Rhumbline Advisers Has $671,000 Position in Covenant Logistics Group, Inc. (NASDAQ:CVLG)

Rhumbline Advisers trimmed its stake in Covenant Logistics Group, Inc. (NASDAQ:CVLG) by 4.4% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 13,616 shares of the company’s stock after selling 632 shares during the quarter. Rhumbline Advisers owned about 0.10% of Covenant Logistics Group worth $671,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Russell Investments Group Ltd. boosted its stake in 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 purchasing an additional 20,805 shares during the last quarter. Boston Partners bought a new stake in Covenant Logistics Group during the 1st quarter worth approximately $894,000. Oliver Luxxe Assets LLC bought a new position in Covenant Logistics Group in the 4th quarter worth about $734,000. Essex Investment Management Co. LLC raised its stake in Covenant Logistics Group by 50.5% in the first quarter. Essex Investment Management Co. LLC now owns 43,041 shares of the company’s stock valued at $1,995,000 after purchasing an additional 14,443 shares in the last quarter. Finally, GSA Capital Partners LLP purchased a new position in Covenant Logistics Group in the first quarter worth $517,000. 83.72% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Separately, TD Cowen boosted their price objective on shares of 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 Trading Up 1.6 %

Shares of CVLG opened at $53.83 on Wednesday. The stock has a market capitalization of $703.67 million, a P/E ratio of 17.25 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 quick ratio of 1.05, a current ratio of 1.08 and a debt-to-equity ratio of 0.48. The firm has a fifty day simple moving average of $52.29 and a two-hundred day simple moving average of $48.58.

Covenant Logistics Group (NASDAQ:CVLG) last announced its earnings results on Wednesday, July 24th. The company reported $1.04 earnings per share for the quarter, beating analysts’ consensus estimates 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 period in the previous year, the firm posted $1.07 EPS. On average, research analysts anticipate that Covenant Logistics Group, Inc. will post 4.07 EPS for the current year.

Covenant Logistics Group Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 6th will be paid a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a dividend yield of 0.82%. The ex-dividend date of this dividend is Friday, September 6th. Covenant Logistics Group’s dividend payout ratio is 14.10%.

Insider Buying and Selling at Covenant Logistics Group

In related news, Director Herbert J. Schmidt sold 21,000 shares of the firm’s stock in a transaction that occurred on Monday, July 29th. The shares were sold at an average price of $55.24, for a total transaction 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 $670,282.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 36.50% of the stock is owned by company 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.