Covenant Logistics Group (NASDAQ:CVLG) Hits New 1-Year High – What’s Next?

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

Wall Street Analyst Weigh In

Separately, TD Cowen decreased their price objective on Covenant Logistics Group from $70.00 to $69.00 and set a “buy” rating for the company in a report on Friday, October 25th.

Covenant Logistics Group Price Performance

The firm has a market cap of $716.99 million, a price-to-earnings ratio of 17.89 and a beta of 1.39. The company’s fifty day moving average is $55.80 and its 200 day moving average is $52.79. The company has a quick ratio of 1.07, a current ratio of 1.10 and a debt-to-equity ratio of 0.46.

Covenant Logistics Group’s stock is scheduled to split on the morning of Wednesday, January 1st. The 2-1 split was announced on Friday, December 6th. The newly issued shares will be distributed to shareholders after the closing bell on Tuesday, December 31st.

Covenant Logistics Group (NASDAQ:CVLG) last released its earnings results on Wednesday, October 23rd. The company reported $1.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.08 by $0.01. Covenant Logistics Group had a return on equity of 13.43% and a net margin of 3.72%. The business had revenue of $287.89 million for the quarter. During the same period in the prior year, the firm posted $1.13 EPS. On average, equities research analysts predict that Covenant Logistics Group, Inc. will post 4 EPS for the current year.

Covenant Logistics Group Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 6th will be paid a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a dividend yield of 0.81%. The ex-dividend date of this dividend is Friday, December 6th. Covenant Logistics Group’s dividend payout ratio is currently 14.47%.

Insider Activity

In other news, Director Bradley A. Moline sold 7,000 shares of the company’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $59.64, for a total value of $417,480.00. Following the sale, the director now directly owns 46,992 shares of the company’s stock, valued at approximately $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 can be accessed through the SEC website. 36.50% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Covenant Logistics Group

Institutional investors have recently bought and sold shares of the business. Bailard Inc. bought a new position in shares of Covenant Logistics Group during the 2nd quarter worth approximately $276,000. Innealta Capital LLC acquired a new stake in Covenant Logistics Group during the 2nd quarter valued at $27,000. Principal Financial Group Inc. bought a new position in Covenant Logistics Group during the second quarter worth $212,000. Victory Capital Management Inc. increased its holdings in shares of Covenant Logistics Group by 3.9% in the second quarter. Victory Capital Management Inc. now owns 20,186 shares of the company’s stock valued at $995,000 after purchasing an additional 755 shares during the last quarter. Finally, Foundry Partners LLC raised its position in shares of Covenant Logistics Group by 125.9% in the second quarter. Foundry Partners LLC now owns 184,844 shares of the company’s stock valued at $9,111,000 after purchasing an additional 103,014 shares during the period. Institutional investors and hedge funds 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.