Analysts Anticipate Covenant Transportation Group, Inc. (NASDAQ:CVTI) Will Post Quarterly Sales of $222.20 Million

Wall Street analysts forecast that Covenant Transportation Group, Inc. (NASDAQ:CVTI) will report $222.20 million in sales for the current quarter, according to Zacks. Two analysts have issued estimates for Covenant Transportation Group’s earnings, with the lowest sales estimate coming in at $221.80 million and the highest estimate coming in at $222.60 million. Covenant Transportation Group reported sales of $243.30 million in the same quarter last year, which indicates a negative year-over-year growth rate of 8.7%. The business is scheduled to report its next quarterly earnings report on Tuesday, October 22nd.

On average, analysts expect that Covenant Transportation Group will report full-year sales of $911.10 million for the current year, with estimates ranging from $907.30 million to $914.90 million. For the next year, analysts expect that the firm will report sales of $937.50 million, with estimates ranging from $929.10 million to $945.90 million. Zacks’ sales calculations are a mean average based on a survey of sell-side analysts that follow Covenant Transportation Group.

Covenant Transportation Group (NASDAQ:CVTI) last announced its quarterly earnings results on Wednesday, July 24th. The transportation company reported $0.35 EPS for the quarter, beating the Zacks’ consensus estimate of $0.34 by $0.01. The business had revenue of $219.30 million during the quarter, compared to analyst estimates of $220.05 million. Covenant Transportation Group had a net margin of 4.05% and a return on equity of 12.02%.

CVTI has been the topic of a number of analyst reports. ValuEngine raised shares of Covenant Transportation Group from a “sell” rating to a “hold” rating in a report on Thursday, August 1st. BidaskClub downgraded shares of Covenant Transportation Group from a “buy” rating to a “hold” rating in a report on Thursday, August 8th. Zacks Investment Research raised shares of Covenant Transportation Group from a “sell” rating to a “hold” rating in a report on Monday, June 17th. Stephens initiated coverage on shares of Covenant Transportation Group in a report on Monday, July 1st. They set a “hold” rating on the stock. Finally, Cowen reaffirmed an “outperform” rating and set a $21.00 price objective (down from $24.00) on shares of Covenant Transportation Group in a report on Wednesday, July 17th. Four analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $24.67.

CVTI traded down $0.30 during mid-day trading on Friday, reaching $14.20. 187,500 shares of the stock were exchanged, compared to its average volume of 132,710. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.70 and a quick ratio of 1.67. The stock has a market capitalization of $272.95 million, a PE ratio of 6.02 and a beta of 1.56. The business has a 50 day moving average of $14.84. Covenant Transportation Group has a 1 year low of $13.27 and a 1 year high of $32.34.

In other news, Director Robert E. Bosworth acquired 5,000 shares of the business’s stock in a transaction on Friday, May 31st. The shares were purchased at an average cost of $15.00 per share, with a total value of $75,000.00. Following the acquisition, the director now directly owns 78,451 shares of the company’s stock, valued at $1,176,765. The transaction was disclosed in a document filed with the SEC, which is available through this link. 31.60% of the stock is owned by insiders.

Large investors have recently modified their holdings of the stock. American Century Companies Inc. boosted its holdings in shares of Covenant Transportation Group by 3.3% in the 4th quarter. American Century Companies Inc. now owns 78,666 shares of the transportation company’s stock worth $1,510,000 after buying an additional 2,546 shares during the last quarter. Campbell & CO Investment Adviser LLC boosted its holdings in shares of Covenant Transportation Group by 8.0% in the 2nd quarter. Campbell & CO Investment Adviser LLC now owns 13,856 shares of the transportation company’s stock worth $204,000 after buying an additional 1,029 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of Covenant Transportation Group by 30.8% in the 4th quarter. Bank of New York Mellon Corp now owns 90,738 shares of the transportation company’s stock worth $1,742,000 after buying an additional 21,379 shares during the last quarter. FTB Advisors Inc. boosted its holdings in shares of Covenant Transportation Group by 97.5% in the 1st quarter. FTB Advisors Inc. now owns 100,000 shares of the transportation company’s stock worth $1,898,000 after buying an additional 49,365 shares during the last quarter. Finally, Geode Capital Management LLC boosted its holdings in shares of Covenant Transportation Group by 16.7% in the 4th quarter. Geode Capital Management LLC now owns 147,720 shares of the transportation company’s stock worth $2,835,000 after buying an additional 21,086 shares during the last quarter. 65.45% of the stock is currently owned by institutional investors.

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 expedited and dedicated services. The company also provides ancillary services, including freight brokerage and logistics services, warehousing, and accounts receivable factoring; and over-the-road truckload services, as well as transportation management, shuttle, and switching services.

Featured Story: What is the Book Value of a Share?

Get a free copy of the Zacks research report on Covenant Transportation Group (CVTI)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Earnings History and Estimates for Covenant Transportation Group (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.