Covenant Logistics Group, Inc. (NASDAQ:CVLG) Shares Purchased by Northern Trust Corp

Northern Trust Corp raised its stake in Covenant Logistics Group, Inc. (NASDAQ:CVLG) by 8.7% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 87,107 shares of the company’s stock after purchasing an additional 6,982 shares during the quarter. Northern Trust Corp owned about 0.33% of Covenant Logistics Group worth $4,748,000 at the end of the most recent quarter.

Several other institutional investors also recently made changes to their positions in the stock. Huntington National Bank boosted its holdings in Covenant Logistics Group by 91.5% in the fourth quarter. Huntington National Bank now owns 963 shares of the company’s stock valued at $52,000 after acquiring an additional 460 shares during the last quarter. Price T Rowe Associates Inc. MD raised its holdings in shares of Covenant Logistics Group by 7.0% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 7,164 shares of the company’s stock worth $391,000 after purchasing an additional 467 shares during the period. Private Advisor Group LLC lifted its stake in shares of Covenant Logistics Group by 11.8% in the 4th quarter. Private Advisor Group LLC now owns 4,567 shares of the company’s stock valued at $249,000 after purchasing an additional 481 shares in the last quarter. Summit Investment Advisors Inc. grew its holdings in shares of Covenant Logistics Group by 100.0% during the 4th 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, Townsquare Capital LLC increased its position in Covenant Logistics Group by 18.5% during the 4th quarter. Townsquare Capital LLC now owns 5,831 shares of the company’s stock worth $318,000 after purchasing an additional 910 shares in the last quarter. 83.72% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. TD Cowen reduced their price target on shares of Covenant Logistics Group from $31.00 to $30.00 and set a “buy” rating on the stock in a research report on Friday, April 25th. Stephens restated 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 Price Performance

CVLG stock opened at $22.55 on Thursday. The firm has a market cap of $598.73 million, a P/E ratio of 17.41 and a beta of 1.53. 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, Inc. has a 1 year low of $17.46 and a 1 year high of $30.77. The stock has a 50-day simple moving average of $21.02 and a 200-day simple moving average of $25.35.

Covenant Logistics Group Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be given a $0.07 dividend. This represents a $0.28 annualized dividend and a yield of 1.24%. The ex-dividend date of this dividend is Friday, June 6th. Covenant Logistics Group’s dividend payout ratio (DPR) is 20.14%.

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.