Covenant Logistics Group (NYSE:CVLG) Sets New 1-Year High – Still a Buy?

Covenant Logistics Group, Inc. (NYSE:CVLG)’s stock price hit a new 52-week high during mid-day trading on Friday . The stock traded as high as $44.20 and last traded at $43.80, with a volume of 60100 shares trading hands. The stock had previously closed at $43.22.

Wall Street Analyst Weigh In

CVLG has been the topic of several recent analyst reports. TD Cowen upped their target price on Covenant Logistics Group from $30.00 to $35.00 and gave the company a “buy” rating in a research report on Monday, April 27th. Wall Street Zen lowered Covenant Logistics Group from a “buy” rating to a “hold” rating in a research report on Sunday, March 8th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Covenant Logistics Group in a research report on Friday, May 29th. Finally, Zacks Research raised Covenant Logistics Group from a “strong sell” rating to a “hold” rating in a research report on Friday, April 3rd. One analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $35.00.

Covenant Logistics Group Stock Up 0.9%

The company has a quick ratio of 1.01, a current ratio of 1.04 and a debt-to-equity ratio of 0.50. The stock has a market cap of $1.10 billion, a PE ratio of 290.67 and a beta of 1.30. The business has a 50 day moving average price of $32.92 and a 200 day moving average price of $27.69.

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

Insiders Place Their Bets

In other Covenant Logistics Group news, Director D Michael Kramer sold 2,650 shares of the 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 transaction, the director owned 22,086 shares in the company, valued at approximately $766,825.92. This represents a 10.71% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Joey Ballard sold 4,282 shares of the stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $37.40, for a total value of $160,146.80. Following the transaction, the executive vice president owned 20,867 shares in the company, valued at $780,425.80. This represents a 17.03% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 42,150 shares of company stock worth $1,566,515. 36.70% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Covenant Logistics Group

Hedge funds have recently made changes to their positions in the company. Polaris Capital Management LLC raised its holdings in shares of Covenant Logistics Group by 1,061.0% during the fourth 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 last quarter. Wesbanco Bank Inc. acquired a new position in shares of Covenant Logistics Group during the fourth quarter valued at approximately $474,000. LSV Asset Management raised its holdings in shares of Covenant Logistics Group by 4.5% during the third quarter. LSV Asset Management now owns 452,290 shares of the company’s stock valued at $9,797,000 after acquiring an additional 19,464 shares during the last quarter. Royce & Associates LP raised its holdings in shares of Covenant Logistics Group by 8.4% during the third quarter. Royce & Associates LP now owns 298,648 shares of the company’s stock valued at $6,469,000 after acquiring an additional 23,060 shares during the last quarter. Finally, Prescott Group Capital Management L.L.C. acquired a new position in shares of Covenant Logistics Group during the fourth quarter valued at approximately $353,000. Institutional investors and hedge funds 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.