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

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

Covenant Logistics Group Price Performance

Shares of NASDAQ CVLG opened at $54.69 on Friday. Covenant Logistics Group has a fifty-two week low of $38.25 and a fifty-two week high of $57.57. The business has a 50 day moving average price of $48.89 and a two-hundred day moving average price of $47.87. The company has a quick ratio of 1.01, a current ratio of 1.04 and a debt-to-equity ratio of 0.47. The firm has a market cap of $714.80 million, a PE ratio of 17.53 and a beta of 1.38.

Covenant Logistics Group (NASDAQ:CVLG) last issued its quarterly earnings data on Wednesday, July 24th. The company reported $1.04 earnings per share for the quarter, beating analysts’ consensus estimates of $0.95 by $0.09. Covenant Logistics Group had a return on equity of 13.93% and a net margin of 3.76%. The firm had revenue of $287.50 million during the quarter. During the same quarter last year, the business earned $1.07 EPS. Sell-side analysts expect that Covenant Logistics Group will post 4.12 earnings per share for the current fiscal year.

Covenant Logistics Group Dividend Announcement

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

Insider Transactions at Covenant Logistics Group

In other news, Director D Michael Kramer sold 3,725 shares of Covenant Logistics Group stock in a transaction that occurred 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 completion of the transaction, the director now owns 11,285 shares in the company, valued at approximately $526,332.40. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 36.50% of the company’s stock.

Institutional Inflows and Outflows

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