Wall Street Zen Downgrades Covenant Logistics Group (NYSE:CVLG) to Hold

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

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

Covenant Logistics Group Price Performance

Shares of NYSE:CVLG opened at $26.44 on Friday. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.98 and a current ratio of 1.11. The business’s fifty day moving average price is $26.82 and its two-hundred day moving average price is $23.47. The stock has a market cap of $662.24 million, a PE ratio of 120.19 and a beta of 1.16. Covenant Logistics Group has a one year low of $17.46 and a one year high of $30.43.

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

Insiders Place Their Bets

In other Covenant Logistics Group news, CEO David Ray Parker sold 30,400 shares of the stock in a transaction on Friday, February 20th. The shares were sold at an average price of $29.18, for a total value of $887,072.00. Following the completion of the sale, the chief executive officer directly owned 2,047,544 shares of the company’s stock, valued at $59,747,333.92. This represents a 1.46% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Over the last ninety days, insiders have sold 438,800 shares of company stock valued at $12,826,748. 35.10% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. American Century Companies Inc. increased its stake in Covenant Logistics Group by 10.1% during the second quarter. American Century Companies Inc. now owns 529,304 shares of the company’s stock valued at $12,762,000 after acquiring an additional 48,582 shares during the period. Boston Partners lifted its position in shares of Covenant Logistics Group by 21.8% in the 2nd quarter. Boston Partners now owns 31,012 shares of the company’s stock worth $748,000 after acquiring an additional 5,551 shares during the period. CSM Advisors LLC bought a new stake in shares of Covenant Logistics Group in the 2nd quarter worth approximately $9,458,000. Ranger Investment Management L.P. acquired a new stake in shares of Covenant Logistics Group during the 2nd quarter worth approximately $4,450,000. Finally, Russell Investments Group Ltd. grew its holdings in shares of Covenant Logistics Group by 97.8% during the 2nd quarter. Russell Investments Group Ltd. now owns 304,445 shares of the company’s stock worth $7,340,000 after purchasing an additional 150,523 shares in the last quarter. Institutional investors and hedge funds own 83.72% of the company’s stock.

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.