Covenant Logistics Group (NASDAQ:CVLG) Hits New 12-Month Low – Time to Sell?

Covenant Logistics Group, Inc. (NASDAQ:CVLG)’s stock price reached a new 52-week low during trading on Wednesday . The company traded as low as $17.98 and last traded at $18.87, with a volume of 31264 shares traded. The stock had previously closed at $18.68.

Wall Street Analyst Weigh In

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

Covenant Logistics Group Stock Down 2.5 %

The business’s 50 day simple moving average is $23.86 and its 200 day simple moving average is $26.44. The company has a current ratio of 1.10, a quick ratio of 1.07 and a debt-to-equity ratio of 0.46. The firm has a market capitalization of $507.24 million, a PE ratio of 14.75 and a beta of 1.36.

Covenant Logistics Group Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, March 7th were paid a dividend of $0.07 per share. This is a boost from Covenant Logistics Group’s previous quarterly dividend of $0.06. This represents a $0.28 annualized dividend and a yield of 1.47%. The ex-dividend date of this dividend was Friday, March 7th. Covenant Logistics Group’s payout ratio is presently 21.71%.

Insider Buying and Selling at Covenant Logistics Group

In other news, CAO Matisse Long sold 2,114 shares of the business’s 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 transaction, 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 document filed with the SEC, which can be accessed through the SEC website. Company insiders own 36.50% of the company’s stock.

Institutional Investors Weigh In On Covenant Logistics Group

Hedge funds and other institutional investors have recently made changes to their positions in the company. GAMMA Investing LLC raised its holdings 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 worth $38,000 after buying an additional 1,586 shares during the period. Huntington National Bank raised its holdings in shares of Covenant Logistics Group by 91.5% in the fourth quarter. Huntington National Bank now owns 963 shares of the company’s stock valued at $52,000 after acquiring an additional 460 shares in the last quarter. KLP Kapitalforvaltning AS purchased a new stake in shares of Covenant Logistics Group in the 4th quarter worth approximately $71,000. Summit Investment Advisors Inc. boosted its position in Covenant Logistics Group by 100.0% during the 4th quarter. Summit Investment Advisors Inc. now owns 1,406 shares of the company’s stock valued at $77,000 after acquiring an additional 703 shares in the last quarter. Finally, Private Advisor Group LLC boosted its position in Covenant Logistics Group by 11.8% during the fourth quarter. Private Advisor Group LLC now owns 4,567 shares of the company’s stock valued at $249,000 after purchasing an additional 481 shares in 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.