Covenant Transportation Group, Inc. (CVTI) Shares Sold by Bank of America Corp DE

Bank of America Corp DE lowered its stake in Covenant Transportation Group, Inc. (NASDAQ:CVTI) by 52.7% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 10,666 shares of the transportation company’s stock after selling 11,897 shares during the quarter. Bank of America Corp DE’s holdings in Covenant Transportation Group were worth $335,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently added to or reduced their stakes in the stock. Meeder Asset Management Inc. boosted its stake in Covenant Transportation Group by 711.7% during the 2nd 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 during the last quarter. Bailard Inc. acquired a new stake in Covenant Transportation Group during the 2nd quarter worth $233,000. Dynamic Technology Lab Private Ltd boosted its stake in Covenant Transportation Group by 31.1% during the 2nd quarter. Dynamic Technology Lab Private Ltd now owns 10,788 shares of the transportation company’s stock worth $340,000 after purchasing an additional 2,561 shares during the last quarter. Capital Fund Management S.A. acquired a new stake in Covenant Transportation Group during the 2nd quarter worth $425,000. Finally, First Trust Advisors LP boosted its stake in Covenant Transportation Group by 18.3% during the 2nd quarter. First Trust Advisors LP now owns 13,763 shares of the transportation company’s stock worth $434,000 after purchasing an additional 2,126 shares during the last quarter. 65.88% of the stock is currently owned by hedge funds and other institutional investors.

Shares of CVTI opened at $22.92 on Monday. Covenant Transportation Group, Inc. has a 52-week low of $22.56 and a 52-week high of $35.19. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.47 and a current ratio of 1.50. The firm has a market cap of $420.49 million, a price-to-earnings ratio of 27.29 and a beta of 1.55.

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

Several brokerages have issued reports on CVTI. ValuEngine cut shares of Covenant Transportation Group from a “hold” rating to a “sell” rating in a research note on Monday, October 22nd. 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 note on Friday, October 26th. BidaskClub cut shares of Covenant Transportation Group from a “hold” rating to a “sell” rating in a research note on Tuesday, October 9th. 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 note on Thursday, October 25th. Finally, Wolfe Research cut shares of Covenant Transportation Group from a “peer perform” rating to an “underperform” rating in a research note on Friday, October 5th. Three analysts have rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $34.20.

In other news, insider John A. Tweed purchased 11,887 shares of the stock in a transaction dated Monday, November 12th. The shares were purchased at an average price of $23.61 per share, with a total value of $280,652.07. Following the transaction, the insider now owns 23,137 shares in the company, valued at approximately $546,264.57. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, President Joey B. Hogan sold 7,300 shares of the business’s stock in a transaction dated Wednesday, August 29th. The shares were sold at an average price of $30.01, for a total transaction of $219,073.00. The disclosure for this sale can be found here. Insiders own 35.20% of the company’s stock.

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About Covenant Transportation Group

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

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