Covenant Logistics Group (NASDAQ:CVLG) Sees Large Volume Increase

Covenant Logistics Group, Inc. (NASDAQ:CVLG) shares saw strong trading volume on Wednesday . 31,191 shares traded hands during trading, a decline of 54% from the previous session’s volume of 68,372 shares.The stock last traded at $44.39 and had previously closed at $44.92.

Analysts Set New Price Targets

Several analysts recently commented on CVLG shares. TD Cowen upgraded Covenant Logistics Group from a “market perform” rating to an “outperform” rating and raised their target price for the company from $51.00 to $66.00 in a research report on Thursday, January 25th. Vertical Research began coverage on Covenant Logistics Group in a research note on Tuesday, January 23rd. They issued a “buy” rating and a $70.00 price target for the company.

Covenant Logistics Group Stock Down 2.1 %

The company has a debt-to-equity ratio of 0.50, a current ratio of 1.09 and a quick ratio of 1.06. The firm has a market capitalization of $574.95 million, a P/E ratio of 11.15 and a beta of 1.41. The firm’s fifty day moving average price is $47.75 and its 200-day moving average price is $45.43.

Covenant Logistics Group (NASDAQ:CVLG) last released its earnings results on Tuesday, January 23rd. The company reported $1.07 earnings per share for the quarter, topping analysts’ consensus estimates of $1.05 by $0.02. The firm had revenue of $273.99 million during the quarter. Covenant Logistics Group had a return on equity of 14.85% and a net margin of 4.98%. As a group, equities research analysts forecast that Covenant Logistics Group, Inc. will post 4.2 earnings per share for the current year.

Covenant Logistics Group Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 1st were paid a dividend of $0.11 per share. The ex-dividend date of this dividend was Thursday, February 29th. This represents a $0.44 annualized dividend and a yield of 1.00%. Covenant Logistics Group’s dividend payout ratio is currently 10.92%.

Insider Buying and Selling

In other Covenant Logistics Group news, CEO David Ray Parker sold 5,000 shares of the company’s stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $54.43, for a total value of $272,150.00. Following the completion of the sale, the chief executive officer now directly owns 325,737 shares of the company’s stock, valued at approximately $17,729,864.91. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, EVP Samuel F. Hough sold 4,000 shares of Covenant Logistics Group stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $51.55, for a total value of $206,200.00. Following the transaction, the executive vice president now directly owns 25,125 shares in the company, valued at approximately $1,295,193.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO David Ray Parker sold 5,000 shares of the business’s stock in a transaction on Friday, February 16th. The stock was sold at an average price of $54.43, for a total value of $272,150.00. Following the sale, the chief executive officer now directly owns 325,737 shares in the company, valued at $17,729,864.91. The disclosure for this sale can be found here. Insiders have sold a total of 117,667 shares of company stock valued at $6,078,403 over the last three months. Company insiders own 29.10% of the company’s stock.

Hedge Funds Weigh In On Covenant Logistics Group

A number of hedge funds and other institutional investors have recently modified their holdings of CVLG. Bank of New York Mellon Corp lifted its stake in Covenant Logistics Group by 5.4% during the first quarter. Bank of New York Mellon Corp now owns 91,445 shares of the company’s stock valued at $1,968,000 after buying an additional 4,682 shares in the last quarter. American Century Companies Inc. boosted its stake in Covenant Logistics Group by 26.2% in the 1st quarter. American Century Companies Inc. now owns 45,345 shares of the company’s stock worth $976,000 after purchasing an additional 9,406 shares during the period. MetLife Investment Management LLC grew its position in Covenant Logistics Group by 57.0% during the 1st quarter. MetLife Investment Management LLC now owns 6,924 shares of the company’s stock worth $149,000 after purchasing an additional 2,514 shares in the last quarter. LSV Asset Management raised its stake in Covenant Logistics Group by 3.5% during the 1st quarter. LSV Asset Management now owns 408,200 shares of the company’s stock valued at $8,789,000 after purchasing an additional 13,800 shares during the period. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of Covenant Logistics Group by 1.1% in the first quarter. Dimensional Fund Advisors LP now owns 1,141,635 shares of the company’s stock valued at $24,580,000 after purchasing an additional 12,726 shares in the last quarter. Institutional investors and hedge funds 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.