Covenant Logistics Group, Inc. (NASDAQ:CVLG) CAO Matisse Long Sells 2,114 Shares of Stock

Covenant Logistics Group, Inc. (NASDAQ:CVLG) CAO Matisse Long sold 2,114 shares of the stock in a transaction that occurred on Tuesday, January 28th. The stock was sold at an average price of $28.95, for a total transaction of $61,200.30. Following the completion of the sale, the chief accounting officer now owns 15,434 shares of the company’s stock, valued at approximately $446,814.30. The trade was a 12.05 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Covenant Logistics Group Price Performance

Shares of NASDAQ:CVLG opened at $28.31 on Friday. The stock has a market capitalization of $746.12 million, a P/E ratio of 18.62 and a beta of 1.41. The business has a 50-day moving average of $28.61 and a two-hundred day moving average of $27.21. Covenant Logistics Group, Inc. has a fifty-two week low of $21.51 and a fifty-two week high of $30.77. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.10 and a quick ratio of 1.07.

Covenant Logistics Group Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, December 27th. Shareholders of record on Friday, December 6th were issued a dividend of $0.055 per share. The ex-dividend date was Friday, December 6th. This represents a $0.22 annualized dividend and a yield of 0.78%. Covenant Logistics Group’s dividend payout ratio (DPR) is presently 14.47%.

Hedge Funds Weigh In On Covenant Logistics Group

Institutional investors have recently modified their holdings of the company. Renaissance Technologies LLC grew its stake in Covenant Logistics Group by 27.2% in the 2nd quarter. Renaissance Technologies LLC now owns 43,000 shares of the company’s stock valued at $2,119,000 after buying an additional 9,200 shares during the last quarter. Marshall Wace LLP lifted its position in shares of Covenant Logistics Group by 15.8% during the 2nd quarter. Marshall Wace LLP now owns 18,908 shares of the company’s stock worth $932,000 after purchasing an additional 2,573 shares during the last quarter. Cubist Systematic Strategies LLC boosted its stake in Covenant Logistics Group by 115.3% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 18,583 shares of the company’s stock valued at $916,000 after purchasing an additional 9,950 shares during the period. AQR Capital Management LLC grew its holdings in Covenant Logistics Group by 0.3% in the 2nd quarter. AQR Capital Management LLC now owns 74,704 shares of the company’s stock valued at $3,682,000 after buying an additional 236 shares during the last quarter. Finally, Algert Global LLC bought a new position in Covenant Logistics Group in the 2nd quarter worth approximately $275,000. Institutional investors own 83.72% of the company’s stock.

Wall Street Analysts Forecast Growth

CVLG has been the topic of a number of recent research reports. Stephens restated an “overweight” rating and issued a $36.00 target price on shares of Covenant Logistics Group in a research note on Friday, January 24th. TD Cowen dropped their price objective on Covenant Logistics Group from $35.00 to $34.50 and set a “buy” rating on the stock in a report on Friday, October 25th.

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.