Innealta Capital LLC Acquires Shares of 552 Covenant Logistics Group, Inc. (NASDAQ:CVLG)

Innealta Capital LLC bought a new position in shares of Covenant Logistics Group, Inc. (NASDAQ:CVLG) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 552 shares of the company’s stock, valued at approximately $27,000.

A number of other large investors have also made changes to their positions in the stock. CWM LLC boosted its stake in Covenant Logistics Group by 2,336.4% during the second quarter. CWM LLC now owns 536 shares of the company’s stock worth $26,000 after buying an additional 514 shares during the last quarter. EMC Capital Management acquired a new position in shares of Covenant Logistics Group during the 1st quarter valued at about $149,000. SG Americas Securities LLC acquired a new position in shares of Covenant Logistics Group during the 2nd quarter valued at about $176,000. Allspring Global Investments Holdings LLC grew its holdings in shares of Covenant Logistics Group by 132.1% in the first quarter. Allspring Global Investments Holdings LLC now owns 4,161 shares of the company’s stock valued at $193,000 after purchasing an additional 2,368 shares during the period. Finally, Bailard Inc. acquired a new stake in Covenant Logistics Group during the second quarter worth about $276,000. 83.72% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Separately, TD Cowen increased their price target on shares of Covenant Logistics Group from $65.00 to $70.00 and gave the company a “buy” rating in a research note on Friday, July 26th.

Insider Activity at Covenant Logistics Group

In other news, Director Herbert J. Schmidt sold 21,000 shares of the firm’s stock in a transaction on Monday, July 29th. The stock was sold at an average price of $55.24, for a total transaction of $1,160,040.00. Following the completion of the transaction, the director now directly owns 12,134 shares in the company, valued at $670,282.16. The transaction was disclosed in a document filed with the SEC, which is available at this link. 36.50% of the stock is owned by insiders.

Covenant Logistics Group Price Performance

NASDAQ:CVLG opened at $52.28 on Friday. Covenant Logistics Group, Inc. has a 52 week low of $38.25 and a 52 week high of $56.96. The stock’s fifty day moving average is $51.24 and its two-hundred day moving average is $48.41. The company has a market capitalization of $683.40 million, a P/E ratio of 16.76 and a beta of 1.38. The company has a quick ratio of 1.01, a current ratio of 1.04 and a debt-to-equity ratio of 0.47.

Covenant Logistics Group (NASDAQ:CVLG) last issued its quarterly earnings data on Wednesday, July 24th. The company reported $1.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.95 by $0.09. Covenant Logistics Group had a net margin of 3.76% and a return on equity of 13.93%. The firm had revenue of $287.50 million for the quarter. During the same quarter last year, the firm posted $1.07 earnings per share. Equities analysts expect that Covenant Logistics Group, Inc. will post 4.12 EPS for the current year.

Covenant Logistics Group Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 6th will be issued a $0.11 dividend. The ex-dividend date of this dividend is Friday, September 6th. This represents a $0.44 annualized dividend and a yield of 0.84%. Covenant Logistics Group’s dividend payout ratio (DPR) is presently 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.