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

Zacks Research downgraded shares of Covenant Logistics Group (NYSE:CVLG) from a strong-buy rating to a hold rating in a report published on Monday,Zacks reports.

A number of other equities research analysts have also recently issued reports on the stock. Stephens set a $54.00 price objective on shares of Covenant Logistics Group and gave the stock an “overweight” rating in a report on Friday, July 31st. Citizens Jmp began coverage on Covenant Logistics Group in a report on Wednesday, July 15th. They set a “market outperform” rating and a $60.00 target price on the stock. Wall Street Zen cut Covenant Logistics Group from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. National Bank Financial set a $60.00 price target on Covenant Logistics Group in a research note on Wednesday, July 15th. Finally, Citigroup assumed coverage on Covenant Logistics Group in a report on Wednesday, July 15th. They set an “outperform” rating on the stock. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $51.80.

Covenant Logistics Group Trading Up 0.5%

Shares of NYSE CVLG opened at $35.22 on Monday. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.10 and a current ratio of 1.14. The stock has a market cap of $893.88 million, a price-to-earnings ratio of 320.21 and a beta of 1.29. Covenant Logistics Group has a 52 week low of $18.00 and a 52 week high of $49.88. The business has a 50 day simple moving average of $39.51 and a 200 day simple moving average of $35.68.

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Man Group plc lifted its position in Covenant Logistics Group by 3.5% during the 4th quarter. Man Group plc now owns 10,780 shares of the company’s stock worth $238,000 after acquiring an additional 365 shares during the last quarter. Corient Private Wealth LLC grew its position in shares of Covenant Logistics Group by 1.1% in the fourth quarter. Corient Private Wealth LLC now owns 41,740 shares of the company’s stock valued at $920,000 after purchasing an additional 446 shares during the last quarter. BNP Paribas Financial Markets increased its stake in shares of Covenant Logistics Group by 45.3% in the second 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 period. Two Sigma Investments LP increased its stake in shares of Covenant Logistics Group by 2.7% in the third quarter. Two Sigma Investments LP now owns 40,982 shares of the company’s stock worth $888,000 after purchasing an additional 1,068 shares during the period. Finally, Price T Rowe Associates Inc. MD grew its stake in shares of Covenant Logistics Group by 6.4% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 17,705 shares of the company’s stock worth $391,000 after acquiring an additional 1,072 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 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.