Covenant Logistics Group (NYSE:CVLG) Shares Down 3.2% – Here’s What Happened

Covenant Logistics Group, Inc. (NYSE:CVLG)’s share price fell 3.2% during trading on Thursday . The stock traded as low as $34.63 and last traded at $34.88. Approximately 7,950 shares traded hands during trading, a decline of 96% from the average session volume of 189,511 shares. The stock had previously closed at $36.05.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Citigroup began coverage on shares of Covenant Logistics Group in a research note on Wednesday, July 15th. They issued an “outperform” rating for the company. Weiss Ratings downgraded shares of Covenant Logistics Group from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Friday, September 11th. Citizens Jmp initiated coverage on shares of Covenant Logistics Group in a report on Wednesday, July 15th. They issued a “market outperform” rating and a $60.00 price target for the company. National Bank Financial set a $60.00 price target on shares of Covenant Logistics Group in a research report on Wednesday, July 15th. Finally, Robert W. Baird set a $50.00 price objective on shares of Covenant Logistics Group and gave the company an “outperform” rating in a research note on Wednesday, August 19th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Covenant Logistics Group presently has an average rating of “Moderate Buy” and a consensus price target of $51.80.

Covenant Logistics Group Stock Down 0.6%

The business has a 50 day moving average of $37.95 and a two-hundred day moving average of $35.98. The stock has a market capitalization of $857.78 million, a PE ratio of 307.30 and a beta of 1.29. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.10 and a current ratio of 1.14.

Covenant Logistics Group (NYSE:CVLG) last posted its earnings results on Wednesday, July 29th. The company reported $0.42 earnings per share (EPS) for the quarter. The company had revenue of $332.87 million for the quarter. Covenant Logistics Group had a return on equity of 9.14% and a net margin of 0.31%. Analysts predict that Covenant Logistics Group, Inc. will post 1.6 EPS for the current year.

Institutional Investors Weigh In On Covenant Logistics Group

Several institutional investors have recently bought and sold shares of the company. Ranger Investment Management L.P. purchased a new stake in Covenant Logistics Group during the 2nd quarter worth approximately $10,456,000. Sei Investments Co. raised its holdings in shares of Covenant Logistics Group by 95.8% in the first quarter. Sei Investments Co. now owns 51,766 shares of the company’s stock worth $1,405,000 after buying an additional 25,331 shares during the last quarter. Wesbanco Bank Inc. lifted its stake in shares of Covenant Logistics Group by 88.4% during the first quarter. Wesbanco Bank Inc. now owns 40,500 shares of the company’s stock worth $1,100,000 after buying an additional 19,000 shares during the period. Royce & Associates LP grew its holdings in shares of Covenant Logistics Group by 6.1% during the fourth quarter. Royce & Associates LP now owns 316,868 shares of the company’s stock valued at $6,984,000 after buying an additional 18,220 shares during the last quarter. Finally, Quantinno Capital Management LP grew its holdings in shares of Covenant Logistics Group by 61.1% during the first quarter. Quantinno Capital Management LP now owns 38,453 shares of the company’s stock valued at $1,044,000 after buying an additional 14,590 shares during the last quarter. 83.72% of the stock is currently owned by institutional investors and hedge funds.

Covenant Logistics Group Company Profile

Covenant Logistics Group, Inc is a transportation and logistics company headquartered in Chattanooga, Tennessee. The company provides freight transportation, supply chain management and related services primarily throughout the United States, serving manufacturers, retailers, distributors and other commercial customers.

Its operations include dedicated and expedited truckload transportation, refrigerated and dry-van freight services, freight brokerage, warehousing and distribution, and transportation management.