Covenant Logistics Group (NYSE:CVLG) Upgraded to “Strong-Buy” at Robert W. Baird

Robert W. Baird upgraded shares of Covenant Logistics Group (NYSE:CVLG) to a strong-buy rating in a report released on Wednesday morning,Zacks.com reports.

Several other analysts also recently commented on CVLG. TD Cowen increased their price objective on Covenant Logistics Group from $30.00 to $35.00 and gave the stock a “buy” rating in a research note on Monday, April 27th. Wall Street Zen cut Covenant Logistics Group from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. Zacks Research upgraded Covenant Logistics Group from a “hold” rating to a “strong-buy” rating in a report on Monday, July 13th. Stephens set a $54.00 price target on Covenant Logistics Group and gave the company an “overweight” rating in a research report on Friday, July 31st. Finally, National Bank Financial set a $60.00 price objective on Covenant Logistics Group in a research note on Wednesday, July 15th. Two equities research analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of $51.80.

Covenant Logistics Group Trading Up 1.1%

NYSE:CVLG 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 has a market cap of $879.16 million, a PE ratio of 314.94 and a beta of 1.32. The firm has a 50-day moving average of $41.79 and a 200-day moving average of $35.11.

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

Insider Activity

In other news, EVP Joey Ballard sold 4,000 shares of the business’s stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $40.15, for a total value of $160,600.00. Following the transaction, the executive vice president owned 13,149 shares in the company, valued at $527,932.35. The trade was a 23.32% 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 the company’s stock in a transaction that occurred 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 directly owned 91,294 shares of the company’s stock, valued at approximately $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. In the last quarter, insiders sold 20,518 shares of company stock valued at $803,388. Company insiders own 36.70% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of CVLG. Polaris Capital Management LLC boosted its stake in Covenant Logistics Group by 1,061.0% in the fourth quarter. Polaris Capital Management LLC now owns 56,682 shares of the company’s stock valued at $1,249,000 after acquiring an additional 51,800 shares during the last quarter. Prescott Group Capital Management L.L.C. purchased a new stake in shares of Covenant Logistics Group during the 4th quarter worth approximately $353,000. Wesbanco Bank Inc. purchased a new stake in shares of Covenant Logistics Group during the 4th quarter worth approximately $474,000. Quantinno Capital Management LP raised its holdings in shares of Covenant Logistics Group by 61.1% in the 1st 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. Finally, Royce & Associates LP lifted its stake in Covenant Logistics Group by 6.1% in the fourth quarter. Royce & Associates LP now owns 316,868 shares of the company’s stock valued at $6,984,000 after purchasing an additional 18,220 shares during the last quarter. Institutional investors own 83.72% of the company’s stock.

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.