Covenant Logistics Group (NYSE:CVLG) Issues Earnings Results, Misses Estimates By $0.09 EPS

Covenant Logistics Group (NYSE:CVLG) issued its earnings results on Thursday. The company reported $0.26 earnings per share for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.09), Zacks reports. Covenant Logistics Group had a net margin of 0.62% and a return on equity of 9.70%. The business had revenue of $307.16 million during the quarter.

Covenant Logistics Group Stock Performance

Covenant Logistics Group stock traded up $0.15 during mid-day trading on Thursday, reaching $31.15. 227,791 shares of the company’s stock were exchanged, compared to its average volume of 161,719. The firm has a market capitalization of $781.24 million, a PE ratio of 141.60 and a beta of 1.15. The business’s fifty day simple moving average is $27.96 and its 200 day simple moving average is $24.49. The company has a quick ratio of 1.08, a current ratio of 1.11 and a debt-to-equity ratio of 0.59. Covenant Logistics Group has a one year low of $18.00 and a one year high of $31.81.

Insider Activity

In related news, CEO David Ray Parker sold 30,400 shares of Covenant Logistics Group stock in a transaction dated Friday, February 20th. The stock was sold at an average price of $29.18, for a total value of $887,072.00. Following the completion of the sale, the chief executive officer owned 2,047,544 shares of the company’s stock, valued at approximately $59,747,333.92. This trade represents a 1.46% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders sold 438,800 shares of company stock valued at $12,826,748 in the last 90 days. Insiders own 36.70% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Royal Bank of Canada grew its stake in Covenant Logistics Group by 90.5% in the 1st quarter. Royal Bank of Canada now owns 24,108 shares of the company’s stock worth $535,000 after buying an additional 11,454 shares in the last quarter. AQR Capital Management LLC increased its position in shares of Covenant Logistics Group by 97.5% in the first quarter. AQR Capital Management LLC now owns 88,761 shares of the company’s stock valued at $1,970,000 after acquiring an additional 43,816 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Covenant Logistics Group by 108.3% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,586 shares of the company’s stock worth $213,000 after buying an additional 4,985 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake in Covenant Logistics Group by 161.8% in the first quarter. Goldman Sachs Group Inc. now owns 179,304 shares of the company’s stock worth $3,981,000 after acquiring an additional 110,810 shares during the period. Finally, Jane Street Group LLC lifted its stake in Covenant Logistics Group by 27.6% in the first quarter. Jane Street Group LLC now owns 21,937 shares of the company’s stock worth $487,000 after acquiring an additional 4,743 shares during the period. Institutional investors own 83.72% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Wall Street Zen cut Covenant Logistics Group from a “buy” rating to a “hold” rating in a research note on Sunday, March 8th. Zacks Research raised Covenant Logistics Group from a “strong sell” rating to a “hold” rating in a report on Friday, April 3rd. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Covenant Logistics Group in a research note on Friday, January 9th. One analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $30.00.

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.