Royce & Associates LP Buys 37,008 Shares of Covenant Logistics Group, Inc. (NASDAQ:CVLG)

Royce & Associates LP increased its stake in shares of Covenant Logistics Group, Inc. (NASDAQ:CVLG) by 43.8% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 121,544 shares of the company’s stock after buying an additional 37,008 shares during the period. Royce & Associates LP owned 0.46% of Covenant Logistics Group worth $6,625,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also modified their holdings of the company. FMR LLC lifted its position in Covenant Logistics Group by 3,423.0% during the third quarter. FMR LLC now owns 46,151 shares of the company’s stock worth $2,439,000 after acquiring an additional 44,841 shares during the last quarter. Victory Capital Management Inc. lifted its holdings 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 worth $1,866,000 after purchasing an additional 15,128 shares during the last quarter. Private Advisor Group LLC boosted its stake in Covenant Logistics Group by 11.8% in the 4th quarter. Private Advisor Group LLC now owns 4,567 shares of the company’s stock valued at $249,000 after purchasing an additional 481 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in Covenant Logistics Group by 24.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 109,639 shares of the company’s stock valued at $5,793,000 after buying an additional 21,401 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new position in Covenant Logistics Group during the 3rd quarter worth $477,000. Institutional investors own 83.72% of the company’s stock.

Wall Street Analyst Weigh In

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

Covenant Logistics Group Trading Down 0.4 %

Shares of NASDAQ:CVLG opened at $23.01 on Wednesday. The business’s 50 day simple moving average is $26.28 and its 200 day simple moving average is $27.07. Covenant Logistics Group, Inc. has a 1 year low of $21.52 and a 1 year high of $30.77. 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 company has a market capitalization of $610.92 million, a P/E ratio of 17.77 and a beta of 1.45.

Covenant Logistics Group Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be given a $0.07 dividend. The ex-dividend date is Friday, March 7th. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.22%. This is a boost from Covenant Logistics Group’s previous quarterly dividend of $0.06. Covenant Logistics Group’s dividend payout ratio (DPR) is presently 21.71%.

Insider Activity

In related news, CAO Matisse Long sold 2,114 shares of the firm’s 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 sale, the chief accounting officer now directly owns 15,434 shares of the company’s stock, valued at $446,814.30. This trade represents a 12.05 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 36.50% of the company’s stock.

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.