Covenant Logistics Group (NYSE:CVLG) Stock Rating Upgraded by Robert W. Baird

Covenant Logistics Group (NYSE:CVLG) was upgraded by analysts at Robert W. Baird to a “strong-buy” rating in a research report issued on Wednesday,Zacks.com reports.

Other equities analysts also recently issued research reports about the stock. Wall Street Zen downgraded shares of Covenant Logistics Group from a “buy” rating to a “hold” rating in a report on Saturday, August 8th. Citigroup began coverage on Covenant Logistics Group in a research note on Wednesday, July 15th. They set an “outperform” rating for the company. Zacks Research upgraded Covenant Logistics Group from a “hold” rating to a “strong-buy” rating in a report on Monday, July 13th. National Bank Financial set a $60.00 price objective on Covenant Logistics Group in a research note on Wednesday, July 15th. Finally, Citizens Jmp began coverage on Covenant Logistics Group in a research report on Wednesday, July 15th. They set a “market outperform” rating and a $60.00 target price for the company. Two analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Covenant Logistics Group currently has a consensus rating of “Buy” and an average price target of $51.80.

Covenant Logistics Group Stock Up 1.1%

Shares of CVLG stock opened at $34.64 on Wednesday. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.14 and a quick ratio of 1.10. Covenant Logistics Group has a one year low of $18.00 and a one year high of $49.88. The company’s fifty day moving average price is $41.79 and its 200-day moving average price is $35.11. The company has a market capitalization of $879.16 million, a price-to-earnings ratio of 314.94 and a beta of 1.32.

Covenant Logistics Group (NYSE:CVLG) last issued its quarterly earnings results on Wednesday, July 29th. The company reported $0.42 earnings per share (EPS) for the quarter. Covenant Logistics Group had a return on equity of 9.14% and a net margin of 0.31%.The business had revenue of $332.87 million during the quarter. Sell-side analysts expect that Covenant Logistics Group will post 1.6 EPS for the current fiscal year.

Insider Buying and Selling at Covenant Logistics Group

In other news, EVP Joey Ballard sold 4,000 shares of the stock in a transaction on Monday, June 1st. The shares were sold at an average price of $40.15, for a total value of $160,600.00. Following the sale, the executive vice president owned 13,149 shares of the company’s stock, valued at approximately $527,932.35. This represents a 23.32% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Joey B. Hogan sold 12,800 shares of the firm’s stock in a transaction that occurred on Wednesday, May 27th. The stock was sold at an average price of $39.18, for a total value of $501,504.00. Following the sale, the director directly owned 91,294 shares of the company’s stock, valued at $3,576,898.92. This represents a 12.30% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 20,518 shares of company stock worth $803,388 in the last 90 days. 36.70% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Covenant Logistics Group

Institutional investors have recently bought and sold shares of the business. Public Employees Retirement System of Ohio bought a new stake in Covenant Logistics Group during the second quarter valued at about $631,000. Ranger Investment Management L.P. purchased a new position in Covenant Logistics Group in the second quarter valued at about $10,456,000. Janus Henderson Group PLC bought a new position in Covenant Logistics Group in the first quarter worth about $245,000. Quantinno Capital Management LP lifted its position in shares of Covenant Logistics Group by 61.1% during the first quarter. Quantinno Capital Management LP now owns 38,453 shares of the company’s stock valued at $1,044,000 after buying an additional 14,590 shares during the last quarter. Finally, Sei Investments Co. boosted its holdings in shares of Covenant Logistics Group by 95.8% in the 1st quarter. Sei Investments Co. now owns 51,766 shares of the company’s stock valued at $1,405,000 after buying an additional 25,331 shares in the last quarter. 83.72% of the stock is owned by hedge funds and other institutional investors.

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.