Covenant Logistics Group (NYSE:CVLG) Lowered to “Hold” Rating by Wall Street Zen

Wall Street Zen lowered shares of Covenant Logistics Group (NYSE:CVLG) from a buy rating to a hold rating in a research note released on Sunday.

Other research analysts have also recently issued research reports about the stock. Zacks Research cut shares of Covenant Logistics Group from a “hold” rating to a “strong sell” rating in a report on Wednesday, January 21st. Weiss Ratings restated a “hold (c)” rating on shares of Covenant Logistics Group in a report on Friday, January 9th. One investment analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $30.00.

Covenant Logistics Group Stock Performance

Shares of CVLG opened at $26.44 on Friday. Covenant Logistics Group has a 1 year low of $17.46 and a 1 year high of $30.43. The stock has a market capitalization of $662.32 million, a PE ratio of 120.19 and a beta of 1.16. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.08 and a current ratio of 1.11. The stock has a 50-day simple moving average of $26.82 and a 200-day simple moving average of $23.47.

Covenant Logistics Group (NYSE:CVLG) last released its earnings results on Thursday, January 29th. The company reported $0.31 earnings per share for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.01). The firm had revenue of $295.37 million for the quarter. Covenant Logistics Group had a return on equity of 9.70% and a net margin of 0.62%.

Insider Buying and Selling at Covenant Logistics Group

In related news, CEO David Ray Parker sold 30,400 shares of the company’s stock in a transaction that occurred on Friday, February 20th. The stock was sold at an average price of $29.18, for a total value of $887,072.00. Following the completion of the transaction, the chief executive officer directly owned 2,047,544 shares of the company’s stock, valued at $59,747,333.92. This represents a 1.46% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Over the last quarter, insiders sold 438,800 shares of company stock worth $12,826,748. 35.10% of the stock is currently owned by company insiders.

Institutional Trading of Covenant Logistics Group

Several institutional investors have recently modified their holdings of CVLG. American Century Companies Inc. grew its position in shares of Covenant Logistics Group by 10.1% in the 2nd quarter. American Century Companies Inc. now owns 529,304 shares of the company’s stock valued at $12,762,000 after buying an additional 48,582 shares during the last quarter. Boston Partners lifted its position in Covenant Logistics Group by 21.8% in the second quarter. Boston Partners now owns 31,012 shares of the company’s stock valued at $748,000 after acquiring an additional 5,551 shares during the last quarter. CSM Advisors LLC purchased a new stake in Covenant Logistics Group in the second quarter valued at $9,458,000. Ranger Investment Management L.P. acquired a new position in Covenant Logistics Group in the second quarter valued at $4,450,000. Finally, Russell Investments Group Ltd. boosted its stake in Covenant Logistics Group by 97.8% in the second quarter. Russell Investments Group Ltd. now owns 304,445 shares of the company’s stock valued at $7,340,000 after acquiring an additional 150,523 shares in the last quarter. Hedge funds and other 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.