Covenant Logistics Group (NASDAQ:CVLG) Price Target Raised to $70.00 at TD Cowen

Covenant Logistics Group (NASDAQ:CVLG) had its price target upped by equities researchers at TD Cowen from $65.00 to $70.00 in a research report issued on Friday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. TD Cowen’s target price indicates a potential upside of 23.22% from the company’s current price.

Covenant Logistics Group Stock Performance

Shares of NASDAQ:CVLG traded up $1.86 during trading on Friday, hitting $56.81. 87,588 shares of the company traded hands, compared to its average volume of 66,830. The company has a quick ratio of 1.01, a current ratio of 1.04 and a debt-to-equity ratio of 0.47. The business’s fifty day moving average is $48.53 and its 200-day moving average is $47.70. The stock has a market capitalization of $742.62 million, a price-to-earnings ratio of 18.19 and a beta of 1.38. Covenant Logistics Group has a one year low of $38.25 and a one year high of $57.57.

Covenant Logistics Group (NASDAQ:CVLG) last issued its quarterly earnings data on Wednesday, July 24th. The company reported $1.04 EPS for the quarter, topping analysts’ consensus estimates of $0.95 by $0.09. Covenant Logistics Group had a return on equity of 13.93% and a net margin of 3.76%. The firm had revenue of $287.50 million during the quarter. During the same quarter in the previous year, the company earned $1.07 earnings per share. As a group, equities analysts predict that Covenant Logistics Group will post 4.12 earnings per share for the current fiscal year.

Insider Buying and Selling at Covenant Logistics Group

In other Covenant Logistics Group news, Director D Michael Kramer sold 3,725 shares of Covenant Logistics Group stock in a transaction on Tuesday, May 14th. The stock was sold at an average price of $46.64, for a total transaction of $173,734.00. Following the sale, the director now owns 11,285 shares of the company’s stock, valued at approximately $526,332.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 36.50% of the stock is owned by company insiders.

Institutional Trading of Covenant Logistics Group

A number of institutional investors have recently made changes to their positions in the stock. Essex Investment Management Co. LLC acquired a new position in shares of Covenant Logistics Group during the fourth quarter valued at approximately $1,317,000. Vanguard Group Inc. boosted its stake in Covenant Logistics Group by 0.9% during the 3rd quarter. Vanguard Group Inc. now owns 434,458 shares of the company’s stock valued at $19,051,000 after purchasing an additional 4,004 shares in the last quarter. Foundry Partners LLC increased its position in shares of Covenant Logistics Group by 9.3% during the 4th quarter. Foundry Partners LLC now owns 73,551 shares of the company’s stock valued at $3,386,000 after purchasing an additional 6,256 shares during the period. Quadrature Capital Ltd raised its stake in shares of Covenant Logistics Group by 75.2% in the 4th quarter. Quadrature Capital Ltd now owns 11,959 shares of the company’s stock worth $550,000 after buying an additional 5,135 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of Covenant Logistics Group by 2.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 112,472 shares of the company’s stock valued at $5,178,000 after buying an additional 2,935 shares during the period. 83.72% of the stock is 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.