Covenant Logistics Group, Inc. (NASDAQ:CVLG) Sees Large Drop in Short Interest

Covenant Logistics Group, Inc. (NASDAQ:CVLG) was the recipient of a large drop in short interest in February. As of February 15th, there was short interest totalling 90,900 shares, a drop of 31.7% from the January 31st total of 133,000 shares. Based on an average trading volume of 91,300 shares, the short-interest ratio is currently 1.0 days.

Insider Transactions at Covenant Logistics Group

In other news, CAO Matisse Long sold 2,114 shares of Covenant Logistics Group stock in a transaction dated Tuesday, January 28th. The stock was sold at an average price of $28.95, for a total value of $61,200.30. Following the completion of the transaction, the chief accounting officer now directly owns 15,434 shares of the company’s stock, valued at approximately $446,814.30. This trade represents a 12.05 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 36.50% of the company’s stock.

Institutional Trading of Covenant Logistics Group

Several large investors have recently made changes to their positions in CVLG. Stephens Inc. AR acquired a new stake in shares of Covenant Logistics Group in the 3rd quarter valued at about $468,000. GSA Capital Partners LLP acquired a new position in Covenant Logistics Group during the 3rd quarter valued at about $215,000. Victory Capital Management Inc. boosted its stake in Covenant Logistics Group by 74.9% during the 3rd quarter. Victory Capital Management Inc. now owns 35,314 shares of the company’s stock valued at $1,866,000 after purchasing an additional 15,128 shares during the last quarter. Huntington National Bank acquired a new position in Covenant Logistics Group during the 3rd quarter valued at about $27,000. Finally, Royce & Associates LP boosted its stake in Covenant Logistics Group by 7.0% during the 3rd quarter. Royce & Associates LP now owns 84,536 shares of the company’s stock valued at $4,467,000 after purchasing an additional 5,537 shares during the last quarter. 83.72% of the stock is currently owned by institutional investors and hedge funds.

Covenant Logistics Group Stock Performance

Shares of CVLG opened at $24.59 on Wednesday. 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 stock has a 50-day moving average of $27.56 and a 200-day moving average of $27.26. The company has a market cap of $648.04 million, a PE ratio of 18.98 and a beta of 1.40. Covenant Logistics Group has a one year low of $21.51 and a one year high of $30.77.

Covenant Logistics Group Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 7th will be paid a $0.07 dividend. The ex-dividend date is Friday, March 7th. This is an increase from Covenant Logistics Group’s previous quarterly dividend of $0.06. This represents a $0.28 annualized dividend and a dividend yield of 1.14%. Covenant Logistics Group’s dividend payout ratio (DPR) is currently 21.71%.

Analysts Set New Price Targets

Separately, Stephens reissued an “overweight” rating and issued a $36.00 price objective on shares of Covenant Logistics Group in a research report on Friday, January 24th.

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.