Covenant Logistics Group (NYSE:CVLG) Reaches New 52-Week High – Should You Buy?

Covenant Logistics Group, Inc. (NYSE:CVLG)’s stock price hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $49.37 and last traded at $48.54, with a volume of 211830 shares. The stock had previously closed at $47.34.

Wall Street Analyst Weigh In

CVLG has been the topic of several research analyst reports. Wall Street Zen upgraded shares of Covenant Logistics Group from a “hold” rating to a “buy” rating in a report on Sunday, July 12th. TD Cowen lifted their price target on shares of Covenant Logistics Group from $30.00 to $35.00 and gave the company a “buy” rating in a research report on Monday, April 27th. Stephens initiated coverage on shares of Covenant Logistics Group in a research report on Wednesday, July 8th. They set an “overweight” rating and a $60.00 price target for the company. Zacks Research raised shares of Covenant Logistics Group from a “hold” rating to a “strong-buy” rating in a research note on Monday, July 13th. Finally, Weiss Ratings lowered shares of Covenant Logistics Group from a “hold (c)” rating to a “hold (c-)” rating in a report on Tuesday, July 7th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $53.75.

Covenant Logistics Group Price Performance

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 firm has a market capitalization of $1.22 billion, a price-to-earnings ratio of 323.60 and a beta of 1.29. The stock has a 50 day moving average price of $42.19 and a two-hundred day moving average price of $32.97.

Covenant Logistics Group (NYSE:CVLG) last posted its earnings results 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 return on equity of 9.41% and a net margin of 0.42%.The firm had revenue of $307.16 million for the quarter. As a group, analysts expect that Covenant Logistics Group, Inc. will post 1.6 EPS for the current year.

Insiders Place Their Bets

In other Covenant Logistics Group news, Director Joey B. Hogan sold 12,800 shares of the business’s stock in a transaction dated Wednesday, May 27th. The shares were sold at an average price of $39.18, for a total transaction of $501,504.00. Following the sale, the director directly owned 91,294 shares in the company, valued at $3,576,898.92. This represents a 12.30% 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 D Michael Kramer sold 2,650 shares of the stock in a transaction dated 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 directly owned 22,086 shares in the company, valued at $766,825.92. This represents a 10.71% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 42,150 shares of company stock worth $1,566,515 over the last three months. Company insiders own 36.70% of the company’s stock.

Institutional Investors Weigh In On Covenant Logistics Group

A number of hedge funds have recently added to or reduced their stakes in CVLG. T. Rowe Price Investment Management Inc. raised its holdings in Covenant Logistics Group by 46.6% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 714,516 shares of the company’s stock valued at $15,748,000 after acquiring an additional 227,216 shares in the last quarter. Goldman Sachs Group Inc. grew its holdings in Covenant Logistics Group by 161.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 179,304 shares of the company’s stock worth $3,981,000 after acquiring an additional 110,810 shares in the last quarter. Algert Global LLC increased its position in shares of Covenant Logistics Group by 655.0% in the 3rd quarter. Algert Global LLC now owns 110,144 shares of the company’s stock valued at $2,386,000 after purchasing an additional 95,556 shares during the last quarter. Russell Investments Group Ltd. increased its position in shares of Covenant Logistics Group by 19.2% in the 3rd quarter. Russell Investments Group Ltd. now owns 363,022 shares of the company’s stock valued at $7,863,000 after purchasing an additional 58,577 shares during the last quarter. Finally, Polaris Capital Management LLC raised 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 purchasing an additional 51,800 shares in the last quarter. 83.72% of the stock is currently owned by institutional investors and hedge funds.

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.