Covenant Logistics Group, Inc. $CVLG Stake Boosted by Penn Capital Management Company LLC

Penn Capital Management Company LLC increased its holdings in Covenant Logistics Group, Inc. (NYSE:CVLG) by 190.2% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 60,971 shares of the company’s stock after buying an additional 39,958 shares during the quarter. Penn Capital Management Company LLC owned 0.24% of Covenant Logistics Group worth $1,971,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in CVLG. Ranger Investment Management L.P. purchased a new stake in Covenant Logistics Group during the second quarter valued at approximately $10,456,000. Sei Investments Co. raised its position in Covenant Logistics Group by 95.8% in the first quarter. Sei Investments Co. now owns 51,766 shares of the company’s stock worth $1,405,000 after acquiring an additional 25,331 shares during the period. Quantinno Capital Management LP boosted its stake in shares of Covenant Logistics Group by 61.1% during the 1st quarter. Quantinno Capital Management LP now owns 38,453 shares of the company’s stock worth $1,044,000 after acquiring an additional 14,590 shares during the last quarter. Prescott Group Capital Management L.L.C. grew its position in shares of Covenant Logistics Group by 25.0% during the 3rd quarter. Prescott Group Capital Management L.L.C. now owns 20,000 shares of the company’s stock valued at $646,000 after acquiring an additional 4,000 shares during the period. Finally, Inspire Investing LLC grew its position in shares of Covenant Logistics Group by 26.5% during the 3rd quarter. Inspire Investing LLC now owns 19,506 shares of the company’s stock valued at $630,000 after acquiring an additional 4,083 shares during the period. 83.72% of the stock is currently owned by institutional investors.

Covenant Logistics Group Stock Performance

CVLG opened at $32.71 on Tuesday. The firm has a market cap of $830.26 million, a P/E ratio of 204.46 and a beta of 1.44. Covenant Logistics Group, Inc. has a 1-year low of $18.00 and a 1-year high of $49.88. The company has a 50 day simple moving average of $32.65 and a two-hundred day simple moving average of $34.15. 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 (NYSE:CVLG) last announced its quarterly earnings data on Thursday, October 29th. The company reported $0.50 EPS for the quarter, beating the consensus estimate of $0.44 by $0.06. Covenant Logistics Group had a net margin of 0.42% and a return on equity of 9.64%. The firm had revenue of $353.89 million for the quarter. Equities analysts forecast that Covenant Logistics Group, Inc. will post 1.71 earnings per share for the current fiscal year.

Analyst Ratings Changes

CVLG has been the subject of several analyst reports. TD Cowen reduced their price objective on Covenant Logistics Group from $43.00 to $42.00 and set a “buy” rating for the company in a research note on Monday, October 5th. National Bank Financial set a $60.00 target price on Covenant Logistics Group in a research report on Wednesday, July 15th. Zacks Research lowered Covenant Logistics Group from a “strong-buy” rating to a “hold” rating in a report on Monday, September 7th. Wall Street Zen cut Covenant Logistics Group from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. Finally, Citizens Jmp started coverage on Covenant Logistics Group in a research report on Wednesday, July 15th. They issued a “market outperform” rating and a $60.00 price target for the company. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $53.20.

About Covenant Logistics Group

Covenant Logistics Group, Inc is a transportation and logistics company headquartered in Chattanooga, Tennessee. Founded in 1986, the company provides freight transportation, supply chain management and related logistics services to customers across North America.

Its operations include expedited and dedicated truckload transportation, refrigerated and temperature-controlled freight, freight brokerage, managed transportation and warehousing. Covenant also provides final-mile delivery, cross-docking, fulfillment and other distribution services designed to support customers’ supply chains.

The company serves a range of industries, including retail, consumer goods, food and beverage, automotive and manufacturing.