Covenant Logistics Group (NYSE:CVLG) Hits New 52-Week High – Time to Buy?

Shares of Covenant Logistics Group, Inc. (NYSE:CVLG) hit a new 52-week high during trading on Tuesday . The company traded as high as $36.09 and last traded at $36.02, with a volume of 115223 shares trading hands. The stock had previously closed at $35.27.

Analyst Ratings Changes

A number of equities analysts have commented on the company. Zacks Research upgraded Covenant Logistics Group from a “strong sell” rating to a “hold” rating in a research note on Friday, April 3rd. Wall Street Zen lowered Covenant Logistics Group from a “buy” rating to a “hold” rating in a research report on Sunday, March 8th. Finally, TD Cowen increased their target price on Covenant Logistics Group from $30.00 to $35.00 and gave the stock a “buy” rating in a research report on Monday, April 27th. One investment analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $35.00.

Covenant Logistics Group Price Performance

The stock has a 50 day moving average of $29.38 and a two-hundred day moving average of $25.91. The stock has a market cap of $908.17 million, a PE ratio of 240.53 and a beta of 1.28. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.01 and a current ratio of 1.04.

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

Insider Activity at Covenant Logistics Group

In related news, Director Joey B. Hogan sold 14,700 shares of the company’s stock in a transaction on Tuesday, April 28th. The shares were sold at an average price of $34.76, for a total value of $510,972.00. Following the completion of the sale, the director directly owned 104,094 shares in the company, valued at approximately $3,618,307.44. This represents a 12.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director D Michael Kramer sold 2,650 shares of the company’s stock in a transaction on Wednesday, April 29th. The stock was sold at an average price of $34.72, for a total transaction of $92,008.00. Following the completion of the sale, the director owned 22,086 shares of the company’s stock, valued at $766,825.92. This represents a 10.71% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 167,750 shares of company stock valued at $5,013,052. 36.70% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in CVLG. Quarry LP acquired a new position in Covenant Logistics Group in the third quarter worth about $33,000. BNP Paribas Financial Markets raised its position in Covenant Logistics Group by 45.3% in the second quarter. BNP Paribas Financial Markets now owns 1,562 shares of the company’s stock worth $38,000 after purchasing an additional 487 shares in the last quarter. Raymond James Financial Inc. acquired a new position in Covenant Logistics Group in the second quarter worth about $39,000. Tower Research Capital LLC TRC raised its position in Covenant Logistics Group by 127.1% in the second quarter. Tower Research Capital LLC TRC now owns 1,971 shares of the company’s stock worth $48,000 after purchasing an additional 1,103 shares in the last quarter. Finally, State of Alaska Department of Revenue boosted its stake in Covenant Logistics Group by 204.6% in the 4th quarter. State of Alaska Department of Revenue now owns 3,515 shares of the company’s stock valued at $77,000 after buying an additional 2,361 shares in the last quarter. 83.72% of the stock is owned by institutional investors.

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.