Covenant Logistics Group (NASDAQ:CVLG) Reaches New 1-Year High – Here’s Why

Covenant Logistics Group, Inc. (NASDAQ:CVLG)’s share price reached a new 52-week high on Monday . The company traded as high as $59.03 and last traded at $59.03, with a volume of 1547 shares traded. The stock had previously closed at $57.75.

Analyst Upgrades and Downgrades

Separately, TD Cowen cut their price target on Covenant Logistics Group from $70.00 to $69.00 and set a “buy” rating for the company in a research note on Friday, October 25th.

Covenant Logistics Group Price Performance

The firm has a market cap of $779.73 million, a PE ratio of 14.29 and a beta of 1.35. The company has a current ratio of 1.10, a quick ratio of 1.05 and a debt-to-equity ratio of 0.46. The company has a 50 day moving average price of $52.41 and a 200 day moving average price of $50.34.

Covenant Logistics Group (NASDAQ:CVLG) last posted its earnings results on Wednesday, October 23rd. The company reported $1.09 EPS for the quarter, topping analysts’ consensus estimates of $1.08 by $0.01. Covenant Logistics Group had a return on equity of 13.43% and a net margin of 3.72%. The company had revenue of $287.89 million for the quarter. During the same quarter in the previous year, the firm posted $1.13 earnings per share. On average, sell-side analysts expect that Covenant Logistics Group, Inc. will post 4 EPS for the current year.

Covenant Logistics Group Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 6th were given a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a yield of 0.74%. The ex-dividend date was Friday, September 6th. Covenant Logistics Group’s payout ratio is currently 14.47%.

Institutional Trading of Covenant Logistics Group

Several large investors have recently modified their holdings of CVLG. Foundry Partners LLC lifted its stake in Covenant Logistics Group by 125.9% in the 2nd quarter. Foundry Partners LLC now owns 184,844 shares of the company’s stock valued at $9,111,000 after buying an additional 103,014 shares in the last quarter. American Century Companies Inc. boosted its stake in shares of Covenant Logistics Group by 29.4% during the second quarter. American Century Companies Inc. now owns 114,117 shares of the company’s stock valued at $5,625,000 after acquiring an additional 25,913 shares during the last quarter. Russell Investments Group Ltd. increased its position in Covenant Logistics Group by 252.6% during the 1st quarter. Russell Investments Group Ltd. now owns 29,041 shares of the company’s stock worth $1,346,000 after purchasing an additional 20,805 shares in the last quarter. Boston Partners acquired a new position in Covenant Logistics Group in the 1st quarter valued at about $894,000. Finally, Oliver Luxxe Assets LLC lifted its holdings in Covenant Logistics Group by 109.7% in the 3rd quarter. Oliver Luxxe Assets LLC now owns 34,734 shares of the company’s stock valued at $1,835,000 after purchasing an additional 18,168 shares in the last quarter. 83.72% of the stock is currently owned by institutional investors and hedge funds.

About Covenant Logistics Group

Covenant Logistics Group, Inc, together with its subsidiaries, provides transportation and logistics services in the United States. It operates through four segments: Expedited, Dedicated, Managed Freight, and Warehousing. The Expedited segment primarily provides truckload services with high service freight and delivery standards, such as 1,000 miles in 22 hours or 15-minute delivery windows.