Covenant Logistics Group (NYSE:CVLG) Shares Down 5% – Here’s What Happened

Covenant Logistics Group, Inc. (NYSE:CVLG) was down 5% during trading on Monday. The company traded as low as $29.16 and last traded at $29.17. 45,100 shares traded hands during mid-day trading, a decline of 76% from the average session volume of 185,352 shares. The stock had previously closed at $30.72.

Wall Street Analysts Forecast Growth

CVLG has been the subject of a number of research reports. Citizens Jmp started coverage on shares of 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. Stephens set a $54.00 price objective on Covenant Logistics Group and gave the stock an “overweight” rating in a report on Friday, July 31st. Zacks Research lowered Covenant Logistics Group from a “strong-buy” rating to a “hold” rating in a report on Monday, September 7th. Weiss Ratings upgraded Covenant Logistics Group from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Thursday, October 8th. Finally, National Bank Financial set a $60.00 target price on Covenant Logistics Group in a report on Wednesday, July 15th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $53.20.

Covenant Logistics Group Trading Up 0.5%

The company has a debt-to-equity ratio of 0.55, a current ratio of 1.14 and a quick ratio of 1.10. The firm has a market capitalization of $743.89 million, a PE ratio of 266.48 and a beta of 1.39. The business’s 50-day moving average price is $33.73 and its 200-day moving average price is $36.90.

Covenant Logistics Group (NYSE:CVLG) last announced its earnings results on Wednesday, July 29th. The company reported $0.42 EPS 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, analysts expect that Covenant Logistics Group, Inc. will post 1.55 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Ranger Investment Management L.P. acquired a new position in Covenant Logistics Group in the 2nd quarter valued at about $10,456,000. Sei Investments Co. raised its stake in Covenant Logistics Group by 95.8% during the 1st quarter. Sei Investments Co. now owns 51,766 shares of the company’s stock valued at $1,405,000 after acquiring an additional 25,331 shares during the last quarter. Wesbanco Bank Inc. raised its stake in Covenant Logistics Group by 88.4% during the 1st quarter. Wesbanco Bank Inc. now owns 40,500 shares of the company’s stock valued at $1,100,000 after acquiring an additional 19,000 shares during the last quarter. Quantinno Capital Management LP lifted its position in 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 period. Finally, Public Employees Retirement System of Ohio acquired a new stake in Covenant Logistics Group during the 2nd quarter worth approximately $631,000. 83.72% of the stock is currently owned by institutional investors and hedge funds.

About Covenant Logistics Group

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

Its operations include asset-based truckload transportation, dedicated transportation, expedited freight, refrigerated and dry-van services, brokerage, freight management, warehousing and distribution. Through these offerings, Covenant Logistics helps businesses move and manage goods while providing related supply chain and logistics support.

The company serves a range of industries and customer needs through a combination of company-owned equipment, contracted capacity and logistics services.