Covenant Logistics Group’s (CVLG) Overweight Rating Reiterated at Stephens

Stephens reiterated their overweight rating on shares of Covenant Logistics Group (NASDAQ:CVLG) in a research report report published on Friday morning,Benzinga reports. They currently have a $36.00 target price on the stock.

Separately, TD Cowen cut their target price on shares of Covenant Logistics Group from $35.00 to $34.50 and set a “buy” rating on the stock in a research note on Friday, October 25th.

Covenant Logistics Group Stock Performance

NASDAQ:CVLG opened at $28.28 on Friday. The company has a quick ratio of 1.07, a current ratio of 1.10 and a debt-to-equity ratio of 0.46. The firm’s fifty day simple moving average is $28.60 and its 200 day simple moving average is $27.12. The stock has a market cap of $745.30 million, a P/E ratio of 18.60 and a beta of 1.41. Covenant Logistics Group has a twelve month low of $21.51 and a twelve month high of $30.77.

Covenant Logistics Group Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, December 27th. Investors of record on Friday, December 6th were paid a $0.055 dividend. The ex-dividend date was Friday, December 6th. This represents a $0.22 annualized dividend and a yield of 0.78%. Covenant Logistics Group’s payout ratio is 17.05%.

Insiders Place Their Bets

In other Covenant Logistics Group news, Director Bradley A. Moline sold 14,000 shares of the company’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $29.82, for a total value of $417,480.00. Following the sale, the director now owns 93,984 shares in the company, valued at approximately $2,802,602.88. This represents a 12.96 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 36.50% of the stock is owned by corporate insiders.

Institutional Trading of Covenant Logistics Group

A number of hedge funds have recently made changes to their positions in CVLG. AQR Capital Management LLC raised its stake in Covenant Logistics Group by 0.3% during the second quarter. AQR Capital Management LLC now owns 74,704 shares of the company’s stock valued at $3,682,000 after buying an additional 236 shares during the last quarter. Townsquare Capital LLC raised its position in shares of Covenant Logistics Group by 7.8% in the 3rd quarter. Townsquare Capital LLC now owns 4,921 shares of the company’s stock worth $260,000 after purchasing an additional 357 shares during the last quarter. Huntington National Bank bought a new position in Covenant Logistics Group in the 3rd quarter worth about $27,000. nVerses Capital LLC grew its position in Covenant Logistics Group by 550.0% during 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, SG Americas Securities LLC increased its stake in Covenant Logistics Group by 34.0% during the 4th quarter. SG Americas Securities LLC now owns 4,715 shares of the company’s stock valued at $257,000 after purchasing an additional 1,196 shares in the last quarter. 83.72% of the stock is owned by institutional investors.

About Covenant Logistics Group

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.