Short Interest in Covenant Logistics Group, Inc. (NASDAQ:CVLG) Grows By 35.2%

Covenant Logistics Group, Inc. (NASDAQ:CVLG - Get Free Report) was the recipient of a significant growth in short interest during the month of January. As of January 31st, there was short interest totalling 133,000 shares, a growth of 35.2% from the January 15th total of 98,400 shares. Based on an average daily volume of 110,100 shares, the short-interest ratio is currently 1.2 days.

Insider Transactions at Covenant Logistics Group

In related news, CAO Matisse Long sold 2,114 shares of Covenant Logistics Group stock in a transaction on 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 in the company, valued at $446,814.30. The trade was a 12.05 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 36.50% of the company's stock.

Institutional Trading of Covenant Logistics Group

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Huntington National Bank bought a new stake in Covenant Logistics Group in the third quarter worth $27,000. Quantbot Technologies LP purchased a new position in shares of Covenant Logistics Group in the 3rd quarter worth about $64,000. nVerses Capital LLC boosted its stake in Covenant Logistics Group by 550.0% in the 3rd quarter. nVerses Capital LLC now owns 1,300 shares of the company's stock worth $69,000 after purchasing an additional 1,100 shares in the last quarter. KLP Kapitalforvaltning AS purchased a new stake in Covenant Logistics Group during the 4th quarter valued at about $71,000. Finally, Summit Investment Advisors Inc. grew 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 purchasing an additional 703 shares during the last quarter. Hedge funds and other institutional investors own 83.72% of the company's stock.

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Covenant Logistics Group Stock Up 0.8 %

Shares of Covenant Logistics Group stock traded up $0.22 during trading on Tuesday, hitting $27.13. The company's stock had a trading volume of 61,330 shares, compared to its average volume of 104,227. Covenant Logistics Group has a 52 week low of $21.51 and a 52 week high of $30.77. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.07 and a current ratio of 1.10. The company has a fifty day simple moving average of $28.14 and a two-hundred day simple moving average of $27.29. The company has a market capitalization of $715.15 million, a PE ratio of 20.95 and a beta of 1.40.

Covenant Logistics Group Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 7th will be given a $0.07 dividend. This is a boost from Covenant Logistics Group's previous quarterly dividend of $0.06. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.03%. The ex-dividend date is Friday, March 7th. Covenant Logistics Group's payout ratio is currently 16.99%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the stock. TD Cowen cut their target price on shares of Covenant Logistics Group from $35.00 to $34.50 and set a "buy" rating on the stock in a research note on Friday, October 25th. Stephens reaffirmed an "overweight" rating and set a $36.00 price objective on shares of Covenant Logistics Group in a research 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.