Covenant Logistics Group (NASDAQ:CVLG) Price Target Lowered to $69.00 at TD Cowen
by Tristan Rich · The Markets DailyCovenant Logistics Group (NASDAQ:CVLG – Free Report) had its price target reduced by TD Cowen from $70.00 to $69.00 in a research note issued to investors on Friday, Benzinga reports. They currently have a buy rating on the stock.
Covenant Logistics Group Stock Performance
Shares of CVLG stock opened at $50.90 on Friday. The company has a market cap of $665.36 million, a P/E ratio of 16.34 and a beta of 1.34. The business has a 50 day moving average of $52.30 and a two-hundred day moving average of $49.69. Covenant Logistics Group has a 52 week low of $38.25 and a 52 week high of $56.96. The company has a quick ratio of 1.05, a current ratio of 1.08 and a debt-to-equity ratio of 0.48.
Covenant Logistics Group (NASDAQ:CVLG – Get Free Report) last released its earnings results on Wednesday, October 23rd. The company reported $1.09 earnings per share for the quarter, beating the consensus estimate of $1.08 by $0.01. Covenant Logistics Group had a net margin of 3.76% and a return on equity of 13.78%. The business had revenue of $287.89 million during the quarter. During the same quarter in the previous year, the business posted $1.13 EPS. As a group, analysts anticipate that Covenant Logistics Group will post 4.07 EPS for the current year.
Covenant Logistics Group Dividend Announcement
The business also recently announced a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 6th were paid a $0.11 dividend. This represents a $0.44 annualized dividend and a dividend yield of 0.86%. The ex-dividend date was Friday, September 6th. Covenant Logistics Group’s payout ratio is presently 14.10%.
Insider Activity at Covenant Logistics Group
In related news, Director Herbert J. Schmidt sold 21,000 shares of the stock in a transaction dated Monday, July 29th. The shares were sold at an average price of $55.24, for a total value of $1,160,040.00. Following the completion of the sale, the director now owns 12,134 shares in the company, valued at approximately $670,282.16. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 36.50% of the stock is owned by corporate insiders.
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CVLG. CWM LLC lifted its stake in Covenant Logistics Group by 2,336.4% during the second quarter. CWM LLC now owns 536 shares of the company’s stock worth $26,000 after purchasing an additional 514 shares during the period. Innealta Capital LLC bought a new position in Covenant Logistics Group during the second quarter worth about $27,000. nVerses Capital LLC lifted its stake in Covenant Logistics Group by 550.0% during the third quarter. nVerses Capital LLC now owns 1,300 shares of the company’s stock worth $69,000 after purchasing an additional 1,100 shares during the period. Quest Partners LLC lifted its stake in Covenant Logistics Group by 172.1% during the second quarter. Quest Partners LLC now owns 1,978 shares of the company’s stock worth $97,000 after purchasing an additional 1,251 shares during the period. Finally, EMC Capital Management bought a new position in Covenant Logistics Group during the first quarter worth about $149,000. 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.
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