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

Covenant Logistics Group, Inc. (NASDAQ:CVLG) was the target of a large growth in short interest in 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 daily volume of 110,100 shares, the short-interest ratio is presently 1.2 days.

Insider Buying and Selling

In other Covenant Logistics Group news, CAO Matisse Long sold 2,114 shares of Covenant Logistics Group 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 sale, the chief accounting officer now directly owns 15,434 shares in the company, valued at $446,814.30. The trade was a 12.05 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 36.50% of the stock is currently owned by corporate insiders.

Institutional Trading of Covenant Logistics Group

Several institutional investors have recently modified their holdings of CVLG. Huntington National Bank acquired a new stake in shares of Covenant Logistics Group in the third quarter valued at $27,000. Quantbot Technologies LP acquired a new stake in shares of Covenant Logistics Group during the third quarter worth $64,000. nVerses Capital LLC raised its position in shares of Covenant Logistics Group by 550.0% during the third quarter. nVerses Capital LLC now owns 1,300 shares of the company’s stock worth $69,000 after purchasing an additional 1,100 shares during the period. KLP Kapitalforvaltning AS acquired a new stake in shares of Covenant Logistics Group during the fourth quarter worth $71,000. Finally, Ameritas Investment Partners Inc. raised its position in shares of Covenant Logistics Group by 100.0% during the fourth quarter. Ameritas Investment Partners Inc. now owns 1,406 shares of the company’s stock worth $77,000 after purchasing an additional 703 shares during the period. Institutional investors and hedge funds own 83.72% of the company’s stock.

Covenant Logistics Group Stock Performance

CVLG stock traded up $0.28 during trading on Friday, reaching $26.93. 56,589 shares of the company’s stock were exchanged, compared to its average volume of 109,167. The company has a quick ratio of 1.07, a current ratio of 1.10 and a debt-to-equity ratio of 0.46. Covenant Logistics Group has a 1-year low of $21.51 and a 1-year high of $30.77. The company’s fifty day moving average price is $28.22 and its 200-day moving average price is $27.29. The firm has a market cap of $709.74 million, a PE ratio of 14.02 and a beta of 1.40.

Covenant Logistics Group Increases Dividend

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

Analyst Ratings Changes

Several research firms have issued reports on CVLG. TD Cowen lowered their price target 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 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.