Russell Investments Group Ltd. raised its holdings in Covenant Logistics Group, Inc. (NASDAQ:CVLG – Get Rating) by 38.3% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 137,854 shares of the company’s stock after buying an additional 38,148 shares during the quarter. Russell Investments Group Ltd. owned 0.82% of Covenant Logistics Group worth $2,965,000 at the end of the most recent quarter.
Several other institutional investors also recently modified their holdings of the company. Acadian Asset Management LLC increased its stake in shares of Covenant Logistics Group by 216.7% in the fourth quarter. Acadian Asset Management LLC now owns 261,150 shares of the company’s stock valued at $6,899,000 after buying an additional 178,692 shares in the last quarter. Euclidean Technologies Management LLC acquired a new position in Covenant Logistics Group in the first quarter valued at approximately $1,895,000. Scopus Asset Management L.P. acquired a new stake in Covenant Logistics Group in the fourth quarter worth $1,876,000. Patton Albertson Miller Group LLC raised its holdings in Covenant Logistics Group by 48.9% in the first quarter. Patton Albertson Miller Group LLC now owns 186,630 shares of the company’s stock worth $4,018,000 after purchasing an additional 61,261 shares during the period. Finally, American Century Companies Inc. acquired a new stake in Covenant Logistics Group in the fourth quarter worth $950,000. Institutional investors and hedge funds own 51.03% of the company’s stock.
Wall Street Analysts Forecast Growth
Several brokerages have recently issued reports on CVLG. Cowen increased their price objective on shares of Covenant Logistics Group to $31.50 and gave the stock an “outperform” rating in a research report on Wednesday, July 27th. Stephens increased their price target on shares of Covenant Logistics Group to $35.00 and gave the company an “outperform” rating in a research note on Wednesday, July 27th. Finally, Cowen restated a “hold” rating and set a $22.00 target price on shares of Covenant Logistics Group in a research note on Friday, May 20th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $27.13.
Covenant Logistics Group Price Performance
CVLG stock opened at $33.23 on Friday. The company has a quick ratio of 1.27, a current ratio of 1.15 and a debt-to-equity ratio of 0.14. Covenant Logistics Group, Inc. has a 12 month low of $17.23 and a 12 month high of $34.80. The firm has a market cap of $518.39 million, a P/E ratio of 6.78 and a beta of 1.42. The company’s 50-day moving average price is $27.36 and its two-hundred day moving average price is $23.50.
Covenant Logistics Group (NASDAQ:CVLG – Get Rating) last announced its quarterly earnings results on Monday, July 25th. The company reported $1.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.31 by $0.32. Covenant Logistics Group had a net margin of 6.87% and a return on equity of 24.00%. During the same quarter last year, the firm posted $0.96 EPS. On average, analysts anticipate that Covenant Logistics Group, Inc. will post 5.04 earnings per share for the current fiscal year.
Covenant Logistics Group Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Friday, June 24th. Investors of record on Friday, June 3rd were issued a dividend of $0.063 per share. This represents a $0.25 annualized dividend and a dividend yield of 0.76%. The ex-dividend date was Thursday, June 2nd. Covenant Logistics Group’s dividend payout ratio (DPR) is presently 5.10%.
Insider Activity at Covenant Logistics Group
In related news, EVP Samuel F. Hough sold 42,998 shares of Covenant Logistics Group stock in a transaction that occurred on Thursday, July 28th. The shares were sold at an average price of $33.01, for a total transaction of $1,419,363.98. Following the sale, the executive vice president now directly owns 32,913 shares of the company’s stock, valued at approximately $1,086,458.13. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 29.10% of the stock is currently owned by insiders.
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.
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