Covenant Logistics Group, Inc. $CVLG Shares Bought by MetLife Investment Management LLC

MetLife Investment Management LLC raised its stake in Covenant Logistics Group, Inc. (NYSE:CVLG) by 76.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 9,375 shares of the company’s stock after buying an additional 4,062 shares during the quarter. MetLife Investment Management LLC’s holdings in Covenant Logistics Group were worth $208,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. GAMMA Investing LLC lifted its position in Covenant Logistics Group by 1,289.4% in the first quarter. GAMMA Investing LLC now owns 1,709 shares of the company’s stock valued at $38,000 after buying an additional 1,586 shares during the last quarter. Copeland Capital Management LLC acquired a new position in Covenant Logistics Group in the first quarter valued at about $52,000. KLP Kapitalforvaltning AS lifted its position in Covenant Logistics Group by 100.0% in the first quarter. KLP Kapitalforvaltning AS now owns 2,600 shares of the company’s stock valued at $58,000 after buying an additional 1,300 shares during the last quarter. US Bancorp DE lifted its position in Covenant Logistics Group by 6,352.3% in the first quarter. US Bancorp DE now owns 2,839 shares of the company’s stock valued at $63,000 after buying an additional 2,795 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Covenant Logistics Group by 100.0% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,940 shares of the company’s stock valued at $110,000 after buying an additional 2,470 shares during the last quarter. Institutional investors and hedge funds own 83.72% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Wall Street Zen cut shares of Covenant Logistics Group from a “buy” rating to a “hold” rating in a research report on Saturday, August 30th. Two investment analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $33.00.

Covenant Logistics Group Stock Down 1.2%

Shares of CVLG opened at $23.58 on Wednesday. The stock has a market capitalization of $589.97 million, a PE ratio of 18.00 and a beta of 1.42. Covenant Logistics Group, Inc. has a 1 year low of $17.46 and a 1 year high of $30.77. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.06 and a current ratio of 1.09. The company’s 50-day simple moving average is $24.36 and its 200-day simple moving average is $22.95.

Covenant Logistics Group Announces Dividend

The company 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 21.37%.

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.