Short Interest in Covenant Logistics Group, Inc. (NASDAQ:CVLG) Expands By 46.5%

Covenant Logistics Group, Inc. (NASDAQ:CVLG) was the target of a significant increase in short interest in March. As of March 15th, there was short interest totalling 151,800 shares, an increase of 46.5% from the February 28th total of 103,600 shares. Currently, 0.9% of the company’s stock are sold short. Based on an average daily trading volume, of 94,900 shares, the days-to-cover ratio is presently 1.6 days.

Insider Activity

In related news, CAO Matisse Long sold 2,114 shares of the business’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 transaction, the chief accounting officer now directly owns 15,434 shares of the company’s stock, valued at approximately $446,814.30. The trade was a 12.05 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 36.50% of the company’s stock.

Institutional Trading of Covenant Logistics Group

Several institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. increased its holdings in shares of Covenant Logistics Group by 0.3% in the 4th quarter. Vanguard Group Inc. now owns 464,371 shares of the company’s stock valued at $25,313,000 after acquiring an additional 1,216 shares during the last quarter. Bridgeway Capital Management LLC lifted its position in shares of Covenant Logistics Group by 56.5% in the 4th quarter. Bridgeway Capital Management LLC now owns 274,316 shares of the company’s stock worth $14,953,000 after buying an additional 99,026 shares during the last quarter. Foundry Partners LLC grew its position in shares of Covenant Logistics Group by 10.1% during the 4th quarter. Foundry Partners LLC now owns 216,080 shares of the company’s stock valued at $11,779,000 after buying an additional 19,777 shares during the last quarter. American Century Companies Inc. raised its stake in Covenant Logistics Group by 21.7% during the fourth quarter. American Century Companies Inc. now owns 210,350 shares of the company’s stock worth $11,466,000 after acquiring an additional 37,501 shares during the period. Finally, State Street Corp boosted its stake in Covenant Logistics Group by 6.2% in the third quarter. State Street Corp now owns 208,517 shares of the company’s stock valued at $11,018,000 after acquiring an additional 12,138 shares during the period. Institutional investors and hedge funds own 83.72% of the company’s stock.

Analyst Ratings Changes

Separately, Stephens reaffirmed 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 Stock Down 3.1 %

CVLG stock traded down $0.71 during mid-day trading on Friday, hitting $22.20. 54,576 shares of the company were exchanged, compared to its average volume of 107,434. The firm has a fifty day simple moving average of $25.56 and a 200 day simple moving average of $26.89. The company has a market capitalization of $589.44 million, a PE ratio of 17.14 and a beta of 1.45. Covenant Logistics Group has a twelve month low of $21.52 and a twelve month high of $30.77. The company has a current ratio of 1.10, a quick ratio of 1.07 and a debt-to-equity ratio of 0.46.

Covenant Logistics Group Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 7th were paid a $0.07 dividend. This represents a $0.28 dividend on an annualized basis and a yield of 1.26%. This is an increase from Covenant Logistics Group’s previous quarterly dividend of $0.06. The ex-dividend date of this dividend was Friday, March 7th. Covenant Logistics Group’s dividend payout ratio (DPR) is 21.71%.

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.