Covenant Logistics Group (NASDAQ:CVLG) Hits New 52-Week High - Here's Why

Shares of Covenant Logistics Group, Inc. (NASDAQ:CVLG - Get Free Report) reached a new 52-week high during mid-day trading on Monday . The company traded as high as $59.03 and last traded at $59.03, with a volume of 1547 shares traded. The stock had previously closed at $57.75.

Wall Street Analysts Forecast Growth

Separately, TD Cowen lowered their price objective on shares of Covenant Logistics Group from $70.00 to $69.00 and set a "buy" rating for the company in a research report on Friday, October 25th.

Covenant Logistics Group Stock Performance

The stock's 50-day moving average is $52.41 and its 200-day moving average is $50.34. The firm has a market capitalization of $791.85 million, a price-to-earnings ratio of 19.46 and a beta of 1.35. The company has a current ratio of 1.10, a quick ratio of 1.05 and a debt-to-equity ratio of 0.46.

Covenant Logistics Group (NASDAQ:CVLG - Get Free Report) last released its quarterly earnings data on Wednesday, October 23rd. The company reported $1.09 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.08 by $0.01. The business had revenue of $287.89 million during the quarter. Covenant Logistics Group had a net margin of 3.72% and a return on equity of 13.43%. During the same quarter in the prior year, the company earned $1.13 earnings per share. On average, analysts predict that Covenant Logistics Group, Inc. will post 4 EPS for the current fiscal year.

Covenant Logistics Group Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 6th were given a $0.11 dividend. This represents a $0.44 annualized dividend and a yield of 0.73%. The ex-dividend date of this dividend was Friday, September 6th. Covenant Logistics Group's dividend payout ratio (DPR) is currently 14.47%.

Hedge Funds Weigh In On Covenant Logistics Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Huntington National Bank bought a new stake in shares of Covenant Logistics Group in the 3rd quarter valued at $27,000. CWM LLC boosted its stake in shares of Covenant Logistics Group by 2,336.4% in the 2nd quarter. CWM LLC now owns 536 shares of the company's stock valued at $26,000 after purchasing an additional 514 shares during the last quarter. Innealta Capital LLC bought a new stake in shares of Covenant Logistics Group in the 2nd quarter valued at $27,000. nVerses Capital LLC boosted its stake in shares of Covenant Logistics Group by 550.0% in the 3rd quarter. nVerses Capital LLC now owns 1,300 shares of the company's stock valued at $69,000 after purchasing an additional 1,100 shares during the last quarter. Finally, Quest Partners LLC boosted its stake in shares of Covenant Logistics Group by 172.1% in the 2nd quarter. Quest Partners LLC now owns 1,978 shares of the company's stock valued at $97,000 after purchasing an additional 1,251 shares during the last quarter. 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.