Stephens Reaffirms Overweight Rating for Covenant Logistics Group (NASDAQ:CVLG)

Stephens restated their overweight rating on shares of Covenant Logistics Group (NASDAQ:CVLG - Free Report) in a report released on Friday morning,Benzinga reports. They currently have a $36.00 price objective on the stock.

Separately, TD Cowen dropped their price target on Covenant Logistics Group from $35.00 to $34.50 and set a "buy" rating on the stock in a report on Friday, October 25th.

Covenant Logistics Group Stock Performance

Shares of NASDAQ CVLG traded down $0.68 during midday trading on Friday, reaching $28.28. 373,346 shares of the company traded hands, compared to its average volume of 77,842. The stock has a 50-day moving average price of $28.60 and a 200 day moving average price of $27.10. The company has a market cap of $745.33 million, a price-to-earnings ratio of 18.60 and a beta of 1.41. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.10 and a quick ratio of 1.07. Covenant Logistics Group has a 52 week low of $21.51 and a 52 week high of $30.77.

Covenant Logistics Group (NASDAQ:CVLG - Get Free Report) last posted its quarterly earnings data on Wednesday, October 23rd. The company reported $0.55 EPS for the quarter, topping analysts' consensus estimates of $0.54 by $0.01. Covenant Logistics Group had a return on equity of 13.43% and a net margin of 3.72%. The company had revenue of $287.89 million for the quarter. During the same period in the prior year, the firm posted $0.57 EPS. Sell-side analysts anticipate that Covenant Logistics Group will post 1.99 earnings per share for the current fiscal year.

Covenant Logistics Group Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, December 27th. Stockholders of record on Friday, December 6th were issued a dividend of $0.055 per share. The ex-dividend date was Friday, December 6th. This represents a $0.22 dividend on an annualized basis and a dividend yield of 0.78%. Covenant Logistics Group's dividend payout ratio is 14.47%.

Insider Buying and Selling at Covenant Logistics Group

In related news, Director Bradley A. Moline sold 14,000 shares of the stock in a transaction on Monday, November 11th. The stock was sold at an average price of $29.82, for a total transaction of $417,480.00. Following the completion of the sale, the director now directly owns 93,984 shares in the company, valued at approximately $2,802,602.88. This trade represents a 12.96 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 36.50% of the company's stock.

Institutional Investors Weigh In On Covenant Logistics Group

Several institutional investors have recently made changes to their positions in the company. FMR LLC lifted its holdings in Covenant Logistics Group by 3,423.0% in the 3rd quarter. FMR LLC now owns 46,151 shares of the company's stock worth $2,439,000 after purchasing an additional 44,841 shares during the last quarter. Victory Capital Management Inc. lifted its stake in shares of Covenant Logistics Group by 74.9% in the third quarter. Victory Capital Management Inc. now owns 35,314 shares of the company's stock worth $1,866,000 after buying an additional 15,128 shares during the last quarter. EMC Capital Management boosted its holdings in shares of Covenant Logistics Group by 374.9% during the 3rd quarter. EMC Capital Management now owns 15,312 shares of the company's stock worth $809,000 after buying an additional 12,088 shares during the period. Charles Schwab Investment Management Inc. grew its stake in Covenant Logistics Group by 24.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 109,639 shares of the company's stock valued at $5,793,000 after buying an additional 21,401 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new position in Covenant Logistics Group in the 3rd quarter worth $477,000. 83.72% of the stock is currently owned by institutional investors and hedge funds.

Covenant Logistics Group Company Profile

Covenant Logistics Group, Inc, together with its subsidiaries, provides transportation and logistics services in the United States. It operates through four segments: Expedited, Dedicated, Managed Freight, and Warehousing. The Expedited segment primarily provides truckload services with high service freight and delivery standards, such as 1,000 miles in 22 hours or 15-minute delivery windows.