Summit Global Investments Takes $302,000 Position in Covenant Logistics Group, Inc. (NASDAQ:CVLG)

Summit Global Investments purchased a new position in Covenant Logistics Group, Inc. (NASDAQ:CVLG) during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 6,562 shares of the company’s stock, valued at approximately $302,000. Summit Global Investments owned 0.05% of Covenant Logistics Group at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. HHM Wealth Advisors LLC increased its stake in shares of Covenant Logistics Group by 96.3% during the 3rd quarter. HHM Wealth Advisors LLC now owns 1,570 shares of the company’s stock worth $69,000 after purchasing an additional 770 shares in the last quarter. DekaBank Deutsche Girozentrale purchased a new position in Covenant Logistics Group during the third quarter worth $130,000. Principal Financial Group Inc. acquired a new position in shares of Covenant Logistics Group in the third quarter worth $207,000. SG Americas Securities LLC purchased a new stake in shares of Covenant Logistics Group in the fourth quarter valued at $221,000. Finally, Quadrature Capital Ltd boosted its stake in shares of Covenant Logistics Group by 5.2% during the third quarter. Quadrature Capital Ltd now owns 6,824 shares of the company’s stock valued at $299,000 after acquiring an additional 339 shares during the last quarter. 83.72% of the stock is owned by hedge funds and other institutional investors.

Covenant Logistics Group Trading Up 0.5 %

NASDAQ:CVLG opened at $45.75 on Tuesday. Covenant Logistics Group, Inc. has a one year low of $37.50 and a one year high of $57.57. The business’s 50-day simple moving average is $45.60 and its 200 day simple moving average is $45.48. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.06 and a current ratio of 1.09. The stock has a market cap of $597.95 million, a price-to-earnings ratio of 14.66 and a beta of 1.41.

Covenant Logistics Group Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 1st were paid a $0.11 dividend. The ex-dividend date of this dividend was Thursday, February 29th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 0.96%. Covenant Logistics Group’s dividend payout ratio (DPR) is presently 14.10%.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on CVLG shares. Vertical Research began coverage on Covenant Logistics Group in a research note on Tuesday, January 23rd. They set a “buy” rating and a $70.00 price target on the stock. TD Cowen upgraded Covenant Logistics Group from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $51.00 to $66.00 in a research report on Thursday, January 25th.

Insider Transactions at Covenant Logistics Group

In other Covenant Logistics Group news, CEO David Ray Parker sold 5,000 shares of the stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $54.43, for a total transaction of $272,150.00. Following the transaction, the chief executive officer now owns 325,737 shares of the company’s stock, valued at approximately $17,729,864.91. The transaction was disclosed in a document filed with the SEC, which is available at this link. In related news, EVP Samuel F. Hough sold 4,000 shares of the stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $51.55, for a total transaction of $206,200.00. Following the sale, the executive vice president now owns 25,125 shares in the company, valued at $1,295,193.75. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO David Ray Parker sold 5,000 shares of Covenant Logistics Group stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $54.43, for a total value of $272,150.00. Following the completion of the transaction, the chief executive officer now owns 325,737 shares of the company’s stock, valued at $17,729,864.91. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 107,000 shares of company stock valued at $5,541,240. Insiders own 36.50% of the company’s stock.

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.