Bank of New York Mellon Corp Trims Stock Position in Covenant Logistics Group, Inc. (NASDAQ:CVLG)

Bank of New York Mellon Corp decreased its stake in Covenant Logistics Group, Inc. (NASDAQ:CVLG) by 24.7% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 80,180 shares of the company’s stock after selling 26,285 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.61% of Covenant Logistics Group worth $3,952,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of CVLG. Charles Schwab Investment Management Inc. increased its holdings in shares of Covenant Logistics Group by 2.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 112,472 shares of the company’s stock valued at $5,178,000 after purchasing an additional 2,935 shares in the last quarter. Foundry Partners LLC raised its position in shares of Covenant Logistics Group by 11.3% in the first quarter. Foundry Partners LLC now owns 81,830 shares of the company’s stock worth $3,794,000 after acquiring an additional 8,279 shares during the period. Empowered Funds LLC boosted its stake in shares of Covenant Logistics Group by 8.1% during the 1st quarter. Empowered Funds LLC now owns 79,214 shares of the company’s stock worth $3,672,000 after acquiring an additional 5,950 shares in the last quarter. Essex Investment Management Co. LLC grew its position in shares of Covenant Logistics Group by 50.5% during the 1st quarter. Essex Investment Management Co. LLC now owns 43,041 shares of the company’s stock valued at $1,995,000 after acquiring an additional 14,443 shares during the period. Finally, Russell Investments Group Ltd. grew its position in shares of Covenant Logistics Group by 252.6% during the 1st quarter. Russell Investments Group Ltd. now owns 29,041 shares of the company’s stock valued at $1,346,000 after acquiring an additional 20,805 shares during the period. 83.72% of the stock is currently owned by hedge funds and other institutional investors.

Covenant Logistics Group Price Performance

Covenant Logistics Group stock opened at $52.38 on Friday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.05 and a current ratio of 1.08. The company’s fifty day moving average price is $51.85 and its 200 day moving average price is $48.34. The stock has a market capitalization of $689.84 million, a P/E ratio of 16.79 and a beta of 1.34. Covenant Logistics Group, Inc. has a 1 year low of $38.25 and a 1 year high of $56.96.

Covenant Logistics Group (NASDAQ:CVLG) last released its earnings results on Wednesday, July 24th. The company reported $1.04 EPS for the quarter, topping analysts’ consensus estimates of $0.95 by $0.09. The business had revenue of $287.50 million during the quarter. Covenant Logistics Group had a net margin of 3.76% and a return on equity of 13.78%. During the same period in the prior year, the firm earned $1.07 EPS. As a group, equities research analysts anticipate that Covenant Logistics Group, Inc. will post 4.07 earnings per share for the current fiscal year.

Covenant Logistics Group Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 6th will be given a $0.11 dividend. The ex-dividend date is Friday, September 6th. This represents a $0.44 annualized dividend and a dividend yield of 0.84%. Covenant Logistics Group’s dividend payout ratio (DPR) is presently 14.10%.

Insider Transactions at Covenant Logistics Group

In other Covenant Logistics Group 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 value of $1,160,040.00. Following the transaction, the director now owns 12,134 shares in the company, valued at approximately $670,282.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 36.50% of the company’s stock.

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 research report on Friday, July 26th.

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.