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

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

Analyst Ratings Changes

CVLG has been the subject of a number of research reports. TD Cowen lowered their target price on Covenant Logistics Group from $35.00 to $34.50 and set a “buy” rating for the company in a report on Friday, October 25th. Stephens reiterated an “overweight” rating and set a $36.00 target price on shares of Covenant Logistics Group in a report on Friday, January 24th.

Covenant Logistics Group Stock Performance

The stock has a market cap of $674.03 million, a P/E ratio of 19.75 and a beta of 1.40. The stock has a fifty day simple moving average of $27.94 and a 200-day simple moving average of $27.28. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.07 and a current ratio of 1.10.

Covenant Logistics Group Increases Dividend

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

Insider Activity

In other news, CAO Matisse Long sold 2,114 shares of the firm’s stock in a transaction dated Tuesday, January 28th. The stock was sold at an average price of $28.95, for a total value of $61,200.30. Following the completion of the transaction, the chief accounting officer now owns 15,434 shares in the company, valued at $446,814.30. This trade represents a 12.05 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 36.50% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Covenant Logistics Group

Several hedge funds have recently modified their holdings of CVLG. Huntington National Bank bought a new position in shares of Covenant Logistics Group in the 3rd quarter valued at about $27,000. Quantbot Technologies LP bought a new position in Covenant Logistics Group during the third quarter worth about $64,000. KLP Kapitalforvaltning AS bought a new position in Covenant Logistics Group during the fourth quarter worth about $71,000. Summit Investment Advisors Inc. grew its holdings in Covenant Logistics Group by 100.0% during the fourth quarter. Summit Investment Advisors Inc. now owns 1,406 shares of the company’s stock worth $77,000 after purchasing an additional 703 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Covenant Logistics Group by 110.3% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,872 shares of the company’s stock worth $205,000 after purchasing an additional 2,031 shares during the period. 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.