Short Interest in Covenant Logistics Group, Inc. (NASDAQ:CVLG) Increases By 7.8%

Covenant Logistics Group, Inc. (NASDAQ:CVLG) saw a large increase in short interest during the month of December. As of December 15th, there was short interest totalling 47,200 shares, an increase of 7.8% from the November 30th total of 43,800 shares. Based on an average daily trading volume, of 53,900 shares, the days-to-cover ratio is currently 0.9 days. Currently, 0.6% of the shares of the company are sold short.

Insider Activity

In other news, Director Bradley A. Moline sold 14,000 shares of the stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $29.82, for a total transaction of $417,480.00. Following the sale, the director now directly owns 93,984 shares in the company, valued at approximately $2,802,602.88. This represents a 12.96 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 36.50% of the company’s stock.

Institutional Investors Weigh In On Covenant Logistics Group

Hedge funds and other institutional investors have recently modified their holdings of the stock. Foundry Partners LLC grew its position in Covenant Logistics Group by 125.9% in the 2nd quarter. Foundry Partners LLC now owns 184,844 shares of the company’s stock valued at $9,111,000 after buying an additional 103,014 shares in the last quarter. Franklin Resources Inc. lifted its stake in shares of Covenant Logistics Group by 1,226.7% in the 3rd quarter. Franklin Resources Inc. now owns 70,063 shares of the company’s stock worth $3,711,000 after acquiring an additional 64,782 shares during the period. FMR LLC boosted its holdings in shares of Covenant Logistics Group by 3,423.0% in the third quarter. FMR LLC now owns 46,151 shares of the company’s stock valued at $2,439,000 after acquiring an additional 44,841 shares in the last quarter. American Century Companies Inc. increased its stake in shares of Covenant Logistics Group by 29.4% during the second quarter. American Century Companies Inc. now owns 114,117 shares of the company’s stock valued at $5,625,000 after acquiring an additional 25,913 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its holdings in Covenant Logistics Group by 24.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 109,639 shares of the company’s stock worth $5,793,000 after purchasing an additional 21,401 shares in the last quarter. 83.72% of the stock is currently owned by institutional investors.

Covenant Logistics Group Trading Up 2.4 %

Covenant Logistics Group stock opened at $27.91 on Thursday. Covenant Logistics Group has a 52-week low of $21.50 and a 52-week high of $30.77. The company has a quick ratio of 1.07, a current ratio of 1.10 and a debt-to-equity ratio of 0.46. The firm has a market capitalization of $367.85 million, a price-to-earnings ratio of 9.18 and a beta of 1.39. The firm has a 50-day moving average price of $27.98 and a two-hundred day moving average price of $26.53.

Covenant Logistics Group (NASDAQ:CVLG) last issued its quarterly earnings data on Wednesday, October 23rd. The company reported $0.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.54 by $0.01. Covenant Logistics Group had a return on equity of 13.43% and a net margin of 3.72%. The business had revenue of $287.89 million during the quarter. During the same quarter in the prior year, the firm posted $0.57 earnings per share. Sell-side analysts expect that Covenant Logistics Group will post 4 earnings per share for the current year.

Covenant Logistics Group Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, December 27th. Stockholders of record on Friday, December 6th were paid a $0.055 dividend. The ex-dividend date of this dividend was Friday, December 6th. This represents a $0.22 annualized dividend and a dividend yield of 0.79%. Covenant Logistics Group’s payout ratio is 14.47%.

Analyst Ratings Changes

Separately, TD Cowen dropped their target price on Covenant Logistics Group from $35.00 to $34.50 and set a “buy” rating on the stock in a research report on Friday, October 25th.

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.