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

Covenant Logistics Group, Inc. (NASDAQ:CVLG - Get Free Report) saw a large growth in short interest during the month of December. As of December 15th, there was short interest totalling 47,200 shares, a growth of 7.8% from the November 30th total of 43,800 shares. Currently, 0.6% of the company's stock are sold short. Based on an average daily volume of 53,900 shares, the days-to-cover ratio is presently 0.9 days.

Covenant Logistics Group Stock Performance

Shares of CVLG stock traded down $0.36 on Thursday, hitting $26.89. 119,827 shares of the stock traded hands, compared to its average volume of 59,688. The company's fifty day moving average is $28.55 and its 200 day moving average is $26.73. Covenant Logistics Group has a 1-year low of $21.50 and a 1-year high of $30.77. The company has a market capitalization of $354.41 million, a PE ratio of 8.85 and a beta of 1.39. 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 (NASDAQ:CVLG - Get Free Report) last issued its earnings results on Wednesday, October 23rd. The company reported $0.55 earnings per share for the quarter, topping analysts' consensus estimates of $0.54 by $0.01. Covenant Logistics Group had a net margin of 3.72% and a return on equity of 13.43%. The company had revenue of $287.89 million for the quarter. During the same period last year, the company posted $0.57 earnings per share. On average, equities research analysts predict that Covenant Logistics Group will post 4 earnings per share for the current fiscal year.

Covenant Logistics Group Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, December 27th. Shareholders of record on Friday, December 6th were paid a $0.055 dividend. The ex-dividend date of this dividend was Friday, December 6th. This represents a $0.22 dividend on an annualized basis and a yield of 0.82%. Covenant Logistics Group's payout ratio is currently 14.47%.

Insiders Place Their Bets

In other Covenant Logistics Group news, Director Bradley A. Moline sold 14,000 shares of the firm's stock in a transaction on Monday, November 11th. The shares were sold at an average price of $29.82, for a total transaction of $417,480.00. Following the completion of the transaction, the director now directly owns 93,984 shares of the company's stock, valued at $2,802,602.88. This trade represents a 12.96 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 36.50% of the stock is owned by company insiders.

Institutional Trading of Covenant Logistics Group

A number of institutional investors and hedge funds have recently made changes to their positions in CVLG. Huntington National Bank bought a new position in Covenant Logistics Group during the 3rd quarter worth $27,000. Quantbot Technologies LP acquired a new position in shares of Covenant Logistics Group during the third quarter valued at $64,000. nVerses Capital LLC grew its position in shares of Covenant Logistics Group by 550.0% during the third quarter. nVerses Capital LLC now owns 1,300 shares of the company's stock worth $69,000 after acquiring an additional 1,100 shares during the last quarter. Quest Partners LLC increased its holdings in shares of Covenant Logistics Group by 172.1% in the 2nd quarter. Quest Partners LLC now owns 1,978 shares of the company's stock worth $97,000 after acquiring an additional 1,251 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Covenant Logistics Group by 110.3% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,872 shares of the company's stock valued at $205,000 after purchasing an additional 2,031 shares during the last quarter. 83.72% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Separately, TD Cowen decreased their price target on Covenant Logistics Group from $35.00 to $34.50 and set a "buy" rating for the company in a research note on Friday, October 25th.

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.