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

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

Covenant Logistics Group Price Performance

Covenant Logistics Group stock opened at $24.12 on Friday. The business has a 50-day simple moving average of $24.38 and a 200 day simple moving average of $23.05. Covenant Logistics Group has a 52 week low of $17.46 and a 52 week high of $30.77. The company has a quick ratio of 1.06, a current ratio of 1.09 and a debt-to-equity ratio of 0.52. The stock has a market cap of $603.48 million, a price-to-earnings ratio of 18.41 and a beta of 1.42.

Hedge Funds Weigh In On Covenant Logistics Group

A number of hedge funds and other institutional investors have recently modified their holdings of CVLG. Vanguard Group Inc. boosted its holdings in shares of Covenant Logistics Group by 106.6% in the 1st quarter. Vanguard Group Inc. now owns 959,196 shares of the company’s stock worth $21,294,000 after purchasing an additional 494,825 shares in the last quarter. CSM Advisors LLC purchased a new position in shares of Covenant Logistics Group in the 2nd quarter worth about $9,458,000. Patton Albertson Miller Group LLC boosted its holdings in shares of Covenant Logistics Group by 100.0% in the 1st quarter. Patton Albertson Miller Group LLC now owns 576,250 shares of the company’s stock worth $12,793,000 after purchasing an additional 288,125 shares in the last quarter. American Century Companies Inc. boosted its holdings in shares of Covenant Logistics Group by 128.5% in the 1st quarter. American Century Companies Inc. now owns 480,722 shares of the company’s stock worth $10,672,000 after purchasing an additional 270,372 shares in the last quarter. Finally, T. Rowe Price Investment Management Inc. boosted its holdings in shares of Covenant Logistics Group by 137.9% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 387,481 shares of the company’s stock worth $8,603,000 after purchasing an additional 224,617 shares in the last quarter. 83.72% of the stock is currently owned by hedge funds and other institutional investors.

About Covenant Logistics Group

Covenant Logistics Group, Inc, together with its subsidiaries, provides transportation and logistics services in the United States. It operates through four segments: Expedited, Dedicated, Managed Freight, and Warehousing. The Expedited segment primarily provides truckload services with high service freight and delivery standards, such as 1,000 miles in 22 hours or 15-minute delivery windows.