Covenant Logistics Group, Inc. (NASDAQ:CVLG) CAO Matisse Long Sells 2,114 Shares

Covenant Logistics Group, Inc. (NASDAQ:CVLG) CAO Matisse Long sold 2,114 shares of the company’s stock in a transaction that occurred on Tuesday, January 28th. The stock was sold at an average price of $28.95, for a total transaction of $61,200.30. Following the completion of the transaction, the chief accounting officer now owns 15,434 shares in the company, valued at approximately $446,814.30. This represents a 12.05 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink.

Covenant Logistics Group Stock Performance

Covenant Logistics Group stock traded down $0.25 during midday trading on Thursday, reaching $28.31. 77,877 shares of the company traded hands, compared to its average volume of 124,757. Covenant Logistics Group, Inc. has a 12 month low of $21.51 and a 12 month 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 business has a 50 day moving average of $28.61 and a two-hundred day moving average of $27.21. The firm has a market capitalization of $746.12 million, a price-to-earnings ratio of 18.62 and a beta of 1.41.

Covenant Logistics Group Cuts Dividend

The company 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 dividend on an annualized basis and a dividend yield of 0.78%. Covenant Logistics Group’s dividend payout ratio (DPR) is currently 14.47%.

Institutional Trading of Covenant Logistics Group

Large investors have recently modified their holdings of the company. Empowered Funds LLC boosted its position in shares of Covenant Logistics Group by 110.2% in the fourth quarter. Empowered Funds LLC now owns 188,916 shares of the company’s stock worth $10,298,000 after purchasing an additional 99,026 shares during the period. Franklin Resources Inc. boosted 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 worth $3,711,000 after buying an additional 64,782 shares during the period. FMR LLC increased its stake in Covenant Logistics Group by 3,423.0% in the 3rd quarter. FMR LLC now owns 46,151 shares of the company’s stock worth $2,439,000 after buying an additional 44,841 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Covenant Logistics Group by 24.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 109,639 shares of the company’s stock valued at $5,793,000 after acquiring an additional 21,401 shares in the last quarter. Finally, Oliver Luxxe Assets LLC boosted its stake in shares of Covenant Logistics Group by 109.7% in the third quarter. Oliver Luxxe Assets LLC now owns 34,734 shares of the company’s stock worth $1,835,000 after acquiring an additional 18,168 shares during the period. Institutional investors own 83.72% of the company’s stock.

Wall Street Analyst Weigh In

CVLG has been the topic of several analyst reports. TD Cowen lowered their price objective 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. Stephens reaffirmed an “overweight” rating and set a $36.00 price target on shares of Covenant Logistics Group in a report on Friday, January 24th.

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.