Short Interest in Covenant Logistics Group, Inc. (NASDAQ:CVLG) Drops By 12.2%

Covenant Logistics Group, Inc. (NASDAQ:CVLG) was the target of a large decline in short interest during the month of November. As of November 15th, there was short interest totalling 76,000 shares, a decline of 12.2% from the October 31st total of 86,600 shares. Based on an average daily volume of 54,000 shares, the short-interest ratio is currently 1.4 days. Currently, 1.0% of the shares of the company are short sold.

Insider Activity

In other news, Director Bradley A. Moline sold 7,000 shares of the company’s stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $59.64, for a total transaction of $417,480.00. Following the completion of the sale, the director now owns 46,992 shares in the company, valued at $2,802,602.88. This represents a 12.96 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 36.50% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Huntington National Bank purchased a new stake in shares of Covenant Logistics Group during the third quarter worth about $27,000. CWM LLC raised its holdings in Covenant Logistics Group by 2,336.4% in the 2nd quarter. CWM LLC now owns 536 shares of the company’s stock valued at $26,000 after acquiring an additional 514 shares during the last quarter. Innealta Capital LLC purchased a new position in shares of Covenant Logistics Group during the 2nd quarter worth $27,000. Quantbot Technologies LP acquired a new stake in shares of Covenant Logistics Group during the third quarter worth $64,000. Finally, nVerses Capital LLC grew its position in shares of Covenant Logistics Group by 550.0% in the third quarter. nVerses Capital LLC now owns 1,300 shares of the company’s stock valued at $69,000 after purchasing an additional 1,100 shares during the period. Institutional investors and hedge funds own 83.72% of the company’s stock.

Analysts Set New Price Targets

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

Covenant Logistics Group Price Performance

Shares of NASDAQ:CVLG traded up $0.17 during midday trading on Friday, hitting $58.08. 25,245 shares of the stock were exchanged, compared to its average volume of 63,891. Covenant Logistics Group has a twelve month low of $41.38 and a twelve month high of $61.54. The company has a current ratio of 1.10, a quick ratio of 1.07 and a debt-to-equity ratio of 0.46. The company has a 50 day moving average price of $54.29 and a 200-day moving average price of $51.62. The stock has a market cap of $765.49 million, a P/E ratio of 14.38 and a beta of 1.35.

Covenant Logistics Group (NASDAQ:CVLG) last announced its quarterly earnings results on Wednesday, October 23rd. The company reported $1.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.08 by $0.01. Covenant Logistics Group had a net margin of 3.72% and a return on equity of 13.43%. The company had revenue of $287.89 million for the quarter. During the same period last year, the company earned $1.13 EPS. On average, research analysts forecast that Covenant Logistics Group will post 4 earnings per share for the current year.

Covenant Logistics Group Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 6th will be given a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a yield of 0.76%. The ex-dividend date of this dividend is Friday, December 6th. Covenant Logistics Group’s dividend payout ratio is presently 14.47%.

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.