Covenant Logistics Group (NASDAQ:CVLG) Sees Unusually-High Trading Volume

Covenant Logistics Group, Inc. (NASDAQ:CVLG) shares saw strong trading volume on Wednesday . 31,191 shares traded hands during mid-day trading, a decline of 54% from the previous session’s volume of 68,372 shares.The stock last traded at $44.39 and had previously closed at $44.92.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. TD Cowen raised shares of Covenant Logistics Group from a “market perform” rating to an “outperform” rating and lifted their price objective for the stock from $51.00 to $66.00 in a research note on Thursday, January 25th. Vertical Research began coverage on shares of Covenant Logistics Group in a research report on Tuesday, January 23rd. They set a “buy” rating and a $70.00 price target on the stock.

Covenant Logistics Group Stock Performance

The company has a debt-to-equity ratio of 0.50, a current ratio of 1.09 and a quick ratio of 1.06. The company has a market cap of $574.95 million, a price-to-earnings ratio of 11.15 and a beta of 1.41. The stock has a 50-day moving average price of $47.75 and a 200 day moving average price of $45.43.

Covenant Logistics Group (NASDAQ:CVLG) last posted its earnings results on Tuesday, January 23rd. The company reported $1.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.05 by $0.02. Covenant Logistics Group had a return on equity of 14.85% and a net margin of 4.98%. The business had revenue of $273.99 million during the quarter. As a group, analysts anticipate that Covenant Logistics Group, Inc. will post 4.2 EPS for the current fiscal year.

Covenant Logistics Group Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 1st were issued a dividend of $0.11 per share. The ex-dividend date was Thursday, February 29th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 1.00%. Covenant Logistics Group’s payout ratio is 10.92%.

Insider Activity at Covenant Logistics Group

In other Covenant Logistics Group news, CEO David Ray Parker sold 55,000 shares of the stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $51.47, for a total transaction of $2,830,850.00. Following the completion of the transaction, the chief executive officer now owns 196,537 shares in the company, valued at approximately $10,115,759.39. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other Covenant Logistics Group news, CEO David Ray Parker sold 55,000 shares of the business’s stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $51.47, for a total value of $2,830,850.00. Following the sale, the chief executive officer now owns 196,537 shares in the company, valued at approximately $10,115,759.39. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Matisse Long sold 667 shares of the firm’s stock in a transaction that occurred on Friday, January 26th. The stock was sold at an average price of $50.17, for a total transaction of $33,463.39. Following the transaction, the chief accounting officer now directly owns 9,115 shares of the company’s stock, valued at $457,299.55. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 117,667 shares of company stock valued at $6,078,403. 29.10% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the business. Tower Research Capital LLC TRC boosted its stake in shares of Covenant Logistics Group by 299.5% during the 2nd quarter. Tower Research Capital LLC TRC now owns 871 shares of the company’s stock worth $38,000 after buying an additional 653 shares during the last quarter. UBS Group AG grew its stake in Covenant Logistics Group by 2,728.1% in the third quarter. UBS Group AG now owns 1,810 shares of the company’s stock valued at $52,000 after purchasing an additional 1,746 shares in the last quarter. HHM Wealth Advisors LLC increased its position in shares of Covenant Logistics Group by 96.3% during the 3rd quarter. HHM Wealth Advisors LLC now owns 1,570 shares of the company’s stock worth $69,000 after purchasing an additional 770 shares during the last quarter. Clear Street Markets LLC acquired a new position in shares of Covenant Logistics Group during the 4th quarter worth approximately $81,000. Finally, BNP Paribas Financial Markets raised its stake in shares of Covenant Logistics Group by 75.2% during the 4th quarter. BNP Paribas Financial Markets now owns 2,178 shares of the company’s stock worth $100,000 after purchasing an additional 935 shares in the last quarter. Institutional investors own 83.72% of the company’s stock.

Covenant Logistics Group Company Profile

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.