Ranger Investment Management L.P. Takes $10.46 Million Position in Covenant Logistics Group, Inc. $CVLG

Ranger Investment Management L.P. purchased a new position in shares of Covenant Logistics Group, Inc. (NYSE:CVLG) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 236,658 shares of the company’s stock, valued at approximately $10,456,000.

Several other institutional investors and hedge funds have also modified their holdings of the business. Quarry LP bought a new position in shares of Covenant Logistics Group in the third quarter worth about $33,000. BNP Paribas Financial Markets grew its holdings in shares of Covenant Logistics Group by 45.3% during the 2nd quarter. BNP Paribas Financial Markets now owns 1,562 shares of the company’s stock valued at $38,000 after purchasing an additional 487 shares during the last quarter. Raymond James Financial Inc. bought a new stake in shares of Covenant Logistics Group during the 2nd quarter valued at approximately $39,000. Tower Research Capital LLC TRC increased its position in Covenant Logistics Group by 127.1% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,971 shares of the company’s stock worth $48,000 after purchasing an additional 1,103 shares in the last quarter. Finally, State of Alaska Department of Revenue increased its position in Covenant Logistics Group by 204.6% during the 4th quarter. State of Alaska Department of Revenue now owns 3,515 shares of the company’s stock worth $77,000 after purchasing an additional 2,361 shares in the last quarter. 83.72% of the stock is currently owned by institutional investors.

Insider Activity

In other Covenant Logistics Group news, EVP Joey Ballard sold 4,000 shares of the business’s stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $40.15, for a total transaction of $160,600.00. Following the completion of the sale, the executive vice president directly owned 13,149 shares of the company’s stock, valued at approximately $527,932.35. The trade was a 23.32% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Joey B. Hogan sold 12,800 shares of the stock in a transaction that occurred on Wednesday, May 27th. The stock was sold at an average price of $39.18, for a total value of $501,504.00. Following the completion of the sale, the director directly owned 91,294 shares of the company’s stock, valued at approximately $3,576,898.92. This trade represents a 12.30% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 20,518 shares of company stock worth $803,388. 36.70% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on CVLG shares. National Bank Financial set a $60.00 price target on shares of Covenant Logistics Group in a report on Wednesday, July 15th. Stephens set a $54.00 target price on Covenant Logistics Group and gave the stock an “overweight” rating in a report on Friday, July 31st. Wall Street Zen lowered Covenant Logistics Group from a “buy” rating to a “hold” rating in a research note on Saturday, August 8th. Citizens Jmp started coverage on shares of Covenant Logistics Group in a report on Wednesday, July 15th. They issued a “market outperform” rating and a $60.00 price objective for the company. Finally, Citigroup initiated coverage on shares of Covenant Logistics Group in a research report on Wednesday, July 15th. They set an “outperform” rating on the stock. Two research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $51.80.

Covenant Logistics Group Stock Performance

NYSE CVLG opened at $35.20 on Monday. The business’s 50-day moving average price is $41.59 and its two-hundred day moving average price is $35.17. Covenant Logistics Group, Inc. has a 12 month low of $18.00 and a 12 month high of $49.88. The firm has a market capitalization of $893.38 million, a PE ratio of 320.03 and a beta of 1.32. The company has a current ratio of 1.14, a quick ratio of 1.10 and a debt-to-equity ratio of 0.55.

Covenant Logistics Group (NYSE:CVLG) 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 return on equity of 9.14% and a net margin of 0.31%.The company had revenue of $332.87 million during the quarter. On average, analysts expect that Covenant Logistics Group, Inc. will post 1.6 EPS for the current year.

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.