Zacks Research Downgrades Covenant Logistics Group (NYSE:CVLG) to Hold

Covenant Logistics Group (NYSE:CVLG) was downgraded by stock analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Monday, Zacks reports.

Other analysts have also issued reports about the company. Wall Street Zen lowered Covenant Logistics Group from a “buy” rating to a “hold” rating in a report on Saturday, August 8th. Citizens Jmp assumed coverage on Covenant Logistics Group in a report on Wednesday, July 15th. They set a “market outperform” rating and a $60.00 price objective for the company. National Bank Financial set a $60.00 target price on Covenant Logistics Group in a research report on Wednesday, July 15th. Citigroup started coverage on Covenant Logistics Group in a research note on Wednesday, July 15th. They issued an “outperform” rating on the stock. Finally, Stephens set a $54.00 price target on Covenant Logistics Group and gave the stock an “overweight” rating in a research report on Friday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, Covenant Logistics Group presently has a consensus rating of “Moderate Buy” and an average price target of $51.80.

Covenant Logistics Group Trading Up 0.5%

CVLG opened at $35.22 on Monday. The stock has a market capitalization of $893.88 million, a P/E ratio of 320.21 and a beta of 1.29. Covenant Logistics Group has a 12 month low of $18.00 and a 12 month high of $49.88. The firm’s fifty day simple moving average is $39.51 and its 200 day simple moving average is $35.68. The company has a current ratio of 1.14, a quick ratio of 1.10 and a debt-to-equity ratio of 0.55.

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

Institutional Trading of Covenant Logistics Group

Hedge funds and other institutional investors have recently modified their holdings of the stock. Man Group plc increased its position in shares of Covenant Logistics Group by 3.5% in the fourth quarter. Man Group plc now owns 10,780 shares of the company’s stock valued at $238,000 after acquiring an additional 365 shares during the last quarter. Corient Private Wealth LLC boosted its position in Covenant Logistics Group by 1.1% during the fourth quarter. Corient Private Wealth LLC now owns 41,740 shares of the company’s stock valued at $920,000 after purchasing an additional 446 shares during the last quarter. BNP Paribas Financial Markets boosted its position in Covenant Logistics Group by 45.3% during the second quarter. BNP Paribas Financial Markets now owns 1,562 shares of the company’s stock valued at $38,000 after purchasing an additional 487 shares during the last quarter. Two Sigma Investments LP grew its stake in Covenant Logistics Group by 2.7% in the third quarter. Two Sigma Investments LP now owns 40,982 shares of the company’s stock valued at $888,000 after purchasing an additional 1,068 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD grew its stake in Covenant Logistics Group by 6.4% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 17,705 shares of the company’s stock valued at $391,000 after purchasing an additional 1,072 shares in the last quarter. Institutional investors and hedge funds 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.