Legato Capital Management LLC Acquires 3,675 Shares of Covenant Logistics Group, Inc. (NASDAQ:CVLG)

Legato Capital Management LLC boosted its holdings in Covenant Logistics Group, Inc. (NASDAQ:CVLG) by 22.2% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 20,238 shares of the company’s stock after buying an additional 3,675 shares during the quarter. Legato Capital Management LLC owned approximately 0.15% of Covenant Logistics Group worth $998,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of CVLG. Bailard Inc. bought a new stake in shares of Covenant Logistics Group in the 2nd quarter worth $276,000. SG Americas Securities LLC bought a new position in Covenant Logistics Group during the second quarter valued at approximately $176,000. CWM LLC grew its holdings in shares of Covenant Logistics Group by 2,336.4% in the second quarter. CWM LLC now owns 536 shares of the company’s stock worth $26,000 after purchasing an additional 514 shares during the last quarter. Boston Partners purchased a new stake in Covenant Logistics Group in the first quarter worth $894,000. Finally, EMC Capital Management purchased a new position in Covenant Logistics Group during the first quarter valued at $149,000. Institutional investors and hedge funds own 83.72% of the company’s stock.

Covenant Logistics Group Stock Down 0.3 %

Covenant Logistics Group stock traded down $0.18 during midday trading on Tuesday, reaching $52.47. The company’s stock had a trading volume of 15,604 shares, compared to its average volume of 64,158. Covenant Logistics Group, Inc. has a 52-week low of $38.25 and a 52-week high of $56.96. The stock has a market capitalization of $685.89 million, a P/E ratio of 16.88 and a beta of 1.38. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.04 and a quick ratio of 1.01. The stock’s 50-day simple moving average is $50.78 and its 200-day simple moving average is $48.35.

Covenant Logistics Group (NASDAQ:CVLG) last released its earnings results on Wednesday, July 24th. The company reported $1.04 earnings per share for the quarter, beating the consensus estimate of $0.95 by $0.09. Covenant Logistics Group had a return on equity of 13.93% and a net margin of 3.76%. The business had revenue of $287.50 million for the quarter. During the same quarter last year, the business earned $1.07 EPS. On average, sell-side analysts expect that Covenant Logistics Group, Inc. will post 4.12 EPS for the current year.

Covenant Logistics Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 6th will be given a dividend of $0.11 per share. The ex-dividend date of this dividend is Friday, September 6th. This represents a $0.44 annualized dividend and a dividend yield of 0.84%. Covenant Logistics Group’s dividend payout ratio is currently 14.10%.

Analyst Upgrades and Downgrades

Separately, TD Cowen boosted their price target on Covenant Logistics Group from $65.00 to $70.00 and gave the company a “buy” rating in a research note on Friday, July 26th.

Insider Activity at Covenant Logistics Group

In other Covenant Logistics Group news, Director Herbert J. Schmidt sold 21,000 shares of the stock in a transaction that occurred on Monday, July 29th. The stock was sold at an average price of $55.24, for a total transaction of $1,160,040.00. Following the completion of the sale, the director now directly owns 12,134 shares of the company’s stock, valued at approximately $670,282.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 36.50% of the company’s stock.

Covenant Logistics Group 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.