Covenant Logistics Group (NASDAQ:CVLG) Price Target Lowered to $69.00 at TD Cowen

by · The Markets Daily

Covenant 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

(Get Free Report)

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.

Recommended Stories