Fmr LLC Purchases 44,841 Shares of Covenant Logistics Group, Inc. (NASDAQ:CVLG)

FMR LLC grew its stake in Covenant Logistics Group, Inc. (NASDAQ:CVLG - Free Report) by 3,423.0% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 46,151 shares of the company's stock after buying an additional 44,841 shares during the period. FMR LLC owned 0.35% of Covenant Logistics Group worth $2,439,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in CVLG. CWM LLC increased its position in Covenant Logistics Group by 2,336.4% during the 2nd quarter. CWM LLC now owns 536 shares of the company's stock valued at $26,000 after purchasing an additional 514 shares during the period. SG Americas Securities LLC acquired a new stake in shares of Covenant Logistics Group during the second quarter worth $176,000. Bailard Inc. bought a new position in Covenant Logistics Group during the second quarter worth $276,000. Legato Capital Management LLC lifted its holdings in Covenant Logistics Group by 22.2% in the second quarter. Legato Capital Management LLC now owns 20,238 shares of the company's stock valued at $998,000 after buying an additional 3,675 shares during the period. Finally, Innealta Capital LLC acquired a new position in Covenant Logistics Group in the second quarter valued at $27,000. 83.72% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

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

Insider Activity at Covenant Logistics Group

In related news, Director Bradley A. Moline sold 7,000 shares of Covenant Logistics Group stock in a transaction on Monday, November 11th. The shares were sold at an average price of $59.64, for a total value of $417,480.00. Following the completion of the sale, the director now owns 46,992 shares of the company's stock, valued at approximately $2,802,602.88. This trade represents a 12.96 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 36.50% of the stock is currently owned by corporate insiders.

Covenant Logistics Group Trading Down 1.5 %

Shares of CVLG stock traded down $0.88 during trading hours on Friday, hitting $57.90. 36,245 shares of the company were exchanged, compared to its average volume of 60,291. The company has a 50 day simple moving average of $55.43 and a two-hundred day simple moving average of $52.44. The firm has a market cap of $763.12 million, a P/E ratio of 19.05 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, Inc. has a fifty-two week low of $43.00 and a fifty-two week high of $61.54.

Covenant Logistics Group (NASDAQ:CVLG - Get Free Report) last issued its 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 business had revenue of $287.89 million for the quarter. During the same period in the prior year, the company earned $1.13 earnings per share. Equities analysts anticipate that Covenant Logistics Group, Inc. will post 4 EPS for the current year.

Covenant Logistics Group Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 6th will be given a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a yield of 0.76%. The ex-dividend date is Friday, December 6th. Covenant Logistics Group's payout ratio is 14.47%.

Covenant Logistics Group 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.