Covenant Logistics Group (NASDAQ:CVLG) Sees Strong Trading Volume – What’s Next?

Covenant Logistics Group, Inc. (NASDAQ:CVLG) shares saw unusually-strong trading volume on Wednesday . Approximately 74,017 shares were traded during mid-day trading, an increase of 22% from the previous session’s volume of 60,657 shares.The stock last traded at $55.45 and had previously closed at $51.97.

Wall Street Analysts Forecast Growth

Separately, TD Cowen dropped their target price on Covenant Logistics Group from $70.00 to $69.00 and set a “buy” rating for the company in a report on Friday, October 25th.

Covenant Logistics Group Price Performance

The stock has a market cap of $749.64 million, a P/E ratio of 18.85 and a beta of 1.35. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.08 and a quick ratio of 1.05. The business’s fifty day moving average price is $52.13 and its 200 day moving average price is $50.06.

Covenant Logistics Group (NASDAQ:CVLG) last announced its quarterly earnings results on Wednesday, October 23rd. The company reported $1.09 EPS for the quarter, beating analysts’ consensus estimates of $1.08 by $0.01. Covenant Logistics Group had a return on equity of 13.61% and a net margin of 3.72%. The company had revenue of $287.89 million during the quarter. During the same quarter in the previous year, the company posted $1.13 earnings per share. Sell-side analysts forecast that Covenant Logistics Group, Inc. will post 4.03 EPS for the current fiscal year.

Covenant Logistics Group Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 6th were given a $0.11 dividend. The ex-dividend date of this dividend was Friday, September 6th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 0.77%. Covenant Logistics Group’s dividend payout ratio (DPR) is currently 14.47%.

Institutional Trading of Covenant Logistics Group

Several large investors have recently modified their holdings of the stock. CWM LLC boosted its holdings in Covenant Logistics Group by 2,336.4% in the second quarter. CWM LLC now owns 536 shares of the company’s stock worth $26,000 after acquiring an additional 514 shares in the last quarter. Innealta Capital LLC bought a new position in shares of Covenant Logistics Group in the second quarter valued at $27,000. Huntington National Bank acquired a new position in shares of Covenant Logistics Group during the third quarter valued at about $27,000. nVerses Capital LLC raised its holdings 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 worth $69,000 after acquiring an additional 1,100 shares during the last quarter. Finally, Quest Partners LLC lifted its position in 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 acquiring an additional 1,251 shares in the last quarter. Institutional investors and hedge funds 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.