Short Interest in Covenant Logistics Group, Inc. (NASDAQ:CVLG) Grows By 13.8%

Covenant Logistics Group, Inc. (NASDAQ:CVLG) was the target of a large increase in short interest in June. As of June 15th, there was short interest totalling 94,700 shares, an increase of 13.8% from the May 31st total of 83,200 shares. Based on an average daily trading volume, of 63,200 shares, the short-interest ratio is currently 1.5 days. Approximately 1.2% of the company’s shares are sold short.

Insider Activity at Covenant Logistics Group

In related news, Director D Michael Kramer sold 3,725 shares of the company’s stock in a transaction on Tuesday, May 14th. The shares were sold at an average price of $46.64, for a total value of $173,734.00. Following the completion of the sale, the director now owns 11,285 shares in the company, valued at approximately $526,332.40. The transaction was disclosed in a filing with the SEC, which is available through this link. 36.50% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Covenant Logistics Group

A number of large investors have recently modified their holdings of the business. Boston Partners acquired a new position in shares of Covenant Logistics Group during the 1st quarter worth about $894,000. EMC Capital Management acquired a new position in shares of Covenant Logistics Group during the 1st quarter worth about $149,000. Price T Rowe Associates Inc. MD lifted its stake in Covenant Logistics Group by 7.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 6,491 shares of the company’s stock valued at $301,000 after purchasing an additional 442 shares during the last quarter. Foundry Partners LLC lifted its stake in Covenant Logistics Group by 11.3% in the 1st quarter. Foundry Partners LLC now owns 81,830 shares of the company’s stock valued at $3,794,000 after purchasing an additional 8,279 shares during the last quarter. Finally, State Board of Administration of Florida Retirement System acquired a new stake in Covenant Logistics Group in the 1st quarter valued at about $304,000. 83.72% of the stock is currently owned by institutional investors and hedge funds.

Covenant Logistics Group Stock Down 1.4 %

NASDAQ CVLG traded down $0.71 on Monday, reaching $48.58. The company had a trading volume of 5,450 shares, compared to its average volume of 68,087. The firm has a market capitalization of $634.94 million, a price-to-earnings ratio of 15.80 and a beta of 1.38. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.01 and a current ratio of 1.04. Covenant Logistics Group has a 1-year low of $38.25 and a 1-year high of $57.57. The company’s fifty day moving average is $46.81 and its 200-day moving average is $47.03.

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

Covenant Logistics Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Stockholders 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 dividend on an annualized basis and a dividend yield of 0.91%. Covenant Logistics Group’s dividend payout ratio is 14.10%.

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.