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

Covenant Logistics Group, Inc. (NASDAQ:CVLG) was the recipient of a large increase in short interest in 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 short-interest ratio is currently 1.6 days. Currently, 0.9% of the company’s shares are short sold.

Wall Street Analysts Forecast Growth

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

Covenant Logistics Group Stock Up 0.1 %

CVLG traded up $0.03 on Monday, reaching $22.23. The company’s stock had a trading volume of 34,078 shares, compared to its average volume of 107,145. The stock has a market cap of $590.07 million, a price-to-earnings ratio of 17.17 and a beta of 1.45. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.10 and a quick ratio of 1.07. The business’s 50 day moving average is $25.56 and its 200 day moving average is $26.90. Covenant Logistics Group has a 1 year low of $21.52 and a 1 year high of $30.77.

Covenant Logistics Group Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, March 7th were given a dividend of $0.07 per share. The ex-dividend date of this dividend was Friday, March 7th. This represents a $0.28 annualized dividend and a dividend yield of 1.26%. This is a positive change from Covenant Logistics Group’s previous quarterly dividend of $0.06. Covenant Logistics Group’s dividend payout ratio is currently 21.71%.

Insider Buying and Selling

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

Institutional Trading of Covenant Logistics Group

A number of hedge funds and other institutional investors have recently modified their holdings of CVLG. FMR LLC increased its holdings in shares of Covenant Logistics Group by 3,423.0% in the 3rd quarter. FMR LLC now owns 46,151 shares of the company’s stock valued at $2,439,000 after purchasing an additional 44,841 shares during the period. Private Advisor Group LLC lifted its stake in Covenant Logistics Group by 11.8% in the fourth quarter. Private Advisor Group LLC now owns 4,567 shares of the company’s stock valued at $249,000 after acquiring an additional 481 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Covenant Logistics Group by 24.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 109,639 shares of the company’s stock valued at $5,793,000 after purchasing an additional 21,401 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. acquired a new position in Covenant Logistics Group during the third quarter worth $477,000. Finally, BNP Paribas Financial Markets lifted its holdings in Covenant Logistics Group by 125.7% in the 3rd quarter. BNP Paribas Financial Markets now owns 17,533 shares of the company’s stock worth $926,000 after purchasing an additional 9,766 shares during the last quarter. Institutional investors 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.