Covenant Logistics Group (NYSE:CVLG) Sets New 1-Year High – Here’s What Happened

Covenant Logistics Group, Inc. (NYSE:CVLG)’s share price reached a new 52-week high on Tuesday . The stock traded as high as $38.00 and last traded at $37.79, with a volume of 7273 shares changing hands. The stock had previously closed at $37.37.

Analysts Set New Price Targets

Several analysts have weighed in on the company. Wall Street Zen lowered Covenant Logistics Group from a “buy” rating to a “hold” rating in a report on Sunday, March 8th. Zacks Research raised Covenant Logistics Group from a “strong sell” rating to a “hold” rating in a report on Friday, April 3rd. Finally, TD Cowen increased their price objective on Covenant Logistics Group from $30.00 to $35.00 and gave the company a “buy” rating in a research note on Monday, April 27th. One equities research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, Covenant Logistics Group currently has a consensus rating of “Hold” and an average price target of $35.00.

Covenant Logistics Group Trading Up 3.9%

The company has a quick ratio of 1.01, a current ratio of 1.04 and a debt-to-equity ratio of 0.50. The firm has a market cap of $978.11 million, a price-to-earnings ratio of 259.07 and a beta of 1.28. The business has a 50 day moving average of $30.48 and a 200 day moving average of $26.50.

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

Insider Transactions at Covenant Logistics Group

In other news, Director D Michael Kramer sold 2,650 shares of the firm’s stock in a transaction dated Wednesday, April 29th. The stock was sold at an average price of $34.72, for a total value of $92,008.00. Following the transaction, the director directly owned 22,086 shares in the company, valued at $766,825.92. This trade represents a 10.71% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Joey B. Hogan sold 14,700 shares of the firm’s stock in a transaction dated Tuesday, April 28th. The stock was sold at an average price of $34.76, for a total value of $510,972.00. Following the completion of the transaction, the director owned 104,094 shares in the company, valued at approximately $3,618,307.44. This trade represents a 12.37% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 36.70% of the company’s stock.

Hedge Funds Weigh In On Covenant Logistics Group

A number of large investors have recently modified their holdings of CVLG. Royal Bank of Canada raised its holdings in shares of Covenant Logistics Group by 90.5% during the 1st quarter. Royal Bank of Canada now owns 24,108 shares of the company’s stock valued at $535,000 after buying an additional 11,454 shares during the period. AQR Capital Management LLC raised its holdings in shares of Covenant Logistics Group by 97.5% during the 1st quarter. AQR Capital Management LLC now owns 88,761 shares of the company’s stock valued at $1,970,000 after buying an additional 43,816 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Covenant Logistics Group by 108.3% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,586 shares of the company’s stock valued at $213,000 after buying an additional 4,985 shares during the period. Goldman Sachs Group Inc. raised its holdings in shares of Covenant Logistics Group by 161.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 179,304 shares of the company’s stock valued at $3,981,000 after buying an additional 110,810 shares during the period. Finally, Jane Street Group LLC raised its holdings in shares of Covenant Logistics Group by 27.6% during the 1st quarter. Jane Street Group LLC now owns 21,937 shares of the company’s stock valued at $487,000 after buying an additional 4,743 shares during the period. 83.72% of the stock is currently owned by hedge funds and other institutional investors.

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.