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 stock traded as high as $45.76 and last traded at $45.76, with a volume of 76771 shares trading hands. The stock had previously closed at $43.78.

Analyst Upgrades and Downgrades

CVLG has been the subject of several recent research reports. Weiss Ratings restated a “hold (c-)” rating on shares of Covenant Logistics Group in a research report on Friday, May 29th. TD Cowen increased their price objective on shares of Covenant Logistics Group from $30.00 to $35.00 and gave the stock a “buy” rating in a research report on Monday, April 27th. 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. 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 equities research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $35.00.

Covenant Logistics Group Stock Performance

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 company’s 50-day moving average price is $34.30 and its two-hundred day moving average price is $28.42. The company has a market capitalization of $1.16 billion, a price-to-earnings ratio of 307.00 and a beta of 1.30.

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). The firm had revenue of $307.16 million for the quarter. Covenant Logistics Group had a return on equity of 9.41% and a net margin of 0.42%. On average, equities research analysts anticipate that Covenant Logistics Group, Inc. will post 1.6 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director D Michael Kramer sold 2,650 shares of the stock in a transaction on Wednesday, April 29th. The shares were sold at an average price of $34.72, for a total transaction of $92,008.00. Following the transaction, the director directly 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Joey B. Hogan sold 14,700 shares of the stock in a transaction on Tuesday, April 28th. The stock was sold at an average price of $34.76, for a total transaction of $510,972.00. Following the transaction, 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 disclosure for this sale is available in the SEC filing. Insiders have sold a total of 42,150 shares of company stock valued at $1,566,515 over the last ninety days. 36.70% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Polaris Capital Management LLC boosted its stake in Covenant Logistics Group by 1,061.0% during 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 in the last quarter. Wesbanco Bank Inc. bought a new position in Covenant Logistics Group during the fourth quarter worth $474,000. LSV Asset Management boosted its stake in Covenant Logistics Group by 4.5% during the third quarter. LSV Asset Management now owns 452,290 shares of the company’s stock worth $9,797,000 after acquiring an additional 19,464 shares in the last quarter. Royce & Associates LP lifted 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 valued at $6,469,000 after buying an additional 23,060 shares in the last quarter. Finally, Prescott Group Capital Management L.L.C. acquired a new position in shares of Covenant Logistics Group during the fourth quarter valued at about $353,000. 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.