Nicholas Investment Partners LP acquired a new stake in Covenant Transportation Group, Inc. (NASDAQ:CVTI) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 54,190 shares of the transportation company’s stock, valued at approximately $1,570,000. Nicholas Investment Partners LP owned approximately 0.30% of Covenant Transportation Group as of its most recent SEC filing.

Several other large investors also recently modified their holdings of CVTI. Macquarie Group Ltd. purchased a new stake in shares of Covenant Transportation Group in the third quarter valued at $113,000. The Manufacturers Life Insurance Company lifted its position in shares of Covenant Transportation Group by 15.6% in the second quarter. The Manufacturers Life Insurance Company now owns 10,909 shares of the transportation company’s stock valued at $191,000 after acquiring an additional 1,472 shares in the last quarter. State Board of Administration of Florida Retirement System purchased a new stake in shares of Covenant Transportation Group in the third quarter valued at $217,000. Brandes Investment Partners LP purchased a new stake in shares of Covenant Transportation Group in the third quarter valued at $219,000. Finally, Quantum Capital Management purchased a new stake in shares of Covenant Transportation Group in the third quarter valued at $230,000. Institutional investors and hedge funds own 63.29% of the company’s stock.

Several analysts have recently issued reports on CVTI shares. Stephens upgraded Covenant Transportation Group from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $20.00 to $25.00 in a research report on Monday, August 14th. ValuEngine upgraded Covenant Transportation Group from a “sell” rating to a “hold” rating in a research report on Monday, August 14th. BidaskClub upgraded Covenant Transportation Group from a “sell” rating to a “hold” rating in a research report on Monday, August 14th. Cowen reiterated a “buy” rating and set a $24.00 target price on shares of Covenant Transportation Group in a research report on Monday, August 28th. Finally, Zacks Investment Research upgraded Covenant Transportation Group from a “strong sell” rating to a “hold” rating in a research report on Tuesday, August 29th. Four equities research analysts have rated the stock with a hold rating, one has given a buy rating and two have assigned a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $25.63.

Covenant Transportation Group, Inc. (CVTI) opened at $29.86 on Thursday. Covenant Transportation Group, Inc. has a 12-month low of $15.86 and a 12-month high of $30.60. The firm has a market capitalization of $540.29, a PE ratio of 42.81 and a beta of 1.67. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.62 and a current ratio of 1.66.

Covenant Transportation Group (NASDAQ:CVTI) last released its earnings results on Thursday, October 19th. The transportation company reported $0.25 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.17 by $0.08. Covenant Transportation Group had a return on equity of 5.30% and a net margin of 1.82%. The firm had revenue of $178.60 million for the quarter, compared to the consensus estimate of $170.10 million. During the same period in the prior year, the business posted $0.16 earnings per share. The firm’s revenue for the quarter was up 8.6% compared to the same quarter last year. analysts predict that Covenant Transportation Group, Inc. will post 0.9 EPS for the current fiscal year.

In related news, COO Samuel F. Hough sold 2,000 shares of the stock in a transaction dated Friday, November 3rd. The stock was sold at an average price of $30.00, for a total transaction of $60,000.00. Following the transaction, the chief operating officer now directly owns 62,763 shares in the company, valued at $1,882,890. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Chairman David Ray Parker sold 60,919 shares of the company’s stock in a transaction dated Friday, November 3rd. The stock was sold at an average price of $30.04, for a total value of $1,830,006.76. Following the sale, the chairman now owns 110,580 shares of the company’s stock, valued at $3,321,823.20. The disclosure for this sale can be found here. Insiders have sold 502,826 shares of company stock worth $14,700,675 over the last quarter. 35.20% of the stock is currently owned by company insiders.

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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.

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

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