Acadian Asset Management LLC Has $7.57 Million Position in Covenant Logistics Group, Inc. (NASDAQ:CVLG)

Acadian Asset Management LLC trimmed its position in shares of Covenant Logistics Group, Inc. (NASDAQ:CVLG) by 38.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 153,606 shares of the company’s stock after selling 97,268 shares during the quarter. Acadian Asset Management LLC owned approximately 1.18% of Covenant Logistics Group worth $7,570,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in CVLG. Price T Rowe Associates Inc. MD increased its holdings in Covenant Logistics Group by 7.3% in the first 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 period. CWM LLC boosted its holdings in Covenant Logistics Group by 2,336.4% in the second quarter. CWM LLC now owns 536 shares of the company’s stock valued at $26,000 after acquiring an additional 514 shares during the last quarter. Innealta Capital LLC acquired a new stake in Covenant Logistics Group during the 2nd quarter valued at approximately $27,000. Victory Capital Management Inc. raised its holdings 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 worth $995,000 after purchasing an additional 755 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its position in shares of Covenant Logistics Group by 132.1% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 4,161 shares of the company’s stock worth $193,000 after purchasing an additional 2,368 shares during the period. 83.72% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

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

Covenant Logistics Group Stock Performance

NASDAQ:CVLG opened at $51.14 on Wednesday. The firm has a market capitalization of $668.50 million, a P/E ratio of 16.39 and a beta of 1.34. Covenant Logistics Group, Inc. has a twelve month low of $38.25 and a twelve month high of $56.96. The company has a fifty day moving average of $51.68 and a 200-day moving average of $48.31. The company has a quick ratio of 1.05, a current ratio of 1.08 and a debt-to-equity ratio of 0.48.

Covenant Logistics Group (NASDAQ:CVLG) last announced its quarterly earnings data on Wednesday, July 24th. The company reported $1.04 earnings per share for the quarter, beating the consensus estimate of $0.95 by $0.09. The firm had revenue of $287.50 million for the quarter. Covenant Logistics Group had a net margin of 3.76% and a return on equity of 13.78%. During the same quarter in the prior year, the company posted $1.07 EPS. As a group, sell-side analysts anticipate that Covenant Logistics Group, Inc. will post 4.07 EPS for the current year.

Covenant Logistics Group Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 6th will be issued a dividend of $0.11 per share. The ex-dividend date of this dividend is Friday, September 6th. This represents a $0.44 annualized dividend and a dividend yield of 0.86%. Covenant Logistics Group’s dividend payout ratio is 14.10%.

Insider Transactions at Covenant Logistics Group

In related news, Director Herbert J. Schmidt sold 21,000 shares of Covenant Logistics Group stock in a transaction on Monday, July 29th. The shares were sold at an average price of $55.24, for a total value of $1,160,040.00. Following the completion of the sale, the director now owns 12,134 shares of the company’s stock, valued at approximately $670,282.16. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 36.50% of the stock is owned by insiders.

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.