Covenant Logistics Group (NASDAQ:CVLG) Sees Large Volume Increase

Shares of Covenant Logistics Group, Inc. (NASDAQ:CVLG) saw unusually-strong trading volume on Wednesday . Approximately 31,191 shares traded hands during mid-day trading, a decline of 54% from the previous session’s volume of 68,372 shares.The stock last traded at $44.39 and had previously closed at $44.92.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on CVLG shares. TD Cowen upgraded shares of Covenant Logistics Group from a “market perform” rating to an “outperform” rating and increased their price target for the stock from $51.00 to $66.00 in a research report on Thursday, January 25th. Vertical Research started coverage on shares of Covenant Logistics Group in a research report on Tuesday, January 23rd. They issued a “buy” rating and a $70.00 price target on the stock.

Covenant Logistics Group Trading Down 0.5 %

The stock’s 50 day moving average price is $47.44 and its 200-day moving average price is $45.41. The company has a quick ratio of 1.06, a current ratio of 1.09 and a debt-to-equity ratio of 0.50. The stock has a market capitalization of $567.89 million, a PE ratio of 10.78 and a beta of 1.41.

Covenant Logistics Group (NASDAQ:CVLG) last announced its quarterly earnings data on Tuesday, January 23rd. The company reported $1.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.05 by $0.02. The firm had revenue of $273.99 million during the quarter. Covenant Logistics Group had a net margin of 4.98% and a return on equity of 14.85%. On average, sell-side analysts expect that Covenant Logistics Group, Inc. will post 4.2 earnings per share for the current fiscal year.

Covenant Logistics Group Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 1st were paid a $0.11 dividend. The ex-dividend date of this dividend was Thursday, February 29th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 1.01%. Covenant Logistics Group’s dividend payout ratio (DPR) is presently 10.92%.

Insider Transactions at Covenant Logistics Group

In other news, CAO Matisse Long sold 667 shares of the stock in a transaction on Friday, January 26th. The shares were sold at an average price of $50.17, for a total value of $33,463.39. Following the completion of the sale, the chief accounting officer now directly owns 9,115 shares of the company’s stock, valued at $457,299.55. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, EVP Samuel F. Hough sold 4,000 shares of the firm’s stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $51.55, for a total transaction of $206,200.00. Following the completion of the transaction, the executive vice president now directly owns 25,125 shares of the company’s stock, valued at $1,295,193.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Matisse Long sold 667 shares of the firm’s stock in a transaction on Friday, January 26th. The shares were sold at an average price of $50.17, for a total transaction of $33,463.39. Following the transaction, the chief accounting officer now directly owns 9,115 shares of the company’s stock, valued at $457,299.55. The disclosure for this sale can be found here. Insiders sold a total of 117,667 shares of company stock valued at $6,078,403 over the last three months. Corporate insiders own 35.30% of the company’s stock.

Hedge Funds Weigh In On Covenant Logistics Group

Several institutional investors have recently bought and sold shares of CVLG. Bank of New York Mellon Corp grew its stake in Covenant Logistics Group by 5.4% during the first quarter. Bank of New York Mellon Corp now owns 91,445 shares of the company’s stock valued at $1,968,000 after acquiring an additional 4,682 shares in the last quarter. American Century Companies Inc. grew its stake in shares of Covenant Logistics Group by 26.2% in the 1st quarter. American Century Companies Inc. now owns 45,345 shares of the company’s stock worth $976,000 after buying an additional 9,406 shares in the last quarter. MetLife Investment Management LLC grew its stake in shares of Covenant Logistics Group by 57.0% in the 1st quarter. MetLife Investment Management LLC now owns 6,924 shares of the company’s stock worth $149,000 after buying an additional 2,514 shares in the last quarter. LSV Asset Management grew its stake in shares of Covenant Logistics Group by 3.5% in the 1st quarter. LSV Asset Management now owns 408,200 shares of the company’s stock worth $8,789,000 after buying an additional 13,800 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in shares of Covenant Logistics Group by 1.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,141,635 shares of the company’s stock worth $24,580,000 after buying an additional 12,726 shares in the last quarter. 83.72% of the stock is owned by hedge funds and other institutional investors.

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.