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

Stephens reaffirmed their overweight rating on shares of Covenant Logistics Group (NASDAQ:CVLG) in a research note published on Friday,Benzinga reports. Stephens currently has a $36.00 price target 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 for the company in a research report on Friday, October 25th.

Covenant Logistics Group Stock Performance

Shares of NASDAQ CVLG opened at $28.28 on Friday. The firm’s 50-day moving average price is $28.60 and its 200-day moving average price is $27.12. Covenant Logistics Group has a 52-week low of $21.51 and a 52-week high of $30.77. The company has a market cap of $745.30 million, a PE ratio of 18.60 and a beta of 1.41. The company has a quick ratio of 1.07, a current ratio of 1.10 and a debt-to-equity ratio of 0.46.

Covenant Logistics Group Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, December 27th. Shareholders of record on Friday, December 6th were given a $0.055 dividend. The ex-dividend date of this dividend 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%.

Insider Activity

In related news, Director Bradley A. Moline sold 14,000 shares of the business’s stock in a transaction that occurred on Monday, November 11th. The shares were 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. The trade was a 12.96 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 36.50% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Huntington National Bank purchased a new stake in shares of Covenant Logistics Group in the 3rd quarter worth $27,000. Quantbot Technologies LP purchased a new stake in Covenant Logistics Group in the third quarter worth about $64,000. nVerses Capital LLC raised its stake in shares of Covenant Logistics Group by 550.0% in the third quarter. nVerses Capital LLC now owns 1,300 shares of the company’s stock worth $69,000 after buying an additional 1,100 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Covenant Logistics Group by 110.3% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,872 shares of the company’s stock valued at $205,000 after buying an additional 2,031 shares in the last quarter. Finally, GSA Capital Partners LLP bought a new position in shares of Covenant Logistics Group during the 3rd quarter valued at approximately $215,000. Hedge funds and other institutional investors own 83.72% of the company’s stock.

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.