Covenant Logistics Group (NASDAQ:CVLG) Earns Overweight Rating from Stephens

Covenant Logistics Group (NASDAQ:CVLG)‘s stock had its “overweight” rating reissued by investment analysts at Stephens in a note issued to investors on Friday,Benzinga reports. They currently have a $36.00 price objective on the stock. Stephens’ target price suggests a potential upside of 30.84% from the stock’s previous close.

Separately, TD Cowen cut their target price on shares of Covenant Logistics Group from $35.00 to $34.50 and set a “buy” rating on the stock in a research note on Friday, October 25th.

Covenant Logistics Group Stock Down 5.0 %

Shares of CVLG stock traded down $1.44 during trading hours on Friday, reaching $27.52. 67,810 shares of the stock were exchanged, compared to its average volume of 105,191. The business’s fifty day moving average is $28.61 and its two-hundred day moving average is $27.07. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.10 and a quick ratio of 1.07. Covenant Logistics Group has a 12-month low of $21.51 and a 12-month high of $30.77. The firm has a market capitalization of $725.30 million, a P/E ratio of 18.10 and a beta of 1.41.

Covenant Logistics Group (NASDAQ:CVLG) last released its earnings results on Wednesday, October 23rd. The company reported $0.55 earnings per share for the quarter, topping analysts’ consensus estimates of $0.54 by $0.01. Covenant Logistics Group had a net margin of 3.72% and a return on equity of 13.43%. The firm had revenue of $287.89 million for the quarter. During the same quarter in the previous year, the company posted $0.57 earnings per share. As a group, research analysts expect that Covenant Logistics Group will post 1.99 EPS for the current fiscal year.

Insiders Place Their Bets

In other Covenant Logistics Group news, Director Bradley A. Moline sold 14,000 shares of the firm’s stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $29.82, for a total transaction of $417,480.00. Following the sale, the director now owns 93,984 shares of the company’s stock, valued at approximately $2,802,602.88. This trade represents a 12.96 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 36.50% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Covenant Logistics Group

Institutional investors have recently modified their holdings of the business. FMR LLC increased its holdings in shares of Covenant Logistics Group by 3,423.0% in the 3rd quarter. FMR LLC now owns 46,151 shares of the company’s stock valued at $2,439,000 after acquiring an additional 44,841 shares during the period. Victory Capital Management Inc. increased its holdings in shares of Covenant Logistics Group by 74.9% in the 3rd quarter. Victory Capital Management Inc. now owns 35,314 shares of the company’s stock valued at $1,866,000 after acquiring an additional 15,128 shares during the period. EMC Capital Management increased its holdings in shares of Covenant Logistics Group by 374.9% in the 3rd quarter. EMC Capital Management now owns 15,312 shares of the company’s stock valued at $809,000 after acquiring an additional 12,088 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in shares of Covenant Logistics Group by 24.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 109,639 shares of the company’s stock valued at $5,793,000 after acquiring an additional 21,401 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Covenant Logistics Group in the 3rd quarter valued at $477,000. 83.72% of the stock is owned by institutional investors and hedge funds.

Covenant Logistics Group Company Profile

Covenant Logistics Group, Inc, together with its subsidiaries, provides transportation and logistics services in the United States. It operates through four segments: Expedited, Dedicated, Managed Freight, and Warehousing. The Expedited segment primarily provides truckload services with high service freight and delivery standards, such as 1,000 miles in 22 hours or 15-minute delivery windows.