Charles Schwab Investment Management Inc. Acquires 21,401 Shares of Covenant Logistics Group, Inc. (NASDAQ:CVLG)

Charles Schwab Investment Management Inc. raised its position in Covenant Logistics Group, Inc. (NASDAQ:CVLG - Free Report) by 24.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 109,639 shares of the company's stock after purchasing an additional 21,401 shares during the quarter. Charles Schwab Investment Management Inc. owned about 0.83% of Covenant Logistics Group worth $5,793,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. CWM LLC increased its stake in Covenant Logistics Group by 2,336.4% during the second quarter. CWM LLC now owns 536 shares of the company's stock worth $26,000 after purchasing an additional 514 shares during the period. Innealta Capital LLC purchased a new stake in Covenant Logistics Group in the second quarter valued at approximately $27,000. Huntington National Bank purchased a new position in Covenant Logistics Group during the 3rd quarter worth $27,000. nVerses Capital LLC increased its position in Covenant Logistics Group by 550.0% in the 3rd quarter. nVerses Capital LLC now owns 1,300 shares of the company's stock valued at $69,000 after acquiring an additional 1,100 shares during the period. Finally, Quest Partners LLC increased its stake in Covenant Logistics Group by 172.1% in the 2nd quarter. Quest Partners LLC now owns 1,978 shares of the company's stock valued at $97,000 after buying an additional 1,251 shares during the period. 83.72% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Separately, TD Cowen lowered their target price on shares of Covenant Logistics Group from $70.00 to $69.00 and set a "buy" rating on the stock in a research report on Friday, October 25th.

Covenant Logistics Group Trading Down 0.7 %

Shares of NASDAQ:CVLG traded down $0.44 during trading on Friday, reaching $58.34. 36,245 shares of the stock were exchanged, compared to its average volume of 60,291. Covenant Logistics Group, Inc. has a 12-month low of $43.00 and a 12-month high of $61.54. The firm's 50-day moving average price is $55.43 and its 200 day moving average price is $52.37. The firm has a market cap of $768.92 million, a price-to-earnings ratio of 19.19 and a beta of 1.39. 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 (NASDAQ:CVLG - Get Free Report) last released its quarterly earnings results on Wednesday, October 23rd. The company reported $1.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.08 by $0.01. Covenant Logistics Group had a net margin of 3.72% and a return on equity of 13.43%. The firm had revenue of $287.89 million for the quarter. During the same period last year, the firm earned $1.13 EPS. On average, sell-side analysts anticipate that Covenant Logistics Group, Inc. will post 4 earnings per share for the current fiscal year.

Covenant Logistics Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 6th will be issued a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a yield of 0.75%. The ex-dividend date is Friday, December 6th. Covenant Logistics Group's dividend payout ratio is presently 14.47%.

Insider Activity

In related news, Director Bradley A. Moline sold 7,000 shares of the stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $59.64, for a total value of $417,480.00. Following the sale, the director now owns 46,992 shares of the company's stock, valued at $2,802,602.88. This trade represents a 12.96 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 36.50% 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.