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 March. As of March 15th, there was short interest totalling 151,800 shares, a growth of 46.5% from the February 28th total of 103,600 shares. Based on an average trading volume of 94,900 shares, the days-to-cover ratio is currently 1.6 days. Currently, 0.9% of the shares of the stock are short sold.

Insider Buying and Selling at Covenant Logistics Group

In other news, CAO Matisse Long sold 2,114 shares of the 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 sale, the chief accounting officer now directly owns 15,434 shares in the company, valued at $446,814.30. This represents a 12.05 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 36.50% of the stock is currently owned by insiders.

Institutional Trading of Covenant Logistics Group

Hedge funds and other institutional investors have recently bought and sold shares of the company. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Covenant Logistics Group during the third quarter worth $477,000. Charles Schwab Investment Management Inc. lifted its position in Covenant Logistics Group by 24.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 109,639 shares of the company's stock worth $5,793,000 after buying an additional 21,401 shares during the period. FMR LLC boosted its stake in Covenant Logistics Group by 3,423.0% in the 3rd quarter. FMR LLC now owns 46,151 shares of the company's stock worth $2,439,000 after buying an additional 44,841 shares during the last quarter. Quantbot Technologies LP purchased a new stake in Covenant Logistics Group in the 3rd quarter valued at about $64,000. Finally, BNP Paribas Financial Markets increased its stake in shares of Covenant Logistics Group by 125.7% during the 3rd quarter. BNP Paribas Financial Markets now owns 17,533 shares of the company's stock valued at $926,000 after acquiring an additional 9,766 shares during the last quarter. 83.72% of the stock is owned by hedge funds and other institutional investors.

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Analyst Upgrades and Downgrades

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

Covenant Logistics Group Price Performance

CVLG stock traded down $2.58 during trading on Thursday, hitting $20.54. The stock had a trading volume of 214,414 shares, compared to its average volume of 107,254. Covenant Logistics Group has a 1-year low of $20.50 and a 1-year high of $30.77. The stock has a market cap of $545.28 million, a price-to-earnings ratio of 15.86 and a beta of 1.45. The company's 50 day moving average price is $25.24 and its two-hundred day moving average price is $26.82. 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 Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 7th were paid a dividend of $0.07 per share. This is an increase from Covenant Logistics Group's previous quarterly dividend of $0.06. The ex-dividend date was Friday, March 7th. This represents a $0.28 annualized dividend and a dividend yield of 1.36%. Covenant Logistics Group's dividend payout ratio is presently 21.71%.

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.