Goldman Sachs Group Inc. Buys 110,810 Shares of Covenant Logistics Group, Inc. $CVLG

Goldman Sachs Group Inc. grew its holdings in Covenant Logistics Group, Inc. (NYSE:CVLG) by 161.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 179,304 shares of the company’s stock after acquiring an additional 110,810 shares during the period. Goldman Sachs Group Inc. owned about 0.68% of Covenant Logistics Group worth $3,981,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also made changes to their positions in the company. MAI Capital Management lifted its position in shares of Covenant Logistics Group by 100.0% in the first quarter. MAI Capital Management now owns 1,500 shares of the company’s stock valued at $33,000 after acquiring an additional 750 shares in the last quarter. GAMMA Investing LLC lifted its position in shares of 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 acquiring an additional 1,586 shares in the last quarter. Copeland Capital Management LLC purchased a new position in shares of Covenant Logistics Group in the first quarter valued at about $52,000. KLP Kapitalforvaltning AS lifted its position in shares of 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 acquiring an additional 1,300 shares in the last quarter. Finally, US Bancorp DE lifted its position in shares of 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 acquiring an additional 2,795 shares in the last quarter. 83.72% of the stock is currently owned by hedge funds and other institutional investors.

Covenant Logistics Group Price Performance

NYSE:CVLG opened at $22.55 on Thursday. Covenant Logistics Group, Inc. has a 52 week low of $17.46 and a 52 week high of $30.77. The company has a quick ratio of 1.06, a current ratio of 1.09 and a debt-to-equity ratio of 0.52. The stock has a market capitalization of $564.20 million, a PE ratio of 17.21 and a beta of 1.42. The stock’s 50-day moving average price is $24.08 and its 200-day moving average price is $22.89.

Covenant Logistics Group Announces Dividend

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

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen downgraded Covenant Logistics Group from a “buy” rating to a “hold” rating in a research report on Saturday, August 30th. Two analysts have rated the stock with a Buy rating, According to MarketBeat, the company presently has an average rating of “Buy” and an average price target of $33.00.

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.