Covenant Logistics Group, Inc. (NASDAQ:CVLG) Short Interest Up 7.8% in December

Covenant Logistics Group, Inc. (NASDAQ:CVLG) saw a large growth in short interest in December. As of December 15th, there was short interest totalling 47,200 shares, a growth of 7.8% from the November 30th total of 43,800 shares. Based on an average daily volume of 53,900 shares, the short-interest ratio is currently 0.9 days. Approximately 0.6% of the company’s shares are short sold.

Covenant Logistics Group Stock Up 2.2 %

Shares of NASDAQ:CVLG traded up $0.59 during trading on Thursday, hitting $27.85. The stock had a trading volume of 10,314 shares, compared to its average volume of 59,688. 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 12 month low of $21.50 and a 12 month high of $30.77. The company has a market capitalization of $367.06 million, a PE ratio of 9.16 and a beta of 1.39. The firm’s fifty day moving average is $27.98 and its 200 day moving average is $26.53.

Covenant Logistics Group (NASDAQ:CVLG) last announced its earnings results on Wednesday, October 23rd. The company reported $0.55 EPS for the quarter, beating analysts’ consensus estimates of $0.54 by $0.01. Covenant Logistics Group had a net margin of 3.72% and a return on equity of 13.43%. The firm had revenue of $287.89 million for the quarter. During the same quarter last year, the firm posted $0.57 EPS. Analysts anticipate that Covenant Logistics Group will post 4 EPS for the current fiscal year.

Covenant Logistics Group Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 27th. Investors of record on Friday, December 6th were given a dividend of $0.055 per share. This represents a $0.22 dividend on an annualized basis and a yield of 0.79%. The ex-dividend date of this dividend was Friday, December 6th. Covenant Logistics Group’s dividend payout ratio (DPR) is presently 14.47%.

Wall Street Analyst Weigh In

Separately, TD Cowen decreased their price objective on shares of Covenant Logistics Group from $35.00 to $34.50 and set a “buy” rating on the stock in a research report on Friday, October 25th.

Insider Activity

In related news, Director Bradley A. Moline sold 14,000 shares of the stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $29.82, for a total transaction of $417,480.00. Following the completion of the sale, the director now directly owns 93,984 shares in the company, valued at $2,802,602.88. This represents a 12.96 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 36.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Covenant Logistics Group

Hedge funds have recently added to or reduced their stakes in the stock. AQR Capital Management LLC raised its position in shares of Covenant Logistics Group by 0.3% in the 2nd quarter. AQR Capital Management LLC now owns 74,704 shares of the company’s stock worth $3,682,000 after purchasing an additional 236 shares during the last quarter. Townsquare Capital LLC increased its position in shares of Covenant Logistics Group by 7.8% during the third quarter. Townsquare Capital LLC now owns 4,921 shares of the company’s stock valued at $260,000 after acquiring an additional 357 shares in the last quarter. Huntington National Bank bought a new position in Covenant Logistics Group in the 3rd quarter valued at approximately $27,000. Victory Capital Management Inc. boosted its stake in Covenant Logistics Group by 3.9% during the 2nd quarter. Victory Capital Management Inc. now owns 20,186 shares of the company’s stock valued at $995,000 after purchasing an additional 755 shares during the last quarter. Finally, nVerses Capital LLC raised its stake in shares of Covenant Logistics Group by 550.0% in 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 last quarter. 83.72% of the stock is owned by institutional investors.

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.