Covenant Logistics Group (NASDAQ:CVLG) Price Target Cut to $30.00 by Analysts at TD Cowen

Covenant Logistics Group (NASDAQ:CVLG - Free Report) had its price objective lowered by TD Cowen from $31.00 to $30.00 in a research report released on Friday, Marketbeat.com reports. The brokerage currently has a buy rating on the stock.

Separately, Stephens reaffirmed an "overweight" rating and issued a $36.00 price target on shares of Covenant Logistics Group in a report on Friday, January 24th.

Covenant Logistics Group Price Performance

CVLG traded down $0.13 during trading on Friday, reaching $19.77. 67,611 shares of the company were exchanged, compared to its average volume of 110,106. The company's 50-day moving average is $21.83 and its two-hundred day moving average is $25.82. Covenant Logistics Group has a 12-month low of $17.46 and a 12-month high of $30.77. The company has a market cap of $524.89 million, a price-to-earnings ratio of 15.27 and a beta of 1.36. 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 Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 7th were issued a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.42%. This is a boost from Covenant Logistics Group's previous quarterly dividend of $0.06. The ex-dividend date of this dividend was Friday, March 7th. Covenant Logistics Group's dividend payout ratio (DPR) is currently 20.14%.

Hedge Funds Weigh In On Covenant Logistics Group

Large investors have recently modified their holdings of the company. GAMMA Investing LLC raised its holdings in shares of Covenant Logistics Group by 1,289.4% during the 1st quarter. GAMMA Investing LLC now owns 1,709 shares of the company's stock valued at $38,000 after buying an additional 1,586 shares in the last quarter. Huntington National Bank raised its holdings in shares of Covenant Logistics Group by 91.5% during the 4th quarter. Huntington National Bank now owns 963 shares of the company's stock valued at $52,000 after buying an additional 460 shares in the last quarter. Copeland Capital Management LLC purchased a new position in shares of Covenant Logistics Group during the 1st quarter valued at about $52,000. KLP Kapitalforvaltning AS purchased a new position in shares of Covenant Logistics Group during the 4th quarter valued at about $71,000. Finally, Summit Investment Advisors Inc. raised its holdings in shares of Covenant Logistics Group by 100.0% during the 4th quarter. Summit Investment Advisors Inc. now owns 1,406 shares of the company's stock valued at $77,000 after buying an additional 703 shares in the last quarter. 83.72% of the stock is owned by hedge funds and other institutional investors.

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.