Ranger Investment Management L.P. Makes New Investment in Covenant Logistics Group, Inc. $CVLG

Ranger Investment Management L.P. acquired a new position in shares of Covenant Logistics Group, Inc. (NYSE:CVLG) in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 236,658 shares of the company’s stock, valued at approximately $10,456,000. Ranger Investment Management L.P. owned 0.94% of Covenant Logistics Group as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in the company. T. Rowe Price Investment Management Inc. increased its stake in shares of Covenant Logistics Group by 46.6% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 714,516 shares of the company’s stock worth $15,748,000 after purchasing an additional 227,216 shares during the period. Goldman Sachs Group Inc. lifted its holdings in Covenant Logistics Group by 161.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 179,304 shares of the company’s stock worth $3,981,000 after purchasing an additional 110,810 shares during the last quarter. Algert Global LLC boosted its stake in Covenant Logistics Group by 655.0% in the 3rd quarter. Algert Global LLC now owns 110,144 shares of the company’s stock valued at $2,386,000 after purchasing an additional 95,556 shares during the period. Russell Investments Group Ltd. boosted its stake in Covenant Logistics Group by 19.2% in the 3rd quarter. Russell Investments Group Ltd. now owns 363,022 shares of the company’s stock valued at $7,863,000 after purchasing an additional 58,577 shares during the period. Finally, Lazard Asset Management LLC grew its holdings in Covenant Logistics Group by 397.4% in the 3rd quarter. Lazard Asset Management LLC now owns 62,250 shares of the company’s stock valued at $1,348,000 after buying an additional 49,735 shares in the last quarter. Institutional investors own 83.72% of the company’s stock.

Covenant Logistics Group Price Performance

Shares of NYSE CVLG opened at $35.20 on Monday. The business has a fifty day moving average price of $41.59 and a two-hundred day moving average price of $35.17. The stock has a market capitalization of $893.38 million, a PE ratio of 320.03 and a beta of 1.32. 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, Inc. has a fifty-two week low of $18.00 and a fifty-two week high of $49.88.

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

Analysts Set New Price Targets

CVLG has been the subject of a number of research reports. Weiss Ratings downgraded Covenant Logistics Group from a “hold (c)” rating to a “sell (d+)” rating in a report on Tuesday, August 11th. Robert W. Baird set a $50.00 price target on shares of Covenant Logistics Group and gave the company an “outperform” rating in a research note on Wednesday. National Bank Financial set a $60.00 price target on shares of Covenant Logistics Group in a research report on Wednesday, July 15th. TD Cowen lifted their price objective on shares of Covenant Logistics Group from $30.00 to $35.00 and gave the stock a “buy” rating in a research note on Monday, April 27th. Finally, Wall Street Zen downgraded shares of Covenant Logistics Group from a “buy” rating to a “hold” rating in a report on Saturday, August 8th. Two investment analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $51.80.

Insider Activity

In other Covenant Logistics Group news, Director Joey B. Hogan sold 12,800 shares of the firm’s stock in a transaction dated Wednesday, May 27th. The shares were sold at an average price of $39.18, for a total value of $501,504.00. Following the transaction, the director directly owned 91,294 shares of the company’s stock, valued at $3,576,898.92. This trade represents a 12.30% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Joey Ballard sold 4,000 shares of the firm’s stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $40.15, for a total transaction of $160,600.00. Following the completion of the transaction, the executive vice president directly owned 13,149 shares in the company, valued at approximately $527,932.35. This represents a 23.32% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 20,518 shares of company stock valued at $803,388 in the last ninety days. 36.70% of the stock is currently owned by company insiders.

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.