Covenant Logistics Group (NASDAQ:CVLG) Shares Down 0.6% – Here’s Why

by · The Cerbat Gem

Covenant Logistics Group, Inc. (NASDAQ:CVLG – Get Free Report) shares dropped 0.6% during trading on Thursday . The stock traded as low as $25.73 and last traded at $26.06. Approximately 60,707 shares traded hands during mid-day trading, a decline of 40% from the average daily volume of 101,124 shares. The stock had previously closed at $26.22.

Wall Street Analysts Forecast Growth

CVLG has been the topic of several recent analyst reports. Stephens reissued an “overweight” rating and issued a $36.00 target price on shares of Covenant Logistics Group in a report on Friday, January 24th. TD Cowen reduced their target price on Covenant Logistics Group from $35.00 to $34.50 and set a “buy” rating on the stock in a report on Friday, October 25th.

Get Our Latest Stock Report on Covenant Logistics Group

Covenant Logistics Group Stock Down 2.0 %

The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.07 and a current ratio of 1.10. The firm’s 50-day moving average is $27.94 and its two-hundred day moving average is $27.28. The stock has a market cap of $674.03 million, a P/E ratio of 19.75 and a beta of 1.40.

Covenant Logistics Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be given a $0.07 dividend. This represents a $0.28 annualized dividend and a yield of 1.10%. The ex-dividend date is Friday, March 7th. This is a boost from Covenant Logistics Group’s previous quarterly dividend of $0.06. Covenant Logistics Group’s payout ratio is 16.99%.

Insider Buying and Selling

In other Covenant Logistics Group news, CAO Matisse Long sold 2,114 shares of the company’s stock in a transaction on Tuesday, January 28th. The shares were sold at an average price of $28.95, for a total transaction of $61,200.30. Following the completion of the sale, the chief accounting officer now owns 15,434 shares in the company, valued at approximately $446,814.30. The trade was a 12.05 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 36.50% of the stock is currently owned by corporate insiders.

Institutional Trading of Covenant Logistics Group

Several institutional investors and hedge funds have recently made changes to their positions in CVLG. T. Rowe Price Investment Management Inc. bought a new stake in shares of Covenant Logistics Group during the 4th quarter valued at $8,878,000. Empowered Funds LLC raised its position in shares of Covenant Logistics Group by 110.2% during the 4th quarter. Empowered Funds LLC now owns 188,916 shares of the company’s stock valued at $10,298,000 after acquiring an additional 99,026 shares during the last quarter. Bridgeway Capital Management LLC raised its position in shares of Covenant Logistics Group by 56.5% during the 4th quarter. Bridgeway Capital Management LLC now owns 274,316 shares of the company’s stock valued at $14,953,000 after acquiring an additional 99,026 shares during the last quarter. Franklin Resources Inc. increased its position in shares of Covenant Logistics Group by 1,226.7% in the 3rd quarter. Franklin Resources Inc. now owns 70,063 shares of the company’s stock valued at $3,711,000 after buying an additional 64,782 shares in the last quarter. Finally, Hudson Bay Capital Management LP increased its position in shares of Covenant Logistics Group by 108.3% in the 4th quarter. Hudson Bay Capital Management LP now owns 102,623 shares of the company’s stock valued at $5,594,000 after buying an additional 53,345 shares in the last quarter. Institutional investors own 83.72% of the company’s stock.

Covenant Logistics Group Company Profile

(Get Free Report)

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.

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