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

Covenant Logistics Group, Inc. (NASDAQ:CVLG) was the recipient of a significant 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. Currently, 0.9% of the shares of the stock are sold short. Based on an average daily volume of 94,900 shares, the short-interest ratio is presently 1.6 days.

Covenant Logistics Group Stock Up 0.1 %

CVLG traded up $0.03 during trading on Monday, reaching $22.23. The company had a trading volume of 34,078 shares, compared to its average volume of 107,145. The business’s fifty day moving average price is $25.56 and its 200 day moving average price is $26.90. 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 has a 12 month low of $21.52 and a 12 month high of $30.77. The company has a market cap of $590.07 million, a P/E ratio of 17.17 and a beta of 1.45.

Covenant Logistics Group Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 7th were issued a dividend of $0.07 per share. This represents a $0.28 annualized dividend and a yield of 1.26%. The ex-dividend date of this dividend was Friday, March 7th. This is a positive change from Covenant Logistics Group’s previous quarterly dividend of $0.06. Covenant Logistics Group’s dividend payout ratio is presently 21.71%.

Analyst Upgrades and Downgrades

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

Insider Buying and Selling

In other Covenant Logistics Group news, CAO Matisse Long sold 2,114 shares of the company’s stock in a transaction dated Tuesday, January 28th. The shares were sold at an average price of $28.95, for a total transaction of $61,200.30. Following 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 36.50% of the company’s stock.

Institutional Trading of Covenant Logistics Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. T. Rowe Price Investment Management Inc. bought a new stake in shares of Covenant Logistics Group during the 4th quarter worth about $8,878,000. Empowered Funds LLC boosted its position in Covenant Logistics Group by 110.2% in the fourth quarter. Empowered Funds LLC now owns 188,916 shares of the company’s stock valued at $10,298,000 after buying an additional 99,026 shares in the last quarter. Bridgeway Capital Management LLC increased its holdings in Covenant Logistics Group by 56.5% in the 4th quarter. Bridgeway Capital Management LLC now owns 274,316 shares of the company’s stock worth $14,953,000 after purchasing an additional 99,026 shares in the last quarter. Franklin Resources Inc. raised its holdings in Covenant Logistics Group by 1,226.7% in the 3rd quarter. Franklin Resources Inc. now owns 70,063 shares of the company’s stock valued at $3,711,000 after buying an additional 64,782 shares during the last quarter. Finally, Hudson Bay Capital Management LP raised its position in Covenant Logistics Group by 108.3% during the 4th quarter. Hudson Bay Capital Management LP now owns 102,623 shares of the company’s stock worth $5,594,000 after purchasing an additional 53,345 shares during the last quarter. 83.72% of the stock is owned by institutional investors.

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.