Royce & Associates LP lifted its holdings in shares of Covenant Logistics Group, Inc. (NASDAQ:CVLG - Free Report) by 43.8% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 121,544 shares of the company's stock after buying an additional 37,008 shares during the period. Royce & Associates LP owned 0.46% of Covenant Logistics Group worth $6,625,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Huntington National Bank bought a new position in shares of Covenant Logistics Group during the third quarter valued at approximately $27,000. Quantbot Technologies LP acquired a new position in Covenant Logistics Group during the 3rd quarter valued at approximately $64,000. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Covenant Logistics Group by 110.3% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,872 shares of the company's stock worth $205,000 after buying an additional 2,031 shares during the last quarter. GSA Capital Partners LLP acquired a new stake in Covenant Logistics Group in the third quarter worth $215,000. Finally, Private Advisor Group LLC lifted its stake in Covenant Logistics Group by 11.8% in the fourth quarter. Private Advisor Group LLC now owns 4,567 shares of the company's stock valued at $249,000 after buying an additional 481 shares during the last quarter. Institutional investors and hedge funds own 83.72% of the company's stock.
Insider Transactions at Covenant Logistics Group
In other news, CAO Matisse Long sold 2,114 shares of the company's stock in a transaction that occurred 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 completion of the sale, the chief accounting officer now directly owns 15,434 shares of the company's stock, valued at approximately $446,814.30. This represents a 12.05 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 36.50% of the company's stock.
Analyst Ratings Changes
Separately, Stephens restated an "overweight" rating and set a $36.00 price target on shares of Covenant Logistics Group in a research report on Friday, January 24th.
Check Out Our Latest Research Report on CVLG
Covenant Logistics Group Stock Performance
Shares of NASDAQ CVLG traded down $0.11 during midday trading on Friday, hitting $22.58. 125,322 shares of the company's stock were exchanged, compared to its average volume of 105,335. Covenant Logistics Group, Inc. has a twelve month low of $21.52 and a twelve month high of $30.77. The firm has a market cap of $599.55 million, a P/E ratio of 17.44 and a beta of 1.45. The stock's 50 day moving average price is $26.03 and its 200-day moving average price is $26.99. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.10 and a quick ratio of 1.07.
Covenant Logistics Group Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be given a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a yield of 1.24%. The ex-dividend date of this dividend is Friday, March 7th. This is a positive change from Covenant Logistics Group's previous quarterly dividend of $0.06. Covenant Logistics Group's payout ratio is 21.71%.
Covenant Logistics Group Profile
(
Free Report)
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.
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