Covenant Logistics Group (NYSE:CVLG) Upgraded by Zacks Research to “Strong-Buy” Rating

Zacks Research upgraded shares of Covenant Logistics Group (NYSE:CVLG) from a hold rating to a strong-buy rating in a research note published on Monday,Zacks.com reports.

A number of other analysts have also recently issued reports on the company. TD Cowen increased their target price on Covenant Logistics Group from $30.00 to $35.00 and gave the stock a “buy” rating in a research note on Monday, April 27th. Wall Street Zen upgraded shares of Covenant Logistics Group from a “hold” rating to a “buy” rating in a report on Sunday. Stephens initiated coverage on shares of Covenant Logistics Group in a research report on Wednesday, July 8th. They set an “overweight” rating and a $60.00 price objective for the company. Citigroup began coverage on shares of Covenant Logistics Group in a report on Wednesday. They set an “outperform” rating on the stock. Finally, Weiss Ratings lowered shares of Covenant Logistics Group from a “hold (c)” rating to a “hold (c-)” rating in a research note on Tuesday, July 7th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $47.50.

Covenant Logistics Group Stock Performance

CVLG stock opened at $46.39 on Monday. Covenant Logistics Group has a 1-year low of $18.00 and a 1-year high of $47.24. The company has a current ratio of 1.04, a quick ratio of 1.01 and a debt-to-equity ratio of 0.50. The firm has a market cap of $1.17 billion, a PE ratio of 309.27 and a beta of 1.29. The business’s 50-day moving average price is $41.03 and its two-hundred day moving average price is $32.26.

Covenant Logistics Group (NYSE:CVLG) last announced its quarterly earnings results on Thursday, April 23rd. The company reported $0.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.35 by ($0.09). Covenant Logistics Group had a return on equity of 9.41% and a net margin of 0.42%.The business had revenue of $307.16 million during the quarter. As a group, research analysts forecast that Covenant Logistics Group will post 1.6 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Joey B. Hogan sold 14,700 shares of the stock in a transaction on Tuesday, April 28th. The shares were sold at an average price of $34.76, for a total transaction of $510,972.00. Following the completion of the transaction, the director owned 104,094 shares in the company, valued at approximately $3,618,307.44. This represents a 12.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director D Michael Kramer sold 2,650 shares of Covenant Logistics Group stock in a transaction on Wednesday, April 29th. The shares were sold at an average price of $34.72, for a total transaction of $92,008.00. Following the completion of the sale, the director owned 22,086 shares in the company, valued at $766,825.92. The trade was a 10.71% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 42,150 shares of company stock worth $1,566,515. 36.70% of the stock is owned by insiders.

Hedge Funds Weigh In On Covenant Logistics Group

Several hedge funds have recently modified their holdings of the stock. T. Rowe Price Investment Management Inc. boosted its position in 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 valued at $15,748,000 after purchasing an additional 227,216 shares during the last quarter. LSV Asset Management raised its stake in shares of Covenant Logistics Group by 0.3% during the 4th quarter. LSV Asset Management now owns 453,604 shares of the company’s stock worth $9,997,000 after purchasing an additional 1,314 shares in the last quarter. Russell Investments Group Ltd. boosted its holdings in shares of Covenant Logistics Group by 15.6% in the 4th quarter. Russell Investments Group Ltd. now owns 419,773 shares of the company’s stock valued at $9,252,000 after buying an additional 56,751 shares during the last quarter. Royce & Associates LP boosted its holdings in shares of Covenant Logistics Group by 6.1% in the 4th quarter. Royce & Associates LP now owns 316,868 shares of the company’s stock valued at $6,984,000 after buying an additional 18,220 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Covenant Logistics Group by 19.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 299,530 shares of the company’s stock valued at $6,602,000 after buying an additional 48,571 shares in the last quarter. Institutional investors own 83.72% of the company’s stock.

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.