Covenant Logistics Group, Inc. (NASDAQ:CVLG) Sees Large Increase in Short Interest

Covenant Logistics Group, Inc. (NASDAQ:CVLG) saw a large increase in short interest in the month of June. As of June 15th, there was short interest totalling 94,700 shares, an increase of 13.8% from the May 31st total of 83,200 shares. Approximately 1.2% of the shares of the stock are sold short. Based on an average trading volume of 63,200 shares, the short-interest ratio is currently 1.5 days.

Covenant Logistics Group Price Performance

NASDAQ:CVLG traded up $0.07 during mid-day trading on Wednesday, hitting $49.12. 9,398 shares of the company’s stock traded hands, compared to its average volume of 67,524. Covenant Logistics Group has a 1 year low of $38.25 and a 1 year high of $57.57. The company has a market cap of $642.00 million, a PE ratio of 15.72 and a beta of 1.38. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.01 and a current ratio of 1.04. The firm’s 50 day simple moving average is $47.00 and its 200 day simple moving average is $47.10.

Covenant Logistics Group (NASDAQ:CVLG) last announced its earnings results on Wednesday, April 24th. The company reported $0.84 EPS for the quarter, beating analysts’ consensus estimates of $0.81 by $0.03. The firm had revenue of $278.76 million for the quarter. Covenant Logistics Group had a return on equity of 14.16% and a net margin of 3.82%. Sell-side analysts expect that Covenant Logistics Group will post 4.12 EPS for the current year.

Covenant Logistics Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 7th were given a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a yield of 0.90%. The ex-dividend date was Friday, June 7th. Covenant Logistics Group’s dividend payout ratio is presently 14.10%.

Insider Activity

In related news, Director D Michael Kramer sold 3,725 shares of the company’s stock in a transaction that occurred on Tuesday, May 14th. The stock was sold at an average price of $46.64, for a total value of $173,734.00. Following the sale, the director now owns 11,285 shares in the company, valued at approximately $526,332.40. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 36.50% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Essex Investment Management Co. LLC acquired a new stake in shares of Covenant Logistics Group during the fourth quarter worth $1,317,000. Invesco Ltd. boosted its stake in Covenant Logistics Group by 26.8% in the 3rd quarter. Invesco Ltd. now owns 143,868 shares of the company’s stock worth $6,309,000 after buying an additional 30,416 shares during the last quarter. Vanguard Group Inc. grew its holdings in Covenant Logistics Group by 0.9% in the 3rd quarter. Vanguard Group Inc. now owns 434,458 shares of the company’s stock valued at $19,051,000 after buying an additional 4,004 shares during the period. Foundry Partners LLC increased its stake in shares of Covenant Logistics Group by 9.3% during the 4th quarter. Foundry Partners LLC now owns 73,551 shares of the company’s stock valued at $3,386,000 after acquiring an additional 6,256 shares during the last quarter. Finally, Quadrature Capital Ltd lifted its holdings in shares of Covenant Logistics Group by 75.2% during the 4th quarter. Quadrature Capital Ltd now owns 11,959 shares of the company’s stock worth $550,000 after acquiring an additional 5,135 shares during the period. Institutional investors and hedge funds own 83.72% of the company’s stock.

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.