Short Interest in Covenant Logistics Group, Inc. (NASDAQ:CVLG) Increases By 35.2%

Covenant Logistics Group, Inc. (NASDAQ:CVLG) was the recipient of a large increase in short interest during the month of January. As of January 31st, there was short interest totalling 133,000 shares, an increase of 35.2% from the January 15th total of 98,400 shares. Based on an average daily trading volume, of 110,100 shares, the short-interest ratio is currently 1.2 days.

Covenant Logistics Group Trading Up 1.0 %

CVLG traded up $0.28 during trading on Friday, hitting $26.93. 56,589 shares of the stock were exchanged, compared to its average volume of 109,167. The firm has a 50 day simple moving average of $28.22 and a 200 day simple moving average of $27.29. The firm has a market cap of $709.74 million, a price-to-earnings ratio of 14.02 and a beta of 1.40. Covenant Logistics Group has a 1 year low of $21.51 and a 1 year high of $30.77. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.07 and a current ratio of 1.10.

Covenant Logistics Group Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 7th will be issued a $0.07 dividend. This is an increase from Covenant Logistics Group’s previous quarterly dividend of $0.06. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.04%. Covenant Logistics Group’s dividend payout ratio (DPR) is currently 16.99%.

Insider Transactions at Covenant Logistics Group

In other news, CAO Matisse Long sold 2,114 shares of the firm’s stock in a transaction that occurred on 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 sale, the chief accounting officer now directly owns 15,434 shares of the company’s stock, valued at $446,814.30. This trade represents a 12.05 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 36.50% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Northern Trust Corp increased its holdings in shares of Covenant Logistics Group by 8.7% in the 4th quarter. Northern Trust Corp now owns 87,107 shares of the company’s stock valued at $4,748,000 after acquiring an additional 6,982 shares during the period. Tudor Investment Corp ET AL purchased a new position in shares of Covenant Logistics Group in the 4th quarter valued at $920,000. T. Rowe Price Investment Management Inc. purchased a new position in shares of Covenant Logistics Group in the 4th quarter valued at $8,878,000. Price T Rowe Associates Inc. MD increased its holdings in shares of Covenant Logistics Group by 7.0% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 7,164 shares of the company’s stock valued at $391,000 after acquiring an additional 467 shares during the period. Finally, Marshall Wace LLP increased its holdings in shares of Covenant Logistics Group by 86.3% in the 4th quarter. Marshall Wace LLP now owns 9,420 shares of the company’s stock valued at $513,000 after acquiring an additional 4,364 shares during the period. 83.72% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the company. Stephens reissued an “overweight” rating and set a $36.00 price target on shares of Covenant Logistics Group in a research note on Friday, January 24th. TD Cowen decreased their price target on Covenant Logistics Group from $35.00 to $34.50 and set a “buy” rating for the company in a research note on Friday, October 25th.

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.