Royce & Associates LP Has $6.98 Million Position in Covenant Logistics Group, Inc. $CVLG

Royce & Associates LP raised its holdings in Covenant Logistics Group, Inc. (NYSE:CVLG) by 6.1% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 316,868 shares of the company’s stock after buying an additional 18,220 shares during the quarter. Royce & Associates LP’s holdings in Covenant Logistics Group were worth $6,984,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Polaris Capital Management LLC grew its holdings in Covenant Logistics Group by 1,061.0% in the 4th quarter. Polaris Capital Management LLC now owns 56,682 shares of the company’s stock valued at $1,249,000 after buying an additional 51,800 shares during the last quarter. LSV Asset Management grew its holdings in Covenant Logistics Group by 4.5% in the 3rd quarter. LSV Asset Management now owns 452,290 shares of the company’s stock valued at $9,797,000 after buying an additional 19,464 shares during the last quarter. Wesbanco Bank Inc. acquired a new stake in Covenant Logistics Group in the 4th quarter valued at approximately $474,000. Prescott Group Capital Management L.L.C. acquired a new stake in Covenant Logistics Group in the 4th quarter valued at approximately $353,000. Finally, Essex Investment Management Co. LLC grew its holdings in Covenant Logistics Group by 3.3% in the 3rd quarter. Essex Investment Management Co. LLC now owns 134,216 shares of the company’s stock valued at $2,907,000 after buying an additional 4,321 shares during the last quarter. Institutional investors and hedge funds own 83.72% of the company’s stock.

Covenant Logistics Group Stock Performance

CVLG opened at $39.50 on Friday. The stock has a market cap of $994.22 million, a PE ratio of 263.33 and a beta of 1.28. The company has a current ratio of 1.04, a quick ratio of 1.01 and a debt-to-equity ratio of 0.50. Covenant Logistics Group, Inc. has a 1 year low of $18.00 and a 1 year high of $40.00. The stock’s 50 day simple moving average is $31.34 and its 200-day simple moving average is $26.91.

Covenant Logistics Group (NYSE:CVLG) last released its quarterly earnings data on Thursday, April 23rd. The company reported $0.26 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.09). The firm had revenue of $307.16 million for the quarter. Covenant Logistics Group had a net margin of 0.42% and a return on equity of 9.41%. Sell-side analysts forecast that Covenant Logistics Group, Inc. will post 1.6 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on CVLG. Zacks Research raised Covenant Logistics Group from a “strong sell” rating to a “hold” rating in a report on Friday, April 3rd. TD Cowen raised their target price on Covenant Logistics Group from $30.00 to $35.00 and gave the company a “buy” rating in a report on Monday, April 27th. Finally, Wall Street Zen lowered Covenant Logistics Group from a “buy” rating to a “hold” rating in a report on Sunday, March 8th. One equities research analyst has rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $35.00.

Insider Activity

In other news, Director Joey B. Hogan sold 12,800 shares of the business’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 transaction of $501,504.00. Following the sale, the director directly owned 91,294 shares in the company, valued at approximately $3,576,898.92. The trade was a 12.30% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Joey Ballard sold 3,718 shares of the business’s stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $38.00, for a total value of $141,284.00. Following the sale, the executive vice president owned 17,149 shares in the company, valued at approximately $651,662. This represents a 17.82% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 38,150 shares of company stock worth $1,405,915. Company insiders own 36.70% of the company’s stock.

Covenant Logistics Group 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.