Covenant Logistics Group (NYSE:CVLG) Stock Falls 5% - Here's Why

Key Points

• Covenant Logistics Group shares fell 5% to about $29.17 on Monday, with trading volume down 76% from the average session.
• Analyst sentiment remains generally positive despite the decline: the stock has a “Moderate Buy” consensus rating and an average price target of $53.20, although Zacks Research downgraded it to “Hold.”
• The company reported quarterly EPS of $0.42 on revenue of $332.87 million, while institutional investors own approximately 83.72% of its outstanding shares.

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

Wall Street Analyst Weigh In

CVLG has been the subject of a number of recent analyst reports. Zacks Research cut Covenant Logistics Group from a "strong-buy" rating to a "hold" rating in a report on Monday, September 7th. National Bank Financial set a $60.00 price objective on Covenant Logistics Group in a research note on Wednesday, July 15th. TD Cowen decreased their target price on Covenant Logistics Group from $43.00 to $42.00 and set a "buy" rating on the stock in a report on Monday, October 5th. Robert W. Baird set a $50.00 target price on Covenant Logistics Group and gave the stock an "outperform" rating in a report on Wednesday, August 19th. Finally, Citizens Jmp started coverage on 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. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $53.20.

Covenant Logistics Group Price Performance

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 company's 50 day moving average price is $33.90 and its 200 day moving average price is $36.88. The firm has a market capitalization of $741.04 million, a P/E ratio of 265.48 and a beta of 1.39.

Covenant Logistics Group (NYSE:CVLG - Get Free Report) last issued its quarterly earnings results on Wednesday, July 29th. The company reported $0.42 earnings per share for the quarter. Covenant Logistics Group had a net margin of 0.31% and a return on equity of 9.14%. The business had revenue of $332.87 million during the quarter. As a group, sell-side analysts anticipate that Covenant Logistics Group, Inc. will post 1.55 EPS for the current fiscal year.

Institutional Investors Weigh In On Covenant Logistics Group

Institutional investors and hedge funds have recently made changes to their positions in the company. MCF Advisors LLC lifted its holdings in Covenant Logistics Group by 96.4% in the second quarter. MCF Advisors LLC now owns 754 shares of the company's stock valued at $33,000 after buying an additional 370 shares during the period. Corient Private Wealth LLC raised its position in shares of Covenant Logistics Group by 1.1% in the 4th quarter. Corient Private Wealth LLC now owns 41,740 shares of the company's stock valued at $920,000 after acquiring an additional 446 shares during the period. Copeland Capital Management LLC raised its position in shares of Covenant Logistics Group by 40.2% in the 3rd quarter. Copeland Capital Management LLC now owns 2,724 shares of the company's stock valued at $88,000 after acquiring an additional 781 shares during the period. DGS Capital Management LLC boosted its stake in Covenant Logistics Group by 8.1% during the 1st quarter. DGS Capital Management LLC now owns 14,613 shares of the company's stock worth $397,000 after acquiring an additional 1,092 shares during the last quarter. Finally, 1492 Capital Management LLC bought a new position in Covenant Logistics Group during the 1st quarter worth approximately $241,000. Institutional investors 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. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.