BNP Paribas Arbitrage SA Sells 3,737 Shares of Covenant Logistics Group, Inc. (NASDAQ:CVLG)

BNP Paribas Arbitrage SA cut its position in Covenant Logistics Group, Inc. (NASDAQ:CVLG) by 63.9% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 2,111 shares of the company’s stock after selling 3,737 shares during the period. BNP Paribas Arbitrage SA’s holdings in Covenant Logistics Group were worth $44,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. BlackRock Inc. boosted its position in Covenant Logistics Group by 4.4% during the first quarter. BlackRock Inc. now owns 1,415,707 shares of the company’s stock worth $29,150,000 after purchasing an additional 59,400 shares during the period. Russell Investments Group Ltd. boosted its position in Covenant Logistics Group by 14.0% during the second quarter. Russell Investments Group Ltd. now owns 856,158 shares of the company’s stock worth $17,702,000 after purchasing an additional 105,115 shares during the period. LSV Asset Management boosted its position in Covenant Logistics Group by 7.9% during the second quarter. LSV Asset Management now owns 226,400 shares of the company’s stock worth $4,681,000 after purchasing an additional 16,579 shares during the period. Geode Capital Management LLC boosted its position in Covenant Logistics Group by 10.5% during the first quarter. Geode Capital Management LLC now owns 188,425 shares of the company’s stock worth $3,879,000 after purchasing an additional 17,908 shares during the period. Finally, Prudential Financial Inc. boosted its position in Covenant Logistics Group by 4.9% during the first quarter. Prudential Financial Inc. now owns 155,506 shares of the company’s stock worth $3,202,000 after purchasing an additional 7,316 shares during the period. 50.08% of the stock is owned by institutional investors and hedge funds.

CVLG stock opened at $31.66 on Thursday. The company has a market cap of $532.01 million, a PE ratio of 64.61 and a beta of 1.76. The business has a 50-day simple moving average of $24.73 and a 200 day simple moving average of $22.40. Covenant Logistics Group, Inc. has a 52 week low of $13.23 and a 52 week high of $31.91. The company has a quick ratio of 1.10, a current ratio of 1.12 and a debt-to-equity ratio of 0.15.

Covenant Logistics Group (NASDAQ:CVLG) last posted its quarterly earnings results on Tuesday, July 20th. The company reported $0.96 EPS for the quarter, beating the Zacks’ consensus estimate of $0.68 by $0.28. The business had revenue of $256.32 million during the quarter, compared to the consensus estimate of $223.00 million. Covenant Logistics Group had a return on equity of 15.11% and a net margin of 0.92%. On average, analysts anticipate that Covenant Logistics Group, Inc. will post 3.43 EPS for the current fiscal year.

A number of research firms have recently weighed in on CVLG. TheStreet raised Covenant Logistics Group from a “c” rating to a “b-” rating in a report on Wednesday, August 25th. Cowen lifted their target price on Covenant Logistics Group from $40.00 to $42.00 and gave the stock an “outperform” rating in a report on Wednesday, September 15th. Stifel Nicolaus began coverage on Covenant Logistics Group in a report on Monday, June 21st. They set a “hold” rating for the company. Finally, Zacks Investment Research raised Covenant Logistics Group from a “hold” rating to a “strong-buy” rating and set a $23.00 target price for the company in a report on Tuesday, July 27th. Two analysts have rated the stock with a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Covenant Logistics Group currently has a consensus rating of “Buy” and a consensus price target of $32.50.

Covenant Logistics Group Profile

Covenant Logistics Group, Inc is a holding company, which engages in the provision of freight and logistics services. It operates through the following segments: Highway Services and Dedicated Contract Services. The Highway Services Segment includes two separate service offerings: Expedited Services (“”Expedited””) and Over-the-Road Services (“”OTR””), both of which transport one-way freight over non-routine routes.

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Institutional Ownership by Quarter for Covenant Logistics Group (NASDAQ:CVLG)

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