Summit Global Investments Sells 4,503 Shares of Covenant Logistics Group, Inc. (NASDAQ:CVLG)

Summit Global Investments lowered its stake in Covenant Logistics Group, Inc. (NASDAQ:CVLG) by 50.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 4,458 shares of the company’s stock after selling 4,503 shares during the quarter. Summit Global Investments’ holdings in Covenant Logistics Group were worth $243,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Delphi Management Inc. MA grew its stake in Covenant Logistics Group by 387.3% during the fourth quarter. Delphi Management Inc. MA now owns 6,920 shares of the company’s stock valued at $377,000 after acquiring an additional 5,500 shares in the last quarter. Royce & Associates LP boosted its position in shares of Covenant Logistics Group by 43.8% during the 4th quarter. Royce & Associates LP now owns 121,544 shares of the company’s stock valued at $6,625,000 after acquiring an additional 37,008 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its stake in Covenant Logistics Group by 82.7% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 16,485 shares of the company’s stock worth $899,000 after buying an additional 7,464 shares in the last quarter. Pacific Global Investment Management Co. grew its position in Covenant Logistics Group by 8.2% in the fourth quarter. Pacific Global Investment Management Co. now owns 36,562 shares of the company’s stock worth $1,993,000 after acquiring an additional 2,775 shares in the last quarter. Finally, Private Advisor Group LLC increased its stake in Covenant Logistics Group by 11.8% in the fourth quarter. Private Advisor Group LLC now owns 4,567 shares of the company’s stock valued at $249,000 after acquiring an additional 481 shares during the last quarter. Hedge funds and other institutional investors own 83.72% of the company’s stock.

Insider Activity at Covenant Logistics Group

In other news, CAO Matisse Long sold 2,114 shares of the company’s stock in a transaction dated Tuesday, January 28th. The shares were sold at an average price of $28.95, for a total transaction of $61,200.30. Following the completion of the transaction, the chief accounting officer now directly owns 15,434 shares of the company’s stock, valued at approximately $446,814.30. This represents a 12.05 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 36.50% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Separately, Stephens reiterated an “overweight” rating and issued a $36.00 price objective on shares of Covenant Logistics Group in a report on Friday, January 24th.

Covenant Logistics Group Trading Down 1.8 %

Shares of CVLG opened at $22.69 on Wednesday. Covenant Logistics Group, Inc. has a fifty-two week low of $21.52 and a fifty-two week high of $30.77. The firm has a market cap of $602.42 million, a price-to-earnings ratio of 17.52 and a beta of 1.45. The firm has a 50 day moving average price of $25.87 and a 200-day moving average price of $26.96. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.07 and a current ratio of 1.10.

Covenant Logistics Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be given a $0.07 dividend. The ex-dividend date is Friday, March 7th. This represents a $0.28 annualized dividend and a yield of 1.23%. This is an increase from Covenant Logistics Group’s previous quarterly dividend of $0.06. Covenant Logistics Group’s payout ratio is presently 21.71%.

Covenant Logistics Group Company 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.