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

Covenant Logistics Group, Inc. (NYSE:CVLG) shares reached a new 52-week high on Thursday . The stock traded as high as $47.24 and last traded at $46.30, with a volume of 26572 shares traded. The stock had previously closed at $45.50.

Wall Street Analyst Weigh In

CVLG has been the subject of several analyst reports. Zacks Research raised shares of Covenant Logistics Group from a “strong sell” rating to a “hold” rating in a report on Friday, April 3rd. TD Cowen upped their price target on shares of Covenant Logistics Group from $30.00 to $35.00 and gave the stock a “buy” rating in a report on Monday, April 27th. Stephens began coverage on Covenant Logistics Group in a research report on Wednesday. They issued an “overweight” rating and a $60.00 price objective on the stock. Finally, Weiss Ratings lowered Covenant Logistics Group from a “hold (c)” rating to a “hold (c-)” rating in a research note on Tuesday. Two research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $47.50.

Covenant Logistics Group Price Performance

The firm has a market capitalization of $1.17 billion, a PE ratio of 310.47 and a beta of 1.29. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.04 and a quick ratio of 1.01. The business’s 50 day moving average is $40.07 and its two-hundred day moving average is $31.60.

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

Insider Buying and Selling

In other Covenant Logistics Group news, EVP Joey Ballard sold 4,000 shares of the company’s stock in a transaction dated Monday, June 1st. The shares were 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 in the company, valued at $527,932.35. This represents a 23.32% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director D Michael Kramer sold 2,650 shares of the firm’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 value of $92,008.00. Following the transaction, the director owned 22,086 shares in the company, valued at approximately $766,825.92. The trade was a 10.71% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 42,150 shares of company stock worth $1,566,515 in the last quarter. 36.70% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. T. Rowe Price Investment Management Inc. grew its holdings in Covenant Logistics Group by 46.6% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 714,516 shares of the company’s stock worth $15,748,000 after acquiring an additional 227,216 shares during the last quarter. LSV Asset Management boosted its holdings in shares of Covenant Logistics Group by 0.3% during the fourth quarter. LSV Asset Management now owns 453,604 shares of the company’s stock worth $9,997,000 after purchasing an additional 1,314 shares during the period. Russell Investments Group Ltd. grew its stake in shares of Covenant Logistics Group by 15.6% in the fourth quarter. Russell Investments Group Ltd. now owns 419,773 shares of the company’s stock worth $9,252,000 after purchasing an additional 56,751 shares during the last quarter. CSM Advisors LLC increased its holdings in Covenant Logistics Group by 2.9% during the 3rd quarter. CSM Advisors LLC now owns 403,484 shares of the company’s stock valued at $8,744,000 after purchasing an additional 11,217 shares during the period. Finally, Royce & Associates LP increased its holdings in Covenant Logistics Group by 6.1% during the 4th quarter. Royce & Associates LP now owns 316,868 shares of the company’s stock valued at $6,984,000 after purchasing an additional 18,220 shares during the period. 83.72% of the stock is owned by hedge funds and other institutional investors.

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.