Covenant Logistics Group (NYSE:CVLG) Stock Rating Lowered by Zacks Research

Covenant Logistics Group (NYSE:CVLG) was downgraded by stock analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a report issued on Wednesday,Zacks.com reports.

Separately, Weiss Ratings reiterated a “hold (c)” rating on shares of Covenant Logistics Group in a research report on Friday, January 9th. Two equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Covenant Logistics Group presently has an average rating of “Hold” and an average target price of $33.00.

Covenant Logistics Group Price Performance

CVLG stock opened at $27.00 on Wednesday. The stock’s 50 day moving average price is $22.49 and its 200 day moving average price is $22.65. The firm has a market cap of $676.35 million, a P/E ratio of 22.69 and a beta of 1.21. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.98 and a current ratio of 1.01. Covenant Logistics Group has a 1 year low of $17.46 and a 1 year high of $29.47.

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

Hedge Funds Weigh In On Covenant Logistics Group

Institutional investors have recently added to or reduced their stakes in the business. Patton Albertson Miller Group LLC boosted its stake in Covenant Logistics Group by 0.7% in the 2nd quarter. Patton Albertson Miller Group LLC now owns 580,528 shares of the company’s stock worth $13,997,000 after buying an additional 4,278 shares during the last quarter. American Century Companies Inc. lifted its holdings in shares of Covenant Logistics Group by 10.1% during the 2nd quarter. American Century Companies Inc. now owns 529,304 shares of the company’s stock worth $12,762,000 after acquiring an additional 48,582 shares during the period. LSV Asset Management lifted its holdings in shares of Covenant Logistics Group by 4.5% during the 3rd quarter. LSV Asset Management now owns 452,290 shares of the company’s stock worth $9,797,000 after acquiring an additional 19,464 shares during the period. CSM Advisors LLC boosted its position in shares of Covenant Logistics Group by 2.9% in the third quarter. CSM Advisors LLC now owns 403,484 shares of the company’s stock worth $8,744,000 after acquiring an additional 11,217 shares during the last quarter. Finally, Geode Capital Management LLC grew its holdings in Covenant Logistics Group by 0.9% in the second quarter. Geode Capital Management LLC now owns 378,422 shares of the company’s stock valued at $9,125,000 after purchasing an additional 3,504 shares during the period. 83.72% of the stock is currently owned by institutional investors and hedge funds.

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.