant Transportation Group (NASDAQ:CVTI) last issued its quarterly earnings results on Wednesday, October 24th. The transportation company reported $0.66 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.61 by $0.05. The company had revenue of $243.30 million for the quarter, compared to the consensus estimate of $237.85 million. Covenant Transportation Group had a return on equity of 11.56% and a net margin of 9.22%. As a group, equities analysts predict that Covenant Transportation Group, Inc. will post 2.21 EPS for the current year.

Several equities analysts have commented on CVTI shares. Zacks Investment Research raised shares of Covenant Transportation Group from a “hold” rating to a “buy” rating and set a $28.00 target price on the stock in a research report on Friday, October 26th. BidaskClub raised shares of Covenant Transportation Group from a “hold” rating to a “buy” rating in a research report on Wednesday, September 12th. Stephens reissued a “buy” rating and set a $35.00 target price on shares of Covenant Transportation Group in a research report on Friday, July 27th. ValuEngine downgraded shares of Covenant Transportation Group from a “buy” rating to a “hold” rating in a research report on Tuesday, September 4th. Finally, Cowen lowered their target price on shares of Covenant Transportation Group from $36.00 to $32.00 and set a “market perform” rating on the stock in a research report on Thursday, October 25th. Three equities research analysts have rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $34.20.

Several large investors have recently modified their holdings of the company. Dimensional Fund Advisors LP grew its position in shares of Covenant Transportation Group by 3.8% in the second quarter. Dimensional Fund Advisors LP now owns 1,381,345 shares of the transportation company’s stock valued at $43,512,000 after purchasing an additional 50,374 shares during the last quarter. RE Advisers Corp grew its position in shares of Covenant Transportation Group by 29.4% in the third quarter. RE Advisers Corp now owns 1,100,199 shares of the transportation company’s stock valued at $31,972,000 after purchasing an additional 250,080 shares during the last quarter. BlackRock Inc. grew its position in shares of Covenant Transportation Group by 2.5% in the third quarter. BlackRock Inc. now owns 935,548 shares of the transportation company’s stock valued at $27,188,000 after purchasing an additional 22,519 shares during the last quarter. Millennium Management LLC grew its position in shares of Covenant Transportation Group by 40.8% in the second quarter. Millennium Management LLC now owns 437,735 shares of the transportation company’s stock valued at $13,789,000 after purchasing an additional 126,782 shares during the last quarter. Finally, Wells Fargo & Company MN grew its position in shares of Covenant Transportation Group by 1,409.4% in the second quarter. Wells Fargo & Company MN now owns 395,969 shares of the transportation company’s stock valued at $12,473,000 after purchasing an additional 369,735 shares during the last quarter. 65.34% of the stock is currently owned by institutional investors.

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Covenant Transportation Group Company 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.

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Insider Buying and Selling by Quarter for Covenant Transportation Group (NASDAQ:CVTI)

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