Covenant Logistics Group, Inc. $CVLG Shares Bought by Charles Schwab Investment Management Inc.

Charles Schwab Investment Management Inc. boosted its holdings in shares of Covenant Logistics Group, Inc. (NYSE:CVLG) by 90.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 168,936 shares of the company’s stock after acquiring an additional 80,151 shares during the quarter. Charles Schwab Investment Management Inc. owned about 0.64% of Covenant Logistics Group worth $3,750,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in Covenant Logistics Group by 106.6% in the first quarter. Vanguard Group Inc. now owns 959,196 shares of the company’s stock valued at $21,294,000 after purchasing an additional 494,825 shares during the period. Patton Albertson Miller Group LLC raised its position in Covenant Logistics Group by 100.0% in the first quarter. Patton Albertson Miller Group LLC now owns 576,250 shares of the company’s stock valued at $12,793,000 after purchasing an additional 288,125 shares during the period. Foundry Partners LLC raised its position in Covenant Logistics Group by 100.9% in the first quarter. Foundry Partners LLC now owns 434,073 shares of the company’s stock valued at $9,636,000 after purchasing an additional 217,993 shares during the period. Bridgeway Capital Management LLC raised its position in Covenant Logistics Group by 56.5% in the fourth quarter. Bridgeway Capital Management LLC now owns 274,316 shares of the company’s stock valued at $14,953,000 after purchasing an additional 99,026 shares during the period. Finally, Royce & Associates LP raised its position in Covenant Logistics Group by 114.4% in the first quarter. Royce & Associates LP now owns 260,588 shares of the company’s stock valued at $5,785,000 after purchasing an additional 139,044 shares during the period. Institutional investors and hedge funds own 83.72% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen lowered Covenant Logistics Group from a “buy” rating to a “hold” rating in a research report on Saturday. Two analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $33.00.

Covenant Logistics Group Stock Down 0.1%

Covenant Logistics Group stock opened at $24.12 on Friday. Covenant Logistics Group, Inc. has a twelve month low of $17.46 and a twelve month high of $30.77. The stock’s fifty day simple moving average is $24.38 and its 200-day simple moving average is $23.10. The company has a current ratio of 1.09, a quick ratio of 1.06 and a debt-to-equity ratio of 0.52. The firm has a market capitalization of $603.48 million, a P/E ratio of 18.41 and a beta of 1.41.

Covenant Logistics Group Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Investors of record on Friday, September 5th will be issued a $0.07 dividend. This represents a $0.28 annualized dividend and a yield of 1.2%. Covenant Logistics Group’s dividend payout ratio (DPR) is presently 21.37%.

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.