Short Interest in Covenant Logistics Group, Inc. (NASDAQ:CVLG) Grows By 39.6%

Covenant Logistics Group, Inc. (NASDAQ:CVLG) was the recipient of a large growth in short interest in June. As of June 30th, there was short interest totalling 132,200 shares, a growth of 39.6% from the June 15th total of 94,700 shares. Approximately 1.7% of the company’s stock are sold short. Based on an average trading volume of 62,700 shares, the short-interest ratio is presently 2.1 days.

Insider Transactions at Covenant Logistics Group

In other news, Director D Michael Kramer sold 3,725 shares of the 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 completion of the transaction, the director now owns 11,285 shares of the company’s stock, valued at approximately $526,332.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 36.50% of the company’s stock.

Hedge Funds Weigh In On Covenant Logistics Group

A number of institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. boosted its stake in shares of Covenant Logistics Group by 0.9% in the 3rd quarter. Vanguard Group Inc. now owns 434,458 shares of the company’s stock worth $19,051,000 after buying an additional 4,004 shares during the last quarter. Patton Albertson Miller Group LLC boosted its stake in shares of Covenant Logistics Group by 0.8% in the 4th quarter. Patton Albertson Miller Group LLC now owns 285,671 shares of the company’s stock worth $13,152,000 after buying an additional 2,282 shares during the last quarter. American Century Companies Inc. raised its holdings in Covenant Logistics Group by 7.3% in the 3rd quarter. American Century Companies Inc. now owns 132,131 shares of the company’s stock worth $5,794,000 after purchasing an additional 8,955 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in Covenant Logistics Group by 2.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 112,472 shares of the company’s stock worth $5,178,000 after purchasing an additional 2,935 shares during the period. Finally, Foundry Partners LLC raised its holdings in Covenant Logistics Group by 11.3% in the 1st quarter. Foundry Partners LLC now owns 81,830 shares of the company’s stock worth $3,794,000 after purchasing an additional 8,279 shares during the period. 83.72% of the stock is currently owned by hedge funds and other institutional investors.

Covenant Logistics Group Stock Up 1.5 %

Shares of Covenant Logistics Group stock traded up $0.76 during midday trading on Monday, hitting $50.68. The company had a trading volume of 47,215 shares, compared to its average volume of 66,409. 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 stock has a market capitalization of $662.39 million, a P/E ratio of 16.24 and a beta of 1.38. The company has a 50 day moving average of $47.71 and a 200 day moving average of $47.35. Covenant Logistics Group has a 52-week low of $38.25 and a 52-week high of $57.57.

Covenant Logistics Group (NASDAQ:CVLG) last posted its quarterly earnings results on Wednesday, April 24th. The company reported $0.84 earnings per share for the quarter, topping the consensus estimate of $0.81 by $0.03. Covenant Logistics Group had a return on equity of 14.16% and a net margin of 3.82%. The company had revenue of $278.76 million for the quarter. On average, equities analysts predict that Covenant Logistics Group will post 4.12 earnings per share for the current fiscal year.

Covenant Logistics Group Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 7th were paid a dividend of $0.11 per share. The ex-dividend date of this dividend was Friday, June 7th. This represents a $0.44 annualized dividend and a yield of 0.87%. Covenant Logistics Group’s dividend payout ratio is 14.10%.

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.