Short Interest in Covenant Logistics Group, Inc. (NASDAQ:CVLG) Increases By 46.5%

Covenant Logistics Group, Inc. (NASDAQ:CVLG) was the target of a significant increase in short interest during the month of March. As of March 15th, there was short interest totalling 151,800 shares, an increase of 46.5% from the February 28th total of 103,600 shares. Based on an average trading volume of 94,900 shares, the days-to-cover ratio is currently 1.6 days. Currently, 0.9% of the shares of the stock are sold short.

Covenant Logistics Group Stock Performance

NASDAQ CVLG opened at $22.08 on Tuesday. The company has a 50-day simple moving average of $25.45 and a two-hundred day simple moving average of $26.87. Covenant Logistics Group has a 12-month low of $21.52 and a 12-month high of $30.77. The firm has a market cap of $586.09 million, a price-to-earnings ratio of 17.05 and a beta of 1.45. 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 Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 7th were given a dividend of $0.07 per share. This represents a $0.28 annualized dividend and a yield of 1.27%. This is a positive change from Covenant Logistics Group’s previous quarterly dividend of $0.06. The ex-dividend date of this dividend was Friday, March 7th. Covenant Logistics Group’s dividend payout ratio (DPR) is presently 21.71%.

Insider Activity at Covenant Logistics Group

In other news, CAO Matisse Long sold 2,114 shares of the company’s stock in a transaction dated Tuesday, January 28th. The stock was sold at an average price of $28.95, for a total value of $61,200.30. Following the completion of the transaction, the chief accounting officer now directly owns 15,434 shares in the company, valued at approximately $446,814.30. This represents a 12.05 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 36.50% of the stock is owned by insiders.

Hedge Funds Weigh In On Covenant Logistics Group

A number of large investors have recently bought and sold shares of the stock. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in shares of Covenant Logistics Group in the fourth quarter worth approximately $2,745,000. Public Employees Retirement System of Ohio bought a new stake in Covenant Logistics Group in the 4th quarter worth $706,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Covenant Logistics Group by 10.8% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 12,605 shares of the company’s stock valued at $687,000 after acquiring an additional 1,231 shares during the period. Two Sigma Advisers LP raised its stake in shares of Covenant Logistics Group by 3.0% during the fourth quarter. Two Sigma Advisers LP now owns 81,700 shares of the company’s stock valued at $4,453,000 after acquiring an additional 2,400 shares during the last quarter. Finally, Two Sigma Investments LP boosted its holdings in shares of Covenant Logistics Group by 8.7% during the fourth quarter. Two Sigma Investments LP now owns 60,953 shares of the company’s stock worth $3,323,000 after purchasing an additional 4,880 shares during the period. 83.72% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Separately, Stephens reaffirmed an “overweight” rating and issued a $36.00 target price on shares of Covenant Logistics Group in a research note on Friday, January 24th.

About Covenant Logistics Group

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.