Covenant Logistics Group (NYSE:CVLG) Downgraded to Strong Sell Rating by Zacks Research

Covenant Logistics Group (NYSE:CVLG) was downgraded by research analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a report released on Wednesday,Zacks.com reports.

Separately, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Covenant Logistics Group in a research report on Friday, January 9th. Two analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Covenant Logistics Group has a consensus rating of “Hold” and a consensus price target of $33.00.

Covenant Logistics Group Stock Up 1.7%

CVLG stock opened at $27.00 on Wednesday. The company has a market cap of $676.35 million, a price-to-earnings ratio of 22.69 and a beta of 1.21. Covenant Logistics Group has a twelve month low of $17.46 and a twelve month high of $29.47. The business has a 50 day moving average price of $22.49 and a two-hundred day moving average price of $22.65. The company has a quick ratio of 0.98, a current ratio of 1.01 and a debt-to-equity ratio of 0.49.

Covenant Logistics Group (NYSE:CVLG) last released its quarterly earnings data on Wednesday, October 22nd. The company reported $0.44 EPS for the quarter, missing the consensus estimate of $0.45 by ($0.01). Covenant Logistics Group had a net margin of 2.81% and a return on equity of 10.82%. The company had revenue of $268.84 million during the quarter.

Institutional Trading of Covenant Logistics Group

Hedge funds and other institutional investors have recently modified their holdings of the stock. CSM Advisors LLC bought a new position in Covenant Logistics Group in the 2nd quarter valued at about $9,458,000. Ranger Investment Management L.P. bought a new position in shares of Covenant Logistics Group during the second quarter worth approximately $4,450,000. Russell Investments Group Ltd. lifted its holdings in Covenant Logistics Group by 97.8% during the 2nd quarter. Russell Investments Group Ltd. now owns 304,445 shares of the company’s stock worth $7,340,000 after purchasing an additional 150,523 shares during the last quarter. Goldman Sachs Group Inc. lifted its holdings in Covenant Logistics Group by 161.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 179,304 shares of the company’s stock worth $3,981,000 after purchasing an additional 110,810 shares during the last quarter. Finally, Algert Global LLC boosted its stake in Covenant Logistics Group by 655.0% in the 3rd quarter. Algert Global LLC now owns 110,144 shares of the company’s stock valued at $2,386,000 after purchasing an additional 95,556 shares during the period. Institutional investors own 83.72% of the company’s stock.

Covenant Logistics Group Company Profile

Covenant Logistics Group provides a comprehensive suite of transportation and logistics services across North America. The company’s core offerings include less‐than‐truckload (LTL) and full truckload hauling, temperature‐controlled freight, intermodal transportation and freight brokerage. Covenant also delivers specialized solutions such as expedited “hot‐shot” deliveries, cross‐border shipping to Canada and Mexico, and dedicated contract carriage for time‐sensitive or high‐value shipments.

With a network of service centers, terminals and partner carriers strategically located throughout the United States, Covenant supports diverse industries including food and beverage, automotive, retail, energy and manufacturing.