Covenant Logistics Group (NASDAQ:CVLG) Given New $70.00 Price Target at TD Cowen

Covenant Logistics Group (NASDAQ:CVLG) had its price target lifted by stock analysts at TD Cowen from $65.00 to $70.00 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. TD Cowen’s price objective would suggest a potential upside of 23.22% from the stock’s previous close.

Covenant Logistics Group Stock Up 3.4 %

CVLG traded up $1.86 during trading on Friday, hitting $56.81. The stock had a trading volume of 87,588 shares, compared to its average volume of 66,830. The stock has a 50 day simple moving average of $48.53 and a two-hundred day simple moving average of $47.70. The company has a market capitalization of $742.62 million, a PE ratio of 18.19 and a beta of 1.38. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.01 and a current ratio of 1.04. Covenant Logistics Group has a twelve month low of $38.25 and a twelve month high of $57.57.

Covenant Logistics Group (NASDAQ:CVLG) last announced its earnings results on Wednesday, July 24th. The company reported $1.04 earnings per share for the quarter, topping the consensus estimate of $0.95 by $0.09. Covenant Logistics Group had a return on equity of 13.93% and a net margin of 3.76%. The firm had revenue of $287.50 million for the quarter. During the same quarter last year, the firm earned $1.07 earnings per share. On average, research analysts predict that Covenant Logistics Group will post 4.12 earnings per share for the current year.

Insider Buying and Selling at Covenant Logistics Group

In other news, Director D Michael Kramer sold 3,725 shares of Covenant Logistics Group stock in a transaction on Tuesday, May 14th. The shares were sold at an average price of $46.64, for a total transaction of $173,734.00. Following the completion of the sale, the director now directly owns 11,285 shares in the company, valued at $526,332.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 36.50% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of CVLG. Essex Investment Management Co. LLC purchased a new stake in Covenant Logistics Group in the fourth quarter valued at $1,317,000. Vanguard Group Inc. boosted its stake in shares of Covenant Logistics Group by 0.9% in the third quarter. Vanguard Group Inc. now owns 434,458 shares of the company’s stock worth $19,051,000 after buying an additional 4,004 shares during the last quarter. Foundry Partners LLC grew its holdings in Covenant Logistics Group by 9.3% during the fourth quarter. Foundry Partners LLC now owns 73,551 shares of the company’s stock worth $3,386,000 after acquiring an additional 6,256 shares during the period. Quadrature Capital Ltd raised its position in Covenant Logistics Group by 75.2% during the fourth quarter. Quadrature Capital Ltd now owns 11,959 shares of the company’s stock valued at $550,000 after acquiring an additional 5,135 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in Covenant Logistics Group by 2.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 112,472 shares of the company’s stock valued at $5,178,000 after acquiring an additional 2,935 shares during the period. 83.72% of the stock is currently owned by hedge funds and other institutional investors.

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.