Covenant Logistics Group (NYSE:CVLG) Sets New 52-Week High – Here’s What Happened

Covenant Logistics Group, Inc. (NYSE:CVLG) hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $38.00 and last traded at $37.79, with a volume of 7273 shares trading hands. The stock had previously closed at $37.37.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Wall Street Zen downgraded Covenant Logistics Group from a “buy” rating to a “hold” rating in a report on Sunday, March 8th. Zacks Research raised Covenant Logistics Group from a “strong sell” rating to a “hold” rating in a research note on Friday, April 3rd. Finally, TD Cowen lifted their price objective on Covenant Logistics Group from $30.00 to $35.00 and gave the stock a “buy” rating in a report on Monday, April 27th. One research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, Covenant Logistics Group presently has a consensus rating of “Hold” and an average price target of $35.00.

Covenant Logistics Group Price Performance

The company has a 50 day simple moving average of $31.05 and a 200-day simple moving average of $26.77. The stock has a market cap of $992.24 million, a price-to-earnings ratio of 262.80 and a beta of 1.28. The company has a quick ratio of 1.01, a current ratio of 1.04 and a debt-to-equity ratio of 0.50.

Covenant Logistics Group (NYSE:CVLG) last announced its quarterly earnings data on Thursday, April 23rd. The company reported $0.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.35 by ($0.09). Covenant Logistics Group had a net margin of 0.42% and a return on equity of 9.41%. The firm had revenue of $307.16 million for the quarter. As a group, research analysts anticipate that Covenant Logistics Group, Inc. will post 1.6 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director D Michael Kramer sold 2,650 shares of the business’s stock in a transaction that occurred on Wednesday, April 29th. The stock was sold at an average price of $34.72, for a total transaction of $92,008.00. Following the sale, the director owned 22,086 shares of the company’s stock, valued at $766,825.92. The trade was a 10.71% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Joey B. Hogan sold 14,700 shares of the business’s stock in a transaction that occurred on Tuesday, April 28th. The stock was sold at an average price of $34.76, for a total value of $510,972.00. Following the sale, the director directly owned 104,094 shares in the company, valued at approximately $3,618,307.44. The trade was a 12.37% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 38,150 shares of company stock valued at $1,405,915 in the last three months. 36.70% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Covenant Logistics Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CVLG. Polaris Capital Management LLC increased its holdings in shares of Covenant Logistics Group by 1,061.0% in the 4th quarter. Polaris Capital Management LLC now owns 56,682 shares of the company’s stock valued at $1,249,000 after acquiring an additional 51,800 shares during the period. LSV Asset Management grew its stake in Covenant Logistics Group by 4.5% in the third quarter. LSV Asset Management now owns 452,290 shares of the company’s stock valued at $9,797,000 after purchasing an additional 19,464 shares during the last quarter. Wesbanco Bank Inc. purchased a new position in Covenant Logistics Group in the fourth quarter valued at about $474,000. Royce & Associates LP grew its stake in Covenant Logistics Group by 8.4% in the third quarter. Royce & Associates LP now owns 298,648 shares of the company’s stock valued at $6,469,000 after purchasing an additional 23,060 shares during the last quarter. Finally, Prescott Group Capital Management L.L.C. purchased a new position in Covenant Logistics Group in the fourth quarter valued at about $353,000. Institutional investors own 83.72% of the company’s stock.

About Covenant Logistics Group

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.