Covenant Logistics Group, Inc. (NASDAQ:CVLG) Short Interest Update

Covenant Logistics Group, Inc. (NASDAQ:CVLG) saw a significant growth in short interest in the month of June. As of June 15th, there was short interest totalling 94,700 shares, a growth of 13.8% from the May 31st total of 83,200 shares. Based on an average trading volume of 63,200 shares, the days-to-cover ratio is presently 1.5 days. Currently, 1.2% of the shares of the company are sold short.

Covenant Logistics Group Stock Performance

Shares of CVLG stock traded up $0.07 during mid-day trading on Wednesday, reaching $49.12. The stock had a trading volume of 9,398 shares, compared to its average volume of 67,524. Covenant Logistics Group has a one year low of $38.25 and a one year high of $57.57. The firm has a market cap of $642.00 million, a PE ratio of 15.72 and a beta of 1.38. The firm’s 50 day simple moving average is $47.00 and its 200 day simple moving average is $47.10. The company has a quick ratio of 1.01, a current ratio of 1.04 and a debt-to-equity ratio of 0.47.

Covenant Logistics Group (NASDAQ:CVLG) last issued its earnings results on Wednesday, April 24th. The company reported $0.84 EPS for the quarter, beating analysts’ consensus estimates of $0.81 by $0.03. Covenant Logistics Group had a return on equity of 14.16% and a net margin of 3.82%. The business had revenue of $278.76 million during the quarter. On average, analysts forecast that Covenant Logistics Group will post 4.12 EPS for the current year.

Covenant Logistics Group Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 7th were given a dividend of $0.11 per share. The ex-dividend date of this dividend was Friday, June 7th. This represents a $0.44 annualized dividend and a dividend yield of 0.90%. Covenant Logistics Group’s dividend payout ratio (DPR) is currently 14.10%.

Insider Activity

In other Covenant Logistics Group news, Director D Michael Kramer sold 3,725 shares of the stock in a transaction on Tuesday, May 14th. The shares were sold at an average price of $46.64, for a total value of $173,734.00. Following the completion of the sale, the director now directly owns 11,285 shares of the company’s stock, valued at approximately $526,332.40. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 36.50% of the stock is owned by company insiders.

Institutional Trading of Covenant Logistics Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Essex Investment Management Co. LLC acquired a new stake in Covenant Logistics Group during the fourth quarter valued at approximately $1,317,000. Invesco Ltd. raised its holdings in shares of Covenant Logistics Group by 26.8% in the 3rd quarter. Invesco Ltd. now owns 143,868 shares of the company’s stock worth $6,309,000 after buying an additional 30,416 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Covenant Logistics Group by 0.9% during the 3rd quarter. Vanguard Group Inc. now owns 434,458 shares of the company’s stock worth $19,051,000 after buying an additional 4,004 shares during the period. Foundry Partners LLC boosted its stake in Covenant Logistics Group by 9.3% in the 4th quarter. Foundry Partners LLC now owns 73,551 shares of the company’s stock valued at $3,386,000 after buying an additional 6,256 shares in the last quarter. Finally, Quadrature Capital Ltd boosted its stake in Covenant Logistics Group by 75.2% in the fourth quarter. Quadrature Capital Ltd now owns 11,959 shares of the company’s stock valued at $550,000 after acquiring an additional 5,135 shares during the last quarter. 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.