Vanguard Group Inc. Purchases 4,004 Shares of Covenant Logistics Group, Inc. (NASDAQ:CVLG)

Vanguard Group Inc. raised its position in shares of Covenant Logistics Group, Inc. (NASDAQ:CVLG) by 0.9% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 434,458 shares of the company’s stock after buying an additional 4,004 shares during the period. Vanguard Group Inc.’s holdings in Covenant Logistics Group were worth $19,051,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also modified their holdings of CVLG. Tudor Investment Corp Et Al lifted its holdings in Covenant Logistics Group by 3.8% in the third quarter. Tudor Investment Corp Et Al now owns 7,580 shares of the company’s stock valued at $332,000 after buying an additional 277 shares during the period. Quadrature Capital Ltd increased its position in shares of Covenant Logistics Group by 5.2% in the 3rd quarter. Quadrature Capital Ltd now owns 6,824 shares of the company’s stock valued at $299,000 after buying an additional 339 shares in the last quarter. Public Employees Retirement System of Ohio raised its stake in Covenant Logistics Group by 1.2% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 29,068 shares of the company’s stock worth $834,000 after buying an additional 347 shares during the period. Wells Fargo & Company MN lifted its holdings in Covenant Logistics Group by 8.9% during the second quarter. Wells Fargo & Company MN now owns 4,513 shares of the company’s stock worth $198,000 after acquiring an additional 368 shares in the last quarter. Finally, Royal Bank of Canada grew its stake in Covenant Logistics Group by 3.5% in the third quarter. Royal Bank of Canada now owns 12,099 shares of the company’s stock valued at $530,000 after acquiring an additional 412 shares during the period. 83.72% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have recently commented on CVLG. TD Cowen raised Covenant Logistics Group from a “market perform” rating to an “outperform” rating and raised their price target for the stock from $51.00 to $66.00 in a research report on Thursday, January 25th. Vertical Research assumed coverage on shares of Covenant Logistics Group in a report on Tuesday, January 23rd. They set a “buy” rating and a $70.00 target price on the stock.

Insider Activity

In related news, CEO David Ray Parker sold 55,000 shares of the stock in a transaction on Monday, February 26th. The shares were sold at an average price of $51.47, for a total transaction of $2,830,850.00. Following the completion of the transaction, the chief executive officer now owns 196,537 shares in the company, valued at $10,115,759.39. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Covenant Logistics Group news, EVP Samuel F. Hough sold 4,000 shares of the business’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $51.55, for a total transaction of $206,200.00. Following the transaction, the executive vice president now owns 25,125 shares of the company’s stock, valued at approximately $1,295,193.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO David Ray Parker sold 55,000 shares of the company’s stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $51.47, for a total value of $2,830,850.00. Following the sale, the chief executive officer now owns 196,537 shares in the company, valued at approximately $10,115,759.39. The disclosure for this sale can be found here. Insiders have sold 117,667 shares of company stock worth $6,078,403 over the last ninety days. Insiders own 35.30% of the company’s stock.

Covenant Logistics Group Price Performance

Shares of NASDAQ CVLG opened at $45.46 on Monday. The company has a fifty day moving average price of $47.96 and a 200 day moving average price of $45.42. Covenant Logistics Group, Inc. has a 1-year low of $33.58 and a 1-year high of $57.57. The firm has a market cap of $594.16 million, a PE ratio of 11.28 and a beta of 1.41. The company has a current ratio of 1.09, a quick ratio of 1.06 and a debt-to-equity ratio of 0.50.

Covenant Logistics Group (NASDAQ:CVLG) last posted its quarterly earnings data on Tuesday, January 23rd. The company reported $1.07 earnings per share for the quarter, topping the consensus estimate of $1.05 by $0.02. The company had revenue of $273.99 million during the quarter. Covenant Logistics Group had a return on equity of 14.85% and a net margin of 4.98%. Research analysts predict that Covenant Logistics Group, Inc. will post 4.2 earnings per share for the current fiscal year.

Covenant Logistics Group Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 1st were paid a dividend of $0.11 per share. The ex-dividend date was Thursday, February 29th. This represents a $0.44 annualized dividend and a dividend yield of 0.97%. Covenant Logistics Group’s dividend payout ratio is currently 10.92%.

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.