Covenant Logistics Group, Inc. (NYSE:CVLG – Get Free Report)’s share price dropped 3.2% during mid-day trading on Thursday . The company traded as low as $34.63 and last traded at $34.88. 7,950 shares traded hands during mid-day trading, a decline of 96% from the average daily volume of 189,511 shares. The stock had previously closed at $36.05.
Wall Street Analysts Forecast Growth
Several equities research analysts have weighed in on CVLG shares. Citizens Jmp started coverage on shares of Covenant Logistics Group in a research note on Wednesday, July 15th. They issued a “market outperform” rating and a $60.00 target price for the company. Citigroup initiated coverage on Covenant Logistics Group in a research report on Wednesday, July 15th. They set an “outperform” rating on the stock. Stephens set a $54.00 price objective on Covenant Logistics Group and gave the stock an “overweight” rating in a research report on Friday, July 31st. Zacks Research downgraded Covenant Logistics Group from a “strong-buy” rating to a “hold” rating in a research note on Monday, September 7th. Finally, Weiss Ratings downgraded Covenant Logistics Group from a “hold (c-)” rating to a “sell (d+)” rating in a report on Friday, September 11th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $51.80.
Get Our Latest Stock Analysis on CVLG
Covenant Logistics Group Stock Up 0.6%
Covenant Logistics Group (NYSE:CVLG – Get Free Report) last issued its earnings results on Wednesday, July 29th. The company reported $0.42 EPS for the quarter. Covenant Logistics Group had a return on equity of 9.14% and a net margin of 0.31%.The firm had revenue of $332.87 million for the quarter. On average, equities analysts expect that Covenant Logistics Group, Inc. will post 1.6 earnings per share for the current year.
Institutional Trading of Covenant Logistics Group
Hedge funds and other institutional investors have recently made changes to their positions in the business. MCF Advisors LLC grew its stake in shares of Covenant Logistics Group by 96.4% during the 2nd quarter. MCF Advisors LLC now owns 754 shares of the company’s stock worth $33,000 after purchasing an additional 370 shares during the period. Public Employees Retirement System of Ohio purchased a new stake in Covenant Logistics Group during the second quarter worth $631,000. Ranger Investment Management L.P. acquired a new stake in Covenant Logistics Group during the second quarter valued at $10,456,000. Janus Henderson Group PLC acquired a new stake in Covenant Logistics Group during the first quarter valued at $245,000. Finally, Quantinno Capital Management LP increased its holdings in Covenant Logistics Group by 61.1% in the first quarter. Quantinno Capital Management LP now owns 38,453 shares of the company’s stock valued at $1,044,000 after buying an additional 14,590 shares in the last quarter. Institutional investors and hedge funds own 83.72% of the company’s stock.
Covenant Logistics Group Company Profile
Covenant Logistics Group, Inc is a transportation and logistics company headquartered in Chattanooga, Tennessee. The company provides freight transportation, supply chain management and related services primarily throughout the United States, serving manufacturers, retailers, distributors and other commercial customers.
Its operations include dedicated and expedited truckload transportation, refrigerated and dry-van freight services, freight brokerage, warehousing and distribution, and transportation management.
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