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

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

CVLG has been the topic of a number of other research reports. Weiss Ratings reiterated a “hold (c)” rating on shares of Covenant Logistics Group in a report on Friday, January 9th. Zacks Research cut shares of Covenant Logistics Group from a “hold” rating to a “strong sell” rating in a report on Wednesday, January 21st. One equities research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $30.00.

Covenant Logistics Group Stock Performance

Shares of Covenant Logistics Group stock opened at $26.43 on Friday. Covenant Logistics Group has a 12 month low of $17.46 and a 12 month high of $30.43. The company has a quick ratio of 1.08, a current ratio of 1.11 and a debt-to-equity ratio of 0.59. The stock has a market cap of $661.99 million, a PE ratio of 120.14 and a beta of 1.16. The business has a fifty day simple moving average of $27.00 and a 200-day simple moving average of $23.50.

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

Insider Buying and Selling

In other Covenant Logistics Group news, CEO David Ray Parker sold 100,000 shares of the company’s stock in a transaction dated Tuesday, February 17th. The stock was sold at an average price of $29.67, for a total value of $2,967,000.00. Following the transaction, the chief executive officer directly owned 2,197,944 shares of the company’s stock, valued at $65,212,998.48. This represents a 4.35% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders sold a total of 438,800 shares of company stock valued at $12,826,748 in the last quarter. Insiders own 35.10% of the company’s stock.

Institutional Investors Weigh In On Covenant Logistics Group

Large investors have recently made changes to their positions in the company. Man Group plc raised its position in Covenant Logistics Group by 3.5% during the fourth quarter. Man Group plc now owns 10,780 shares of the company’s stock valued at $238,000 after acquiring an additional 365 shares in the last quarter. Corient Private Wealth LLC grew its position in Covenant Logistics Group by 1.1% in the fourth quarter. Corient Private Wealth LLC now owns 41,740 shares of the company’s stock worth $920,000 after acquiring an additional 446 shares in the last quarter. SG Americas Securities LLC grew its position in Covenant Logistics Group by 4.2% in the fourth quarter. SG Americas Securities LLC now owns 11,926 shares of the company’s stock worth $263,000 after acquiring an additional 478 shares in the last quarter. BNP Paribas Financial Markets increased its stake in shares of Covenant Logistics Group by 45.3% during the 2nd quarter. BNP Paribas Financial Markets now owns 1,562 shares of the company’s stock worth $38,000 after purchasing an additional 487 shares during the last quarter. Finally, Empowered Funds LLC increased its stake in shares of Covenant Logistics Group by 0.4% during the 2nd quarter. Empowered Funds LLC now owns 173,532 shares of the company’s stock worth $4,184,000 after purchasing an additional 744 shares during the last quarter. 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.