Insider Selling: Covenant Logistics Group, Inc. (NASDAQ:CVLG) CAO Sells 2,114 Shares of Stock

Covenant Logistics Group, Inc. (NASDAQ:CVLG) CAO Matisse Long sold 2,114 shares of the firm’s stock in a transaction that occurred on Tuesday, January 28th. The shares were sold at an average price of $28.95, for a total transaction of $61,200.30. Following the sale, the chief accounting officer now directly owns 15,434 shares of the company’s stock, valued at $446,814.30. This trade represents a 12.05 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Covenant Logistics Group Stock Down 1.9 %

Shares of Covenant Logistics Group stock opened at $27.75 on Friday. Covenant Logistics Group, Inc. has a twelve month low of $21.51 and a twelve month 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 company’s 50 day moving average is $28.61 and its 200 day moving average is $27.22. The company has a market cap of $731.49 million, a price-to-earnings ratio of 21.43 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 issued a dividend of $0.055 per share. The ex-dividend date 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 16.99%.

Institutional Trading of Covenant Logistics Group

Several large investors have recently modified their holdings of the company. Huntington National Bank purchased a new position in Covenant Logistics Group in the third quarter worth about $27,000. Quantbot Technologies LP purchased a new position in shares of Covenant Logistics Group in the third quarter worth approximately $64,000. nVerses Capital LLC grew its position in Covenant Logistics Group by 550.0% during the third quarter. nVerses Capital LLC now owns 1,300 shares of the company’s stock valued at $69,000 after buying an additional 1,100 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Covenant Logistics Group by 110.3% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,872 shares of the company’s stock valued at $205,000 after buying an additional 2,031 shares during the period. Finally, GSA Capital Partners LLP purchased a new stake in Covenant Logistics Group during the third quarter valued at approximately $215,000. Institutional investors own 83.72% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have commented on CVLG. TD Cowen reduced 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 reiterated an “overweight” rating and issued a $36.00 price objective 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.