Covenant Logistics Group, Inc. (NASDAQ:CVLG) Short Interest Update

Covenant Logistics Group, Inc. (NASDAQ:CVLG) saw a large growth in short interest in the month of January. As of January 31st, there was short interest totalling 133,000 shares, a growth of 35.2% from the January 15th total of 98,400 shares. Based on an average trading volume of 110,100 shares, the days-to-cover ratio is currently 1.2 days.

Insiders Place Their Bets

In other Covenant Logistics Group news, CAO Matisse Long sold 2,114 shares of the firm’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 value of $61,200.30. Following the completion of the sale, the chief accounting officer now owns 15,434 shares in the company, valued at approximately $446,814.30. This trade represents a 12.05 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 36.50% of the company’s stock.

Hedge Funds Weigh In On Covenant Logistics Group

Several institutional investors have recently bought and sold shares of the business. Townsquare Capital LLC raised its position in Covenant Logistics Group by 7.8% in the 3rd quarter. Townsquare Capital LLC now owns 4,921 shares of the company’s stock valued at $260,000 after purchasing an additional 357 shares during the last quarter. Huntington National Bank raised its position in Covenant Logistics Group by 91.5% in the 4th quarter. Huntington National Bank now owns 963 shares of the company’s stock valued at $52,000 after purchasing an additional 460 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in Covenant Logistics Group by 7.0% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 7,164 shares of the company’s stock valued at $391,000 after purchasing an additional 467 shares during the last quarter. Private Advisor Group LLC raised its position 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 last quarter. Finally, Ameritas Investment Partners Inc. raised its position in Covenant Logistics Group by 100.0% in the 4th quarter. Ameritas Investment Partners Inc. now owns 1,406 shares of the company’s stock valued at $77,000 after purchasing an additional 703 shares during the last quarter. Institutional investors own 83.72% of the company’s stock.

Wall Street Analysts Forecast Growth

CVLG has been the subject of a number of recent research reports. TD Cowen dropped their target price on Covenant Logistics Group from $35.00 to $34.50 and set a “buy” rating for the company in a report on Friday, October 25th. Stephens reissued an “overweight” rating and issued a $36.00 target price on shares of Covenant Logistics Group in a report on Friday, January 24th.

Covenant Logistics Group Price Performance

Shares of CVLG traded up $0.28 during mid-day trading on Friday, reaching $26.93. The company had a trading volume of 56,589 shares, compared to its average volume of 109,167. Covenant Logistics Group has a twelve month low of $21.51 and a twelve 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 company’s 50-day moving average is $28.22 and its 200-day moving average is $27.29. The company has a market capitalization of $709.74 million, a P/E ratio of 14.02 and a beta of 1.40.

Covenant Logistics Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be given a $0.07 dividend. This is an increase from Covenant Logistics Group’s previous quarterly dividend of $0.06. This represents a $0.28 annualized dividend and a yield of 1.04%. Covenant Logistics Group’s payout ratio is presently 16.99%.

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.