Covenant Logistics Group, Inc. (NASDAQ:CVLG) Shares Sold by Brandywine Global Investment Management LLC

Brandywine Global Investment Management LLC lowered its stake in shares of Covenant Logistics Group, Inc. (NASDAQ:CVLG) by 4.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 28,876 shares of the company’s stock after selling 1,200 shares during the quarter. Brandywine Global Investment Management LLC owned about 0.11% of Covenant Logistics Group worth $1,574,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. raised its position in Covenant Logistics Group by 24.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 109,639 shares of the company’s stock worth $5,793,000 after buying an additional 21,401 shares during the last quarter. FMR LLC grew its holdings in Covenant Logistics Group by 3,423.0% during the third quarter. FMR LLC now owns 46,151 shares of the company’s stock worth $2,439,000 after acquiring an additional 44,841 shares during the period. Quantbot Technologies LP purchased a new position in Covenant Logistics Group in the third quarter worth $64,000. BNP Paribas Financial Markets lifted its holdings in Covenant Logistics Group by 125.7% in the third quarter. BNP Paribas Financial Markets now owns 17,533 shares of the company’s stock valued at $926,000 after acquiring an additional 9,766 shares during the period. Finally, Townsquare Capital LLC boosted its position in shares of Covenant Logistics Group by 7.8% during the 3rd quarter. Townsquare Capital LLC now owns 4,921 shares of the company’s stock worth $260,000 after purchasing an additional 357 shares in the last quarter. Institutional investors and hedge funds own 83.72% of the company’s stock.

Insider Activity at Covenant Logistics Group

In other Covenant Logistics Group 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 value of $61,200.30. Following the sale, the chief accounting officer now owns 15,434 shares of the company’s stock, valued at $446,814.30. This represents a 12.05 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 36.50% of the stock is owned by corporate insiders.

Covenant Logistics Group Stock Performance

NASDAQ CVLG opened at $23.03 on Thursday. The business has a 50 day moving average price of $25.24 and a 200 day moving average price of $26.82. The company has a market capitalization of $611.45 million, a P/E ratio of 17.78 and a beta of 1.45. Covenant Logistics Group, Inc. has a 1-year low of $21.52 and a 1-year 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 Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, March 7th were paid a dividend of $0.07 per share. This represents a $0.28 annualized dividend and a dividend yield of 1.22%. The ex-dividend date was Friday, March 7th. This is an increase from Covenant Logistics Group’s previous quarterly dividend of $0.06. Covenant Logistics Group’s payout ratio is 21.71%.

Analysts Set New Price Targets

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

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.