Principal Financial Group Inc. Acquires Shares of 4,297 Covenant Logistics Group, Inc. (NASDAQ:CVLG)

Principal Financial Group Inc. purchased a new position in Covenant Logistics Group, Inc. (NASDAQ:CVLG) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 4,297 shares of the company’s stock, valued at approximately $212,000.

Other large investors have also recently made changes to their positions in the company. CWM LLC boosted its holdings in shares of Covenant Logistics Group by 2,336.4% in the second quarter. CWM LLC now owns 536 shares of the company’s stock worth $26,000 after acquiring an additional 514 shares during the period. Innealta Capital LLC bought a new position in shares of Covenant Logistics Group in the second quarter worth $27,000. EMC Capital Management bought a new position in shares of Covenant Logistics Group in the first quarter worth $149,000. SG Americas Securities LLC bought a new position in shares of Covenant Logistics Group in the second quarter worth $176,000. Finally, Allspring Global Investments Holdings LLC boosted 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 worth $193,000 after acquiring an additional 2,368 shares during the period. 83.72% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Covenant Logistics Group news, Director Herbert J. Schmidt sold 21,000 shares of the firm’s stock in a transaction dated 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 sale, the director now owns 12,134 shares in the company, valued at $670,282.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 36.50% of the stock is currently owned by company insiders.

Covenant Logistics Group Trading Up 2.0 %

Shares of CVLG stock opened at $52.38 on Monday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.05 and a current ratio of 1.08. Covenant Logistics Group, Inc. has a 52-week low of $38.25 and a 52-week high of $56.96. The company has a market capitalization of $684.71 million, a PE ratio of 16.79 and a beta of 1.34. The business’s fifty day moving average is $51.85 and its 200 day moving average is $48.33.

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, topping analysts’ consensus estimates of $0.95 by $0.09. Covenant Logistics Group had a return on equity of 13.78% and a net margin of 3.76%. The company had revenue of $287.50 million for the quarter. During the same quarter last year, the business posted $1.07 EPS. On average, equities research analysts anticipate that Covenant Logistics Group, Inc. will post 4.07 EPS for the current fiscal year.

Covenant Logistics Group Announces Dividend

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

Wall Street Analyst Weigh In

Separately, TD Cowen raised 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 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.