Covenant Logistics Group, Inc. (NASDAQ:CVLG) Short Interest Update

Covenant Logistics Group, Inc. (NASDAQ:CVLG - Get Free Report) was the recipient of a large growth in short interest in October. As of October 15th, there was short interest totalling 94,100 shares, a growth of 26.1% from the September 30th total of 74,600 shares. Based on an average daily volume of 51,500 shares, the days-to-cover ratio is currently 1.8 days. Currently, 1.2% of the company's stock are sold short.

Covenant Logistics Group Trading Down 0.3 %

Shares of NASDAQ CVLG traded down $0.13 on Wednesday, reaching $51.23. 26,363 shares of the company traded hands, compared to its average volume of 60,809. The company has a current ratio of 1.08, a quick ratio of 1.05 and a debt-to-equity ratio of 0.48. The stock has a market capitalization of $674.75 million, a PE ratio of 16.94 and a beta of 1.34. The company has a 50 day moving average of $52.27 and a 200 day moving average of $49.82. Covenant Logistics Group has a fifty-two week low of $38.25 and a fifty-two week high of $56.96.

Covenant Logistics Group (NASDAQ:CVLG - Get Free Report) last issued its quarterly earnings data on Wednesday, October 23rd. The company reported $1.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.08 by $0.01. Covenant Logistics Group had a net margin of 3.76% and a return on equity of 13.78%. The company had revenue of $287.89 million during the quarter. During the same period last year, the business earned $1.13 EPS. On average, equities research analysts forecast that Covenant Logistics Group will post 4.07 earnings per share for the current fiscal year.

Covenant Logistics Group Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 6th were issued a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a yield of 0.86%. The ex-dividend date was Friday, September 6th. Covenant Logistics Group's payout ratio is currently 14.47%.

Analysts Set New Price Targets

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

Institutional Trading of Covenant Logistics Group

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Foundry Partners LLC grew its stake in Covenant Logistics Group by 125.9% during the 2nd quarter. Foundry Partners LLC now owns 184,844 shares of the company's stock valued at $9,111,000 after acquiring an additional 103,014 shares in the last quarter. American Century Companies Inc. grew its position in Covenant Logistics Group by 29.4% during the second quarter. American Century Companies Inc. now owns 114,117 shares of the company's stock valued at $5,625,000 after purchasing an additional 25,913 shares in the last quarter. Russell Investments Group Ltd. increased its stake in Covenant Logistics Group by 252.6% in the 1st quarter. Russell Investments Group Ltd. now owns 29,041 shares of the company's stock valued at $1,346,000 after buying an additional 20,805 shares during the period. Boston Partners purchased a new stake in Covenant Logistics Group in the 1st quarter worth approximately $894,000. Finally, Oliver Luxxe Assets LLC boosted its stake in shares of Covenant Logistics Group by 109.7% during the 3rd quarter. Oliver Luxxe Assets LLC now owns 34,734 shares of the company's stock valued at $1,835,000 after buying an additional 18,168 shares during the period. 83.72% of the stock is currently owned by institutional investors.

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.