Covenant Logistics Group (NYSE:CVLG) Reaches New 12-Month High – Time to Buy?

Covenant Logistics Group, Inc. (NYSE:CVLG) hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $45.76 and last traded at $45.76, with a volume of 76771 shares changing hands. The stock had previously closed at $43.78.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on CVLG. Weiss Ratings reiterated a “hold (c-)” rating on shares of Covenant Logistics Group in a report on Friday, May 29th. TD Cowen lifted their price objective on shares of Covenant Logistics Group from $30.00 to $35.00 and gave the company a “buy” rating in a report on Monday, April 27th. Zacks Research upgraded shares of Covenant Logistics Group from a “strong sell” rating to a “hold” rating in a report on Friday, April 3rd. Finally, Wall Street Zen cut shares of Covenant Logistics Group from a “buy” rating to a “hold” rating in a report on Sunday, March 8th. One analyst has rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, Covenant Logistics Group presently has an average rating of “Hold” and an average price target of $35.00.

Covenant Logistics Group Trading Up 5.2%

The company has a debt-to-equity ratio of 0.50, a current ratio of 1.04 and a quick ratio of 1.01. The firm’s fifty day moving average is $34.30 and its two-hundred day moving average is $28.42. The firm has a market capitalization of $1.16 billion, a PE ratio of 307.00 and a beta of 1.30.

Covenant Logistics Group (NYSE:CVLG) last announced its earnings results on Thursday, April 23rd. The company reported $0.26 earnings per share for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.09). The business had revenue of $307.16 million during the quarter. Covenant Logistics Group had a return on equity of 9.41% and a net margin of 0.42%. On average, equities analysts predict that Covenant Logistics Group, Inc. will post 1.6 EPS for the current fiscal year.

Insider Activity at Covenant Logistics Group

In other Covenant Logistics Group news, Director D Michael Kramer sold 2,650 shares of Covenant Logistics Group stock in a transaction dated Wednesday, April 29th. The shares were sold at an average price of $34.72, for a total value of $92,008.00. Following the sale, the director owned 22,086 shares of the company’s stock, valued at approximately $766,825.92. The trade was a 10.71% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Joey B. Hogan sold 12,800 shares of Covenant Logistics Group stock in a transaction dated Wednesday, May 27th. The stock was sold at an average price of $39.18, for a total transaction of $501,504.00. Following the completion of the sale, the director directly owned 91,294 shares in the company, valued at approximately $3,576,898.92. This represents a 12.30% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 42,150 shares of company stock valued at $1,566,515. 36.70% of the stock is owned by insiders.

Institutional Trading of Covenant Logistics Group

Hedge funds have recently added to or reduced their stakes in the stock. Polaris Capital Management LLC raised its position in Covenant Logistics Group by 1,061.0% in the fourth quarter. Polaris Capital Management LLC now owns 56,682 shares of the company’s stock worth $1,249,000 after acquiring an additional 51,800 shares during the period. Wesbanco Bank Inc. purchased a new position in shares of Covenant Logistics Group in the fourth quarter worth about $474,000. LSV Asset Management increased its stake in shares of Covenant Logistics Group by 4.5% in the third quarter. LSV Asset Management now owns 452,290 shares of the company’s stock worth $9,797,000 after purchasing an additional 19,464 shares in the last quarter. Royce & Associates LP increased its stake in shares of Covenant Logistics Group by 8.4% in the third quarter. Royce & Associates LP now owns 298,648 shares of the company’s stock worth $6,469,000 after purchasing an additional 23,060 shares in the last quarter. Finally, Prescott Group Capital Management L.L.C. purchased a new position in shares of Covenant Logistics Group in the fourth quarter worth about $353,000. Institutional investors own 83.72% of the company’s stock.

About Covenant Logistics Group

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.