Covenant Logistics Group (NYSE:CVLG) Trading Down 11.1% – Should You Sell?

Covenant Logistics Group, Inc. (NYSE:CVLG) shares dropped 11.1% on Thursday . The company traded as low as $36.61 and last traded at $36.89. Approximately 156,347 shares changed hands during trading, a decline of 12% from the average session volume of 176,721 shares. The stock had previously closed at $41.50.

Analyst Ratings Changes

A number of research firms recently commented on CVLG. Wall Street Zen raised shares of Covenant Logistics Group from a “hold” rating to a “buy” rating in a research report on Sunday, July 12th. Stephens began coverage on shares of Covenant Logistics Group in a research report on Wednesday, July 8th. They set an “overweight” rating and a $60.00 target price on the stock. Zacks Research raised shares of Covenant Logistics Group from a “hold” rating to a “strong-buy” rating in a report on Monday, July 13th. Citigroup initiated coverage on shares of Covenant Logistics Group in a research report on Wednesday, July 15th. They issued an “outperform” rating for the company. Finally, National Bank Financial set a $60.00 price target on Covenant Logistics Group in a research report on Wednesday, July 15th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $53.75.

Covenant Logistics Group Trading Down 12.7%

The firm’s fifty day simple moving average is $43.86 and its 200 day simple moving average is $34.09. The stock has a market capitalization of $911.91 million, a P/E ratio of 241.53 and a beta of 1.29. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.01 and a current ratio of 1.04.

Covenant Logistics Group (NYSE:CVLG) last announced its quarterly earnings data on Wednesday, July 29th. The company reported $0.42 earnings per share (EPS) for the quarter. Covenant Logistics Group had a net margin of 0.42% and a return on equity of 9.41%. The business had revenue of $332.87 million for the quarter. As a group, equities research analysts forecast that Covenant Logistics Group, Inc. will post 1.6 EPS for the current fiscal year.

Insider Activity

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

Hedge Funds Weigh In On Covenant Logistics Group

A number of hedge funds have recently bought and sold shares of the company. Janus Henderson Group PLC acquired a new position in Covenant Logistics Group in the first quarter valued at $245,000. Quantinno Capital Management LP grew its stake in Covenant Logistics Group by 61.1% during the first quarter. Quantinno Capital Management LP now owns 38,453 shares of the company’s stock worth $1,044,000 after purchasing an additional 14,590 shares during the period. Sei Investments Co. lifted its stake in Covenant Logistics Group by 95.8% in the first 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 during the period. DGS Capital Management LLC boosted its holdings in shares of Covenant Logistics Group by 8.1% during the 1st quarter. DGS Capital Management LLC now owns 14,613 shares of the company’s stock worth $397,000 after buying an additional 1,092 shares in the last quarter. Finally, 1492 Capital Management LLC bought a new position in shares of Covenant Logistics Group during the 1st quarter worth approximately $241,000. Institutional investors own 83.72% of the company’s stock.

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.