Polaris Capital Management LLC Sells 28,800 Shares of Covenant Logistics Group, Inc. $CVLG

Polaris Capital Management LLC decreased its holdings in shares of Covenant Logistics Group, Inc. (NYSE:CVLG) by 27.1% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 77,600 shares of the company’s stock after selling 28,800 shares during the period. Polaris Capital Management LLC owned about 0.29% of Covenant Logistics Group worth $1,871,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Copeland Capital Management LLC lifted its stake in Covenant Logistics Group by 47.5% during the second quarter. Copeland Capital Management LLC now owns 3,482 shares of the company’s stock worth $84,000 after purchasing an additional 1,121 shares during the period. Patton Albertson Miller Group LLC lifted its stake in Covenant Logistics Group by 0.7% during the second quarter. Patton Albertson Miller Group LLC now owns 580,528 shares of the company’s stock worth $13,997,000 after purchasing an additional 4,278 shares during the period. North Star Investment Management Corp. bought a new position in Covenant Logistics Group during the second quarter worth about $301,000. Oliver Luxxe Assets LLC lifted its stake in Covenant Logistics Group by 1.3% during the second quarter. Oliver Luxxe Assets LLC now owns 73,978 shares of the company’s stock worth $1,784,000 after purchasing an additional 958 shares during the period. Finally, Kings Path Partners LLC bought a new position in Covenant Logistics Group during the second quarter worth about $257,000. Institutional investors own 83.72% of the company’s stock.

Covenant Logistics Group Stock Up 2.9%

Shares of CVLG opened at $21.59 on Friday. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.09 and a quick ratio of 1.06. The business’s 50 day simple moving average is $23.39 and its 200-day simple moving average is $22.72. Covenant Logistics Group, Inc. has a one year low of $17.46 and a one year high of $30.77. The company has a market capitalization of $540.18 million, a P/E ratio of 16.48 and a beta of 1.39.

Covenant Logistics Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 26th. Shareholders of record on Friday, September 5th were issued a dividend of $0.07 per share. This represents a $0.28 annualized dividend and a yield of 1.3%. Covenant Logistics Group’s dividend payout ratio is 21.37%.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Wall Street Zen downgraded Covenant Logistics Group from a “buy” rating to a “hold” rating in a report on Saturday, August 30th. Weiss Ratings reissued a “hold (c+)” rating on shares of Covenant Logistics Group in a report on Saturday, September 27th. Two analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $33.00.

Covenant Logistics Group 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.