Covenant Logistics Group (NASDAQ:CVLG) Reaches New 52-Week Low - Here's What Happened

Covenant Logistics Group, Inc. (NASDAQ:CVLG - Get Free Report) shares hit a new 52-week low during trading on Wednesday . The stock traded as low as $17.98 and last traded at $18.87, with a volume of 31264 shares changing hands. The stock had previously closed at $18.68.

Analysts Set New Price Targets

Separately, Stephens reaffirmed an "overweight" rating and set a $36.00 target price on shares of Covenant Logistics Group in a research note on Friday, January 24th.

Covenant Logistics Group Stock Up 1.2 %

The company has a debt-to-equity ratio of 0.46, a current ratio of 1.10 and a quick ratio of 1.07. The business's 50 day moving average price is $23.69 and its 200 day moving average price is $26.39. The firm has a market cap of $514.80 million, a PE ratio of 14.97 and a beta of 1.36.

Covenant Logistics Group Increases Dividend

The company 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 positive change from Covenant Logistics Group's previous quarterly dividend of $0.06. This represents a $0.28 annualized dividend and a yield of 1.44%. The ex-dividend date of this dividend was Friday, March 7th. Covenant Logistics Group's payout ratio is 21.71%.

Insider Buying and Selling

In other Covenant Logistics Group news, CAO Matisse Long sold 2,114 shares of the firm's stock in a transaction on Tuesday, January 28th. The stock was sold at an average price of $28.95, for a total value of $61,200.30. Following the transaction, the chief accounting officer now owns 15,434 shares in the company, valued at approximately $446,814.30. This trade represents a 12.05 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 36.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On Covenant Logistics Group

A number of institutional investors and hedge funds have recently bought and sold shares of CVLG. Huntington National Bank raised its holdings in shares of Covenant Logistics Group by 91.5% during the 4th quarter. Huntington National Bank now owns 963 shares of the company's stock worth $52,000 after acquiring an additional 460 shares during the period. Price T Rowe Associates Inc. MD grew its position in Covenant Logistics Group by 7.0% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 7,164 shares of the company's stock worth $391,000 after acquiring an additional 467 shares during the period. Private Advisor Group LLC increased its stake 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 worth $249,000 after acquiring an additional 481 shares during the last quarter. Summit Investment Advisors Inc. raised its position in Covenant Logistics Group by 100.0% in the fourth 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 period. Finally, Townsquare Capital LLC raised its position in Covenant Logistics Group by 18.5% in the fourth quarter. Townsquare Capital LLC now owns 5,831 shares of the company's stock valued at $318,000 after purchasing an additional 910 shares during the period. 83.72% of the stock is currently owned by institutional investors and hedge funds.

Covenant Logistics Group Company 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.