Covenant Logistics Group (NYSE:CVLG) Cut to Strong Sell at Zacks Research

Zacks Research downgraded shares of Covenant Logistics Group (NYSE:CVLG) from a hold rating to a strong sell rating in a report issued on Wednesday morning,Zacks.com reports.

Separately, Weiss Ratings restated a “hold (c)” rating on shares of Covenant Logistics Group in a research report on Friday, January 9th. One research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Covenant Logistics Group presently has a consensus rating of “Hold” and a consensus price target of $30.00.

Covenant Logistics Group Price Performance

Shares of NYSE CVLG opened at $26.62 on Wednesday. The company has a current ratio of 1.01, a quick ratio of 0.98 and a debt-to-equity ratio of 0.49. The company’s 50-day moving average price is $22.64 and its 200 day moving average price is $22.67. Covenant Logistics Group has a 52 week low of $17.46 and a 52 week high of $29.47. The stock has a market cap of $666.83 million, a price-to-earnings ratio of 22.37 and a beta of 1.21.

Covenant Logistics Group (NYSE:CVLG) last announced its quarterly earnings results on Wednesday, October 22nd. The company reported $0.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.45 by ($0.01). The business had revenue of $268.84 million during the quarter. Covenant Logistics Group had a net margin of 2.81% and a return on equity of 10.82%.

Institutional Trading of Covenant Logistics Group

A number of hedge funds have recently bought and sold shares of the company. Royal Bank of Canada raised its holdings in Covenant Logistics Group by 90.5% in the 1st quarter. Royal Bank of Canada now owns 24,108 shares of the company’s stock valued at $535,000 after acquiring an additional 11,454 shares during the last quarter. AQR Capital Management LLC boosted its holdings in shares of Covenant Logistics Group by 97.5% during the first quarter. AQR Capital Management LLC now owns 88,761 shares of the company’s stock worth $1,970,000 after purchasing an additional 43,816 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position 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 valued at $213,000 after purchasing an additional 4,985 shares during the period. Goldman Sachs Group Inc. increased its stake in Covenant Logistics Group by 161.8% in the first quarter. Goldman Sachs Group Inc. now owns 179,304 shares of the company’s stock valued at $3,981,000 after purchasing an additional 110,810 shares during the last quarter. Finally, Jane Street Group LLC increased its stake in Covenant Logistics Group by 27.6% in the first quarter. Jane Street Group LLC now owns 21,937 shares of the company’s stock valued at $487,000 after purchasing an additional 4,743 shares during the last quarter. Institutional investors and hedge funds 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.