Covenant Logistics Group (NYSE:CVLG) Hits New 12-Month High – Here’s What Happened

Covenant Logistics Group, Inc. (NYSE:CVLG)’s share price reached a new 52-week high on Thursday . The stock traded as high as $31.51 and last traded at $31.01, with a volume of 187598 shares changing hands. The stock had previously closed at $31.27.

Wall Street Analysts Forecast Growth

CVLG has been the topic of several research reports. Zacks Research upgraded shares of Covenant Logistics Group from a “strong sell” rating to a “hold” rating in a research report on Friday, April 3rd. Weiss Ratings restated a “hold (c)” rating on shares of Covenant Logistics Group in a research report on Friday, January 9th. Finally, Wall Street Zen cut shares of Covenant Logistics Group from a “buy” rating to a “hold” rating in a research report on Sunday, March 8th. One research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $30.00.

Covenant Logistics Group Stock Performance

The firm has a market cap of $777.73 million, a P/E ratio of 140.96 and a beta of 1.15. The company has a current ratio of 1.11, a quick ratio of 1.08 and a debt-to-equity ratio of 0.59. The business’s fifty day simple moving average is $27.96 and its 200-day simple moving average is $24.49.

Covenant Logistics Group (NYSE:CVLG) last announced its quarterly earnings results on Thursday, January 29th. The company reported $0.31 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.01). The firm had revenue of $295.37 million during the quarter. Covenant Logistics Group had a return on equity of 9.70% and a net margin of 0.62%. As a group, sell-side analysts expect that Covenant Logistics Group, Inc. will post 1.7 earnings per share for the current year.

Insider Transactions at Covenant Logistics Group

In other Covenant Logistics Group news, CEO David Ray Parker sold 30,400 shares of the firm’s stock in a transaction on Friday, February 20th. The shares were sold at an average price of $29.18, for a total value of $887,072.00. Following the sale, the chief executive officer owned 2,047,544 shares of the company’s stock, valued at $59,747,333.92. This trade represents a 1.46% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Over the last 90 days, insiders have sold 438,800 shares of company stock valued at $12,826,748. 36.70% of the stock is owned by company insiders.

Institutional Investors Weigh In On Covenant Logistics Group

Large investors have recently added to or reduced their stakes in the company. T. Rowe Price Investment Management Inc. lifted its position in shares of Covenant Logistics Group by 46.6% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 714,516 shares of the company’s stock worth $15,748,000 after purchasing an additional 227,216 shares during the period. LSV Asset Management lifted its position in shares of Covenant Logistics Group by 0.3% in the 4th quarter. LSV Asset Management now owns 453,604 shares of the company’s stock worth $9,997,000 after purchasing an additional 1,314 shares during the period. Russell Investments Group Ltd. lifted its position in shares of Covenant Logistics Group by 15.6% in the 4th quarter. Russell Investments Group Ltd. now owns 419,773 shares of the company’s stock worth $9,252,000 after purchasing an additional 56,751 shares during the period. CSM Advisors LLC lifted its position in shares of Covenant Logistics Group by 2.9% in the 3rd quarter. CSM Advisors LLC now owns 403,484 shares of the company’s stock worth $8,744,000 after purchasing an additional 11,217 shares during the period. Finally, Royce & Associates LP lifted its position in shares of Covenant Logistics Group by 6.1% in the 4th quarter. Royce & Associates LP now owns 316,868 shares of the company’s stock worth $6,984,000 after purchasing an additional 18,220 shares during the period. Institutional investors own 83.72% of the company’s stock.

Covenant Logistics Group Company Profile

Covenant Logistics Group provides a comprehensive suite of transportation and logistics services across North America. The company’s core offerings include less‐than‐truckload (LTL) and full truckload hauling, temperature‐controlled freight, intermodal transportation and freight brokerage. Covenant also delivers specialized solutions such as expedited “hot‐shot” deliveries, cross‐border shipping to Canada and Mexico, and dedicated contract carriage for time‐sensitive or high‐value shipments.

With a network of service centers, terminals and partner carriers strategically located throughout the United States, Covenant supports diverse industries including food and beverage, automotive, retail, energy and manufacturing.