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

Covenant Logistics Group (NASDAQ:CVLG) had its target price hoisted by TD Cowen from $65.00 to $70.00 in a report issued on Friday morning, Benzinga reports. TD Cowen currently has a buy rating on the stock.

Covenant Logistics Group Trading Down 2.4 %

CVLG stock opened at $54.69 on Friday. The business has a fifty day moving average price of $48.89 and a 200 day moving average price of $47.87. The stock has a market capitalization of $714.80 million, a price-to-earnings ratio of 17.53 and a beta of 1.38. Covenant Logistics Group has a fifty-two week low of $38.25 and a fifty-two week high of $57.57. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.04 and a quick ratio of 1.01.

Covenant Logistics Group (NASDAQ:CVLG) last released its earnings results on Wednesday, July 24th. The company reported $1.04 EPS for the quarter, beating the consensus estimate of $0.95 by $0.09. The company had revenue of $287.50 million during the quarter. Covenant Logistics Group had a return on equity of 13.93% and a net margin of 3.76%. During the same period last year, the business posted $1.07 earnings per share. Analysts expect that Covenant Logistics Group will post 4.12 EPS for the current fiscal year.

Covenant Logistics Group Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 7th were paid a $0.11 dividend. The ex-dividend date of this dividend was Friday, June 7th. This represents a $0.44 annualized dividend and a dividend yield of 0.80%. Covenant Logistics Group’s dividend payout ratio (DPR) is currently 14.10%.

Insider Activity

In other news, Director D Michael Kramer sold 3,725 shares of the firm’s stock in a transaction on Tuesday, May 14th. The stock was sold at an average price of $46.64, for a total value of $173,734.00. Following the transaction, the director now directly owns 11,285 shares in the company, valued at approximately $526,332.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 36.50% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Strs Ohio boosted its position in shares of Covenant Logistics Group by 2.4% in the 4th quarter. Strs Ohio now owns 13,000 shares of the company’s stock worth $598,000 after purchasing an additional 300 shares during the last quarter. Pacific Global Investment Management Co. boosted its position in shares of Covenant Logistics Group by 2.1% in the 4th quarter. Pacific Global Investment Management Co. now owns 17,077 shares of the company’s stock worth $786,000 after purchasing an additional 357 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its position in shares of Covenant Logistics Group by 7.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 6,491 shares of the company’s stock worth $301,000 after purchasing an additional 442 shares during the last quarter. CWM LLC boosted its position in shares of Covenant Logistics Group by 2,336.4% in the 2nd quarter. CWM LLC now owns 536 shares of the company’s stock worth $26,000 after purchasing an additional 514 shares during the last quarter. Finally, Innealta Capital LLC bought a new position in Covenant Logistics Group during the second quarter worth about $27,000. 83.72% of the stock is currently owned by 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.