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

Covenant Logistics Group (NYSE:CVLG) was downgraded by equities researchers at Wall Street Zen from a “buy” rating to a “hold” rating in a report issued on Saturday.

CVLG has been the topic of a number of other research reports. TD Cowen increased their price target on Covenant Logistics Group from $30.00 to $35.00 and gave the stock a “buy” rating in a research report on Monday, April 27th. Zacks Research raised Covenant Logistics Group from a “hold” rating to a “strong-buy” rating in a research note on Monday, July 13th. Stephens set a $54.00 target price on Covenant Logistics Group and gave the company an “overweight” rating in a research report on Friday, July 31st. Weiss Ratings raised shares of Covenant Logistics Group from a “hold (c-)” rating to a “hold (c)” rating in a research note on Thursday, July 23rd. Finally, National Bank Financial set a $60.00 price target on shares of Covenant Logistics Group in a report on Wednesday, July 15th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, Covenant Logistics Group currently has an average rating of “Buy” and an average price target of $52.25.

Covenant Logistics Group Stock Up 0.3%

Shares of CVLG stock opened at $34.77 on Friday. The stock has a 50 day moving average of $43.44 and a 200 day moving average of $34.58. The company has a current ratio of 1.04, a quick ratio of 1.01 and a debt-to-equity ratio of 0.50. The stock has a market cap of $875.20 million, a P/E ratio of 316.12 and a beta of 1.32. Covenant Logistics Group has a twelve month low of $18.00 and a twelve month high of $49.88.

Covenant Logistics Group (NYSE:CVLG) last issued its quarterly earnings data on Wednesday, July 29th. The company reported $0.42 earnings per share for the quarter. Covenant Logistics Group had a net margin of 0.31% and a return on equity of 9.15%. The business had revenue of $332.87 million during the quarter. As a group, sell-side analysts expect that Covenant Logistics Group will post 1.6 EPS for the current year.

Insider Activity at Covenant Logistics Group

In other news, Director Joey B. Hogan sold 12,800 shares of Covenant Logistics Group stock in a transaction that occurred on Wednesday, May 27th. The stock was sold at an average price of $39.18, for a total value of $501,504.00. Following the sale, the director directly owned 91,294 shares of the company’s stock, valued at $3,576,898.92. The trade was a 12.30% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Joey Ballard sold 4,000 shares of the business’s stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $40.15, for a total value of $160,600.00. Following the sale, the executive vice president owned 13,149 shares of the company’s stock, valued at $527,932.35. The trade was a 23.32% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 24,800 shares of company stock valued at $963,535. 36.70% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Royal Bank of Canada grew its holdings in shares of Covenant Logistics Group by 90.5% during the first quarter. Royal Bank of Canada now owns 24,108 shares of the company’s stock worth $535,000 after buying an additional 11,454 shares in the last quarter. AQR Capital Management LLC raised its position in shares of Covenant Logistics Group by 97.5% in the first quarter. AQR Capital Management LLC now owns 88,761 shares of the company’s stock valued at $1,970,000 after buying an additional 43,816 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Covenant Logistics Group by 108.3% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,586 shares of the company’s stock worth $213,000 after buying an additional 4,985 shares in the last quarter. Goldman Sachs Group Inc. boosted its position in Covenant Logistics Group by 161.8% during the first quarter. Goldman Sachs Group Inc. now owns 179,304 shares of the company’s stock worth $3,981,000 after acquiring an additional 110,810 shares during the last quarter. Finally, Jane Street Group LLC boosted its position in Covenant Logistics Group by 27.6% during the first quarter. Jane Street Group LLC now owns 21,937 shares of the company’s stock worth $487,000 after acquiring an additional 4,743 shares during the last quarter. Hedge funds and other institutional investors own 83.72% of the company’s stock.

About Covenant Logistics Group

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.