Covenant Logistics Group (NYSE:CVLG) Sets New 1-Year High – Should You Buy?

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

Analyst Ratings Changes

Several research analysts have recently commented on the company. Wall Street Zen downgraded Covenant Logistics Group from a “buy” rating to a “hold” rating in a report on Sunday, March 8th. Zacks Research upgraded Covenant Logistics Group from a “strong sell” rating to a “hold” rating in a report on Friday, April 3rd. Finally, TD Cowen boosted their price target on Covenant Logistics Group from $30.00 to $35.00 and gave the company a “buy” rating in a report 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 stock. According to MarketBeat, Covenant Logistics Group presently has an average rating of “Hold” and an average target price of $35.00.

Covenant Logistics Group Stock Performance

The company has a market cap of $939.85 million, a PE ratio of 25.25 and a beta of 1.28. The company has a current ratio of 1.04, a quick ratio of 1.01 and a debt-to-equity ratio of 0.50. The business has a fifty day moving average of $29.99 and a 200-day moving average of $26.26.

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

Insider Buying and Selling at Covenant Logistics Group

In other Covenant Logistics Group news, Director Joey B. Hogan sold 14,700 shares of Covenant Logistics Group stock in a transaction that occurred 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 sale, the director directly owned 104,094 shares of the company’s stock, valued at approximately $3,618,307.44. The trade was a 12.37% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO David Ray Parker sold 30,400 shares of Covenant Logistics Group stock in a transaction that occurred 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 directly owned 2,047,544 shares in the company, valued at approximately $59,747,333.92. The trade was a 1.46% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 47,750 shares of company stock valued at $1,490,052. 36.70% of the stock is currently owned by corporate insiders.

Institutional Trading of Covenant Logistics Group

A number of hedge funds have recently made changes to their positions in CVLG. Royal Bank of Canada boosted its position in shares of Covenant Logistics Group by 90.5% in the 1st quarter. Royal Bank of Canada now owns 24,108 shares of the company’s stock worth $535,000 after purchasing an additional 11,454 shares in the last quarter. AQR Capital Management LLC boosted its position in shares of Covenant Logistics Group by 97.5% in the 1st quarter. AQR Capital Management LLC now owns 88,761 shares of the company’s stock worth $1,970,000 after purchasing an additional 43,816 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Covenant Logistics Group by 108.3% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,586 shares of the company’s stock worth $213,000 after purchasing an additional 4,985 shares in the last quarter. Goldman Sachs Group Inc. boosted its position in shares of Covenant Logistics Group by 161.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 179,304 shares of the company’s stock worth $3,981,000 after purchasing an additional 110,810 shares in the last quarter. Finally, Jane Street Group LLC boosted its position in shares of Covenant Logistics Group by 27.6% in the 1st quarter. Jane Street Group LLC now owns 21,937 shares of the company’s stock worth $487,000 after purchasing an additional 4,743 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.