Covenant Logistics Group (NASDAQ:CVLG) Reaches New 52-Week High – What’s Next?

Covenant Logistics Group, Inc. (NASDAQ:CVLG)’s stock price reached a new 52-week high during trading on Monday . The company traded as high as $54.40 and last traded at $54.40, with a volume of 462 shares changing hands. The stock had previously closed at $27.19.

Wall Street Analysts Forecast Growth

Separately, TD Cowen cut their price target on shares of Covenant Logistics Group from $70.00 to $69.00 and set a “buy” rating on the stock in a report on Friday, October 25th.

Covenant Logistics Group Price Performance

The firm has a market cap of $708.69 million, a P/E ratio of 17.69 and a beta of 1.39. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.07 and a current ratio of 1.10. The firm’s fifty day simple moving average is $55.79 and its 200 day simple moving average is $52.70.

Shares of Covenant Logistics Group are set to split on Wednesday, January 1st. The 2-1 split was announced on Friday, December 6th. The newly created shares will be issued to shareholders after the market closes on Tuesday, December 31st.

Covenant Logistics Group (NASDAQ:CVLG) last issued its quarterly earnings data on Wednesday, October 23rd. The company reported $1.09 earnings per share for the quarter, topping analysts’ consensus estimates of $1.08 by $0.01. The firm had revenue of $287.89 million during the quarter. Covenant Logistics Group had a return on equity of 13.43% and a net margin of 3.72%. During the same quarter last year, the company earned $1.13 earnings per share. As a group, analysts forecast that Covenant Logistics Group, Inc. will post 4 earnings per share for the current year.

Covenant Logistics Group Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 6th will be paid a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a dividend yield of 0.82%. The ex-dividend date of this dividend is Friday, December 6th. Covenant Logistics Group’s dividend payout ratio is presently 14.47%.

Insider Activity

In other Covenant Logistics Group news, Director Bradley A. Moline sold 7,000 shares of the company’s stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $59.64, for a total transaction of $417,480.00. Following the sale, the director now owns 46,992 shares in the company, valued at $2,802,602.88. This represents a 12.96 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 36.50% of the company’s stock.

Institutional Trading of Covenant Logistics Group

Several institutional investors and hedge funds have recently bought and sold shares of the business. AQR Capital Management LLC grew its position in shares of Covenant Logistics Group by 0.3% in the second quarter. AQR Capital Management LLC now owns 74,704 shares of the company’s stock valued at $3,682,000 after purchasing an additional 236 shares during the last quarter. Townsquare Capital LLC increased its holdings in shares of Covenant Logistics Group by 7.8% in the 3rd quarter. Townsquare Capital LLC now owns 4,921 shares of the company’s stock valued at $260,000 after acquiring an additional 357 shares during the last quarter. Huntington National Bank bought a new stake in Covenant Logistics Group in the third quarter valued at $27,000. Innealta Capital LLC bought a new position in Covenant Logistics Group in the 2nd quarter valued at about $27,000. Finally, Victory Capital Management Inc. raised its holdings in shares of Covenant Logistics Group by 3.9% in the 2nd quarter. Victory Capital Management Inc. now owns 20,186 shares of the company’s stock worth $995,000 after purchasing an additional 755 shares in the last quarter. Hedge funds and other institutional investors own 83.72% of the company’s stock.

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.