Covenant Logistics Group (NASDAQ:CVLG) Sets New 52-Week High – Here’s What Happened

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

Analysts Set New Price Targets

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

Covenant Logistics Group Stock Performance

The company has a market cap of $708.69 million, a price-to-earnings ratio of 17.69 and a beta of 1.39. The stock has a 50-day moving average price of $55.79 and a 200 day moving average price of $52.70. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.10 and a quick ratio of 1.07.

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

Covenant Logistics Group (NASDAQ:CVLG) last announced its earnings results on Wednesday, October 23rd. The company reported $1.09 EPS for the quarter, topping the consensus estimate of $1.08 by $0.01. Covenant Logistics Group had a net margin of 3.72% and a return on equity of 13.43%. The company had revenue of $287.89 million for the quarter. During the same period in the prior year, the business posted $1.13 earnings per share. As a group, analysts anticipate that Covenant Logistics Group, Inc. will post 4 EPS for the current fiscal year.

Covenant Logistics Group Announces Dividend

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

Insider Activity

In other Covenant Logistics Group news, Director Bradley A. Moline sold 7,000 shares of Covenant Logistics Group stock in a transaction on Monday, November 11th. The shares were sold at an average price of $59.64, for a total transaction of $417,480.00. Following the transaction, the director now directly owns 46,992 shares of the company’s stock, valued at $2,802,602.88. The trade was a 12.96 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 36.50% of the company’s stock.

Hedge Funds Weigh In On Covenant Logistics Group

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