Covenant Logistics Group (NASDAQ:CVLG) Receives “Overweight” Rating from Stephens

Stephens restated their overweight rating on shares of Covenant Logistics Group (NASDAQ:CVLG) in a research note published on Friday morning,Benzinga reports. The firm currently has a $36.00 target price on the stock.

Separately, TD Cowen reduced their price target on Covenant Logistics Group from $35.00 to $34.50 and set a “buy” rating for the company in a research report on Friday, October 25th.

Covenant Logistics Group Stock Performance

Shares of NASDAQ CVLG opened at $28.28 on Friday. Covenant Logistics Group has a 12-month low of $21.51 and a 12-month high of $30.77. The firm has a market capitalization of $745.33 million, a price-to-earnings ratio of 18.60 and a beta of 1.41. The company has a current ratio of 1.10, a quick ratio of 1.07 and a debt-to-equity ratio of 0.46. The firm has a 50 day moving average of $28.61 and a 200 day moving average of $27.07.

Covenant Logistics Group (NASDAQ:CVLG) last issued its quarterly earnings data on Wednesday, October 23rd. The company reported $0.55 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.54 by $0.01. The firm had revenue of $287.89 million during the quarter. Covenant Logistics Group had a net margin of 3.72% and a return on equity of 13.43%. During the same period in the previous year, the firm earned $0.57 EPS. On average, research analysts anticipate that Covenant Logistics Group will post 1.99 earnings per share for the current year.

Covenant Logistics Group Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, December 27th. Shareholders of record on Friday, December 6th were given a $0.055 dividend. The ex-dividend date of this dividend was Friday, December 6th. This represents a $0.22 dividend on an annualized basis and a dividend yield of 0.78%. Covenant Logistics Group’s payout ratio is currently 14.47%.

Insider Activity

In other Covenant Logistics Group news, Director Bradley A. Moline sold 14,000 shares of the stock in a transaction on Monday, November 11th. The stock was sold at an average price of $29.82, for a total value of $417,480.00. Following the completion of the sale, the director now owns 93,984 shares in the company, valued at approximately $2,802,602.88. This represents a 12.96 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 36.50% of the company’s stock.

Hedge Funds Weigh In On Covenant Logistics Group

Several large investors have recently made changes to their positions in the business. State Street Corp raised its stake in Covenant Logistics Group by 6.2% during the 3rd quarter. State Street Corp now owns 208,517 shares of the company’s stock valued at $11,018,000 after purchasing an additional 12,138 shares during the period. Foundry Partners LLC raised its position in shares of Covenant Logistics Group by 6.2% during the third quarter. Foundry Partners LLC now owns 196,303 shares of the company’s stock valued at $10,373,000 after buying an additional 11,459 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Covenant Logistics Group by 24.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 109,639 shares of the company’s stock valued at $5,793,000 after buying an additional 21,401 shares during the last quarter. Empowered Funds LLC lifted its holdings in shares of Covenant Logistics Group by 5.3% in the third quarter. Empowered Funds LLC now owns 89,890 shares of the company’s stock worth $4,750,000 after buying an additional 4,556 shares in the last quarter. Finally, Royce & Associates LP boosted its position in shares of Covenant Logistics Group by 7.0% during the third quarter. Royce & Associates LP now owns 84,536 shares of the company’s stock worth $4,467,000 after acquiring an additional 5,537 shares during the last quarter. 83.72% of the stock is currently owned by hedge funds and other 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.