Geode Capital Management LLC Has $9.83 Million Stake in Covenant Logistics Group, Inc. (NASDAQ:CVLG)

Geode Capital Management LLC cut its holdings in shares of Covenant Logistics Group, Inc. (NASDAQ:CVLG) by 1.2% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 181,325 shares of the company’s stock after selling 2,227 shares during the quarter. Geode Capital Management LLC owned about 0.69% of Covenant Logistics Group worth $9,830,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Private Advisor Group LLC boosted its position in Covenant Logistics Group by 11.8% during the fourth quarter. Private Advisor Group LLC now owns 4,567 shares of the company’s stock worth $249,000 after purchasing an additional 481 shares during the period. JPMorgan Chase & Co. boosted its holdings in shares of Covenant Logistics Group by 51.0% during the 4th quarter. JPMorgan Chase & Co. now owns 48,038 shares of the company’s stock worth $2,619,000 after buying an additional 16,233 shares during the period. Vanguard Group Inc. boosted its holdings in shares of Covenant Logistics Group by 0.3% during the 4th quarter. Vanguard Group Inc. now owns 464,371 shares of the company’s stock worth $25,313,000 after buying an additional 1,216 shares during the period. KLP Kapitalforvaltning AS acquired a new position in Covenant Logistics Group in the 4th quarter valued at about $71,000. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its position in Covenant Logistics Group by 82.7% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 16,485 shares of the company’s stock worth $899,000 after acquiring an additional 7,464 shares during the last quarter. Institutional investors own 83.72% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Stephens reaffirmed an “overweight” rating and issued a $36.00 target price on shares of Covenant Logistics Group in a research report on Friday, January 24th.

Insider Buying and Selling at Covenant Logistics Group

In other Covenant Logistics Group news, CAO Matisse Long sold 2,114 shares of Covenant Logistics Group stock in a transaction on 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 directly owns 15,434 shares of the company’s stock, valued at $446,814.30. The trade was 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. Insiders own 36.50% of the company’s stock.

Covenant Logistics Group Stock Up 0.9 %

CVLG opened at $18.88 on Thursday. The stock has a fifty day moving average of $22.34 and a 200-day moving average of $25.98. The company has a market capitalization of $501.26 million, a P/E ratio of 14.58 and a beta of 1.36. Covenant Logistics Group, Inc. has a fifty-two week low of $17.46 and a fifty-two week high of $30.77. 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 firm also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, March 7th were paid a $0.07 dividend. This is a boost from Covenant Logistics Group’s previous quarterly dividend of $0.06. The ex-dividend date was Friday, March 7th. This represents a $0.28 annualized dividend and a yield of 1.48%. Covenant Logistics Group’s payout ratio is 21.71%.

Covenant Logistics Group Company 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.