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

Wall Street Zen lowered shares of Covenant Logistics Group (NYSE:CVLG) from a buy rating to a hold rating in a report published on Saturday.

CVLG has been the subject of a number of other reports. Stephens set a $54.00 price target on Covenant Logistics Group and gave the company an “overweight” rating in a report on Friday, July 31st. Zacks Research upgraded shares of Covenant Logistics Group from a “hold” rating to a “strong-buy” rating in a research report on Monday, July 13th. Citizens Jmp initiated coverage on shares of Covenant Logistics Group in a report on Wednesday, July 15th. They set a “market outperform” rating and a $60.00 price objective on the stock. National Bank Financial set a $60.00 price objective on shares of Covenant Logistics Group in a research report on Wednesday, July 15th. Finally, TD Cowen boosted their target price on shares of Covenant Logistics Group from $30.00 to $35.00 and gave the stock a “buy” rating in a research note on Monday, April 27th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $52.25.

Covenant Logistics Group Trading Down 3.4%

CVLG stock opened at $33.47 on Friday. The business has a fifty day moving average price of $43.29 and a 200 day moving average price of $34.64. Covenant Logistics Group has a fifty-two week low of $18.00 and a fifty-two week high of $49.88. The stock has a market capitalization of $842.44 million, a price-to-earnings ratio of 304.30 and a beta of 1.32. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.04 and a quick ratio of 1.01.

Covenant Logistics Group (NYSE:CVLG) last posted its quarterly earnings data 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 return on equity of 9.15% and a net margin of 0.31%. Analysts expect that Covenant Logistics Group will post 1.6 EPS for the current fiscal year.

Insider Buying and Selling

In other news, EVP Joey Ballard sold 4,282 shares of the business’s stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $37.40, for a total value of $160,146.80. Following the completion of the transaction, the executive vice president owned 20,867 shares of the company’s stock, valued at $780,425.80. The trade was a 17.03% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Joey B. Hogan sold 12,800 shares of Covenant Logistics Group stock in a transaction dated Wednesday, May 27th. The stock was sold at an average price of $39.18, for a total value of $501,504.00. Following the transaction, the director owned 91,294 shares in the company, valued at approximately $3,576,898.92. This represents a 12.30% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 24,800 shares of company stock valued at $963,535. Corporate insiders own 36.70% of the company’s stock.

Institutional Trading of Covenant Logistics Group

A number of institutional investors have recently modified their holdings of CVLG. Quarry LP bought a new position in shares of Covenant Logistics Group during the third quarter worth about $33,000. BNP Paribas Financial Markets grew 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 acquiring an additional 487 shares in the last quarter. Raymond James Financial Inc. bought a new position in shares of Covenant Logistics Group during the 2nd quarter worth approximately $39,000. Tower Research Capital LLC TRC raised its holdings in shares of Covenant Logistics Group by 127.1% in the second quarter. Tower Research Capital LLC TRC now owns 1,971 shares of the company’s stock valued at $48,000 after purchasing an additional 1,103 shares during the last quarter. Finally, State of Alaska Department of Revenue lifted its position in shares of Covenant Logistics Group by 204.6% in the fourth quarter. State of Alaska Department of Revenue now owns 3,515 shares of the company’s stock worth $77,000 after purchasing an additional 2,361 shares in the last quarter. 83.72% of the stock is currently owned by institutional investors.

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.