Barclays PLC Cuts Stock Position in Covenant Logistics Group, Inc. (NASDAQ:CVLG)

Barclays PLC lowered its holdings in Covenant Logistics Group, Inc. (NASDAQ:CVLG) by 11.2% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 21,177 shares of the company’s stock after selling 2,673 shares during the period. Barclays PLC owned about 0.16% of Covenant Logistics Group worth $929,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of CVLG. Bank of New York Mellon Corp boosted its position in Covenant Logistics Group by 5.4% in the first quarter. Bank of New York Mellon Corp now owns 91,445 shares of the company’s stock worth $1,968,000 after purchasing an additional 4,682 shares during the last quarter. American Century Companies Inc. raised its stake in shares of Covenant Logistics Group by 26.2% in the first quarter. American Century Companies Inc. now owns 45,345 shares of the company’s stock valued at $976,000 after buying an additional 9,406 shares during the period. MetLife Investment Management LLC raised its stake in shares of Covenant Logistics Group by 57.0% in the first quarter. MetLife Investment Management LLC now owns 6,924 shares of the company’s stock valued at $149,000 after buying an additional 2,514 shares during the period. LSV Asset Management raised its stake in shares of Covenant Logistics Group by 3.5% in the first quarter. LSV Asset Management now owns 408,200 shares of the company’s stock valued at $8,789,000 after buying an additional 13,800 shares during the period. Finally, Dimensional Fund Advisors LP raised its stake in shares of Covenant Logistics Group by 1.1% in the first quarter. Dimensional Fund Advisors LP now owns 1,141,635 shares of the company’s stock valued at $24,580,000 after buying an additional 12,726 shares during the period. Hedge funds and other institutional investors own 56.48% of the company’s stock.

Covenant Logistics Group Stock Performance

Shares of CVLG opened at $42.15 on Tuesday. The firm has a market cap of $545.72 million, a PE ratio of 10.78 and a beta of 1.50. The stock’s fifty day moving average price is $42.76 and its two-hundred day moving average price is $44.37. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.18 and a quick ratio of 1.15. Covenant Logistics Group, Inc. has a 1 year low of $29.34 and a 1 year high of $57.57.

Covenant Logistics Group (NASDAQ:CVLG) last released its quarterly earnings data on Wednesday, October 25th. The company reported $1.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.12 by $0.01. Covenant Logistics Group had a return on equity of 16.35% and a net margin of 4.77%. The company had revenue of $288.72 million for the quarter. On average, equities research analysts forecast that Covenant Logistics Group, Inc. will post 4.18 EPS for the current year.

Covenant Logistics Group Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Friday, December 1st will be paid a dividend of $0.11 per share. The ex-dividend date of this dividend is Thursday, November 30th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 1.04%. Covenant Logistics Group’s payout ratio is 11.25%.

Analyst Upgrades and Downgrades

Separately, Stephens boosted their target price on Covenant Logistics Group from $63.00 to $70.00 and gave the company an “overweight” rating in a research note on Friday, July 28th.

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.