Covenant Logistics Group (NASDAQ:CVLG) Sees Large Volume Increase

Covenant Logistics Group, Inc. (NASDAQ:CVLG) shares saw unusually-strong trading volume on Wednesday . Approximately 31,191 shares traded hands during trading, a decline of 54% from the previous session’s volume of 68,372 shares.The stock last traded at $44.39 and had previously closed at $44.92.

Analyst Ratings Changes

Several equities research analysts recently issued reports on CVLG shares. TD Cowen upgraded shares of Covenant Logistics Group from a “market perform” rating to an “outperform” rating and raised their price objective for the stock from $51.00 to $66.00 in a research report on Thursday, January 25th. Vertical Research started coverage on shares of Covenant Logistics Group in a research report on Tuesday, January 23rd. They set a “buy” rating and a $70.00 price objective for the company.

Covenant Logistics Group Trading Down 0.5 %

The stock has a market capitalization of $567.89 million, a price-to-earnings ratio of 10.78 and a beta of 1.41. The company’s 50-day moving average is $47.44 and its 200-day moving average is $45.41. The company has a quick ratio of 1.06, a current ratio of 1.09 and a debt-to-equity ratio of 0.50.

Covenant Logistics Group (NASDAQ:CVLG) last announced its quarterly earnings results on Tuesday, January 23rd. The company reported $1.07 earnings per share for the quarter, beating analysts’ consensus estimates of $1.05 by $0.02. Covenant Logistics Group had a net margin of 4.98% and a return on equity of 14.85%. The business had revenue of $273.99 million during the quarter. Research analysts anticipate that Covenant Logistics Group, Inc. will post 4.2 earnings per share for the current fiscal year.

Covenant Logistics Group Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 1st were given a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a dividend yield of 1.01%. The ex-dividend date was Thursday, February 29th. Covenant Logistics Group’s dividend payout ratio is presently 10.92%.

Insider Buying and Selling at Covenant Logistics Group

In other Covenant Logistics Group news, CEO David Ray Parker sold 5,000 shares of Covenant Logistics Group stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $54.43, for a total transaction of $272,150.00. Following the completion of the sale, the chief executive officer now directly owns 325,737 shares in the company, valued at $17,729,864.91. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, CEO David Ray Parker sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $54.43, for a total value of $272,150.00. Following the completion of the transaction, the chief executive officer now owns 325,737 shares of the company’s stock, valued at $17,729,864.91. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Joey B. Hogan sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, January 26th. The shares were sold at an average price of $50.37, for a total transaction of $503,700.00. Following the completion of the transaction, the director now directly owns 92,374 shares of the company’s stock, valued at approximately $4,652,878.38. The disclosure for this sale can be found here. Insiders sold a total of 117,667 shares of company stock worth $6,078,403 over the last three months. Insiders own 35.30% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Dimensional Fund Advisors LP boosted its stake in shares of Covenant Logistics Group by 1.1% in the first quarter. Dimensional Fund Advisors LP now owns 1,141,635 shares of the company’s stock valued at $24,580,000 after purchasing an additional 12,726 shares during the period. LSV Asset Management boosted its stake in shares of Covenant Logistics Group by 6.7% in the third quarter. LSV Asset Management now owns 579,390 shares of the company’s stock valued at $25,406,000 after purchasing an additional 36,214 shares during the period. Vanguard Group Inc. boosted its stake in shares of Covenant Logistics Group by 3.4% in the first quarter. Vanguard Group Inc. now owns 568,041 shares of the company’s stock valued at $12,231,000 after purchasing an additional 18,602 shares during the period. Scopus Asset Management L.P. lifted its stake in Covenant Logistics Group by 53.5% in the third quarter. Scopus Asset Management L.P. now owns 407,934 shares of the company’s stock worth $17,888,000 after acquiring an additional 142,153 shares during the last quarter. Finally, State Street Corp lifted its stake in Covenant Logistics Group by 0.9% in the second quarter. State Street Corp now owns 344,197 shares of the company’s stock worth $8,636,000 after acquiring an additional 3,107 shares during the last quarter. Hedge funds and other institutional investors own 83.72% of the company’s stock.

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.