Covenant Logistics Group (NASDAQ:CVLG) Research Coverage Started at Vertical Research

Vertical Research assumed coverage on shares of Covenant Logistics Group (NASDAQ:CVLGFree Report) in a report published on Tuesday, MarketBeat reports. The firm issued a buy rating and a $70.00 price target on the stock.

Covenant Logistics Group Trading Down 1.5 %

NASDAQ:CVLG traded down $0.77 during trading hours on Tuesday, hitting $50.43. 89,624 shares of the company were exchanged, compared to its average volume of 68,779. The stock has a market capitalization of $653.07 million, a price-to-earnings ratio of 12.51 and a beta of 1.47. The company has a current ratio of 1.18, a quick ratio of 1.15 and a debt-to-equity ratio of 0.40. Covenant Logistics Group has a one year low of $30.33 and a one year high of $57.57. The company has a fifty day simple moving average of $44.64 and a 200 day simple moving average of $45.75.

Covenant Logistics Group (NASDAQ:CVLGGet Free Report) last issued its quarterly earnings results on Wednesday, October 25th. The company reported $1.13 earnings per share for the quarter, topping analysts’ consensus estimates of $1.12 by $0.01. Covenant Logistics Group had a return on equity of 15.06% and a net margin of 4.98%. The firm had revenue of $288.72 million during the quarter. Sell-side analysts expect that Covenant Logistics Group will post 4.25 EPS for the current fiscal year.

Covenant Logistics Group Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, December 29th. Shareholders of record on Friday, December 1st were issued a dividend of $0.11 per share. The ex-dividend date was Thursday, November 30th. This represents a $0.44 dividend on an annualized basis and a yield of 0.87%. Covenant Logistics Group’s payout ratio is currently 10.92%.

Institutional Trading of Covenant Logistics Group

Several large investors have recently made changes to their positions in CVLG. Tudor Investment Corp Et Al boosted its stake in Covenant Logistics Group by 3.8% during the 3rd quarter. Tudor Investment Corp Et Al now owns 7,580 shares of the company’s stock valued at $332,000 after purchasing an additional 277 shares during the last quarter. Quadrature Capital Ltd boosted its stake in Covenant Logistics Group by 5.2% during the 3rd quarter. Quadrature Capital Ltd now owns 6,824 shares of the company’s stock valued at $299,000 after purchasing an additional 339 shares during the last quarter. Public Employees Retirement System of Ohio boosted its stake in Covenant Logistics Group by 1.2% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 29,068 shares of the company’s stock valued at $834,000 after purchasing an additional 347 shares during the last quarter. Wells Fargo & Company MN boosted its stake in Covenant Logistics Group by 8.9% during the 2nd quarter. Wells Fargo & Company MN now owns 4,513 shares of the company’s stock valued at $198,000 after purchasing an additional 368 shares during the last quarter. Finally, Royal Bank of Canada boosted its stake in Covenant Logistics Group by 3.5% during the 3rd quarter. Royal Bank of Canada now owns 12,099 shares of the company’s stock valued at $530,000 after purchasing an additional 412 shares during the last quarter. 56.48% of the stock is currently owned by institutional investors and hedge funds.

About Covenant Logistics Group

(Get Free Report)

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.

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