Fmr LLC Has $2.44 Million Stock Holdings in Covenant Logistics Group, Inc. (NASDAQ:CVLG)

Fmr LLC boosted its stake in Covenant Logistics Group, Inc. (NASDAQ:CVLG) by 3,423.0% during the third quarter, Holdings Channel reports. The institutional investor owned 46,151 shares of the company’s stock after buying an additional 44,841 shares during the period. Fmr LLC’s holdings in Covenant Logistics Group were worth $2,439,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of the stock. CWM LLC grew its position 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 in the last quarter. Innealta Capital LLC bought a new stake in shares of Covenant Logistics Group during the 2nd quarter valued at $27,000. Huntington National Bank acquired a new stake in shares of Covenant Logistics Group during the 3rd quarter worth $27,000. nVerses Capital LLC increased its position in shares of Covenant Logistics Group by 550.0% in the third quarter. nVerses Capital LLC now owns 1,300 shares of the company’s stock worth $69,000 after purchasing an additional 1,100 shares during the period. Finally, Quest Partners LLC raised its stake in Covenant Logistics Group by 172.1% in the second quarter. Quest Partners LLC now owns 1,978 shares of the company’s stock valued at $97,000 after purchasing an additional 1,251 shares in the last quarter. 83.72% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Separately, TD Cowen lowered their price objective on shares of Covenant Logistics Group from $70.00 to $69.00 and set a “buy” rating for the company in a research report on Friday, October 25th.

Insider Transactions at Covenant Logistics Group

In other Covenant Logistics Group news, Director Bradley A. Moline sold 7,000 shares of the firm’s stock in a transaction on Monday, November 11th. The shares were sold at an average price of $59.64, for a total value of $417,480.00. Following the completion of the transaction, the director now directly owns 46,992 shares of the company’s stock, valued at $2,802,602.88. This trade represents a 12.96 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 36.50% of the stock is currently owned by company insiders.

Covenant Logistics Group Trading Down 1.5 %

Shares of CVLG stock opened at $57.90 on Friday. The company has a market cap of $763.12 million, a P/E ratio of 19.05 and a beta of 1.39. Covenant Logistics Group, Inc. has a fifty-two week low of $43.00 and a fifty-two week high of $61.54. The stock has a 50 day simple moving average of $55.43 and a two-hundred day simple moving average of $52.40. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.07 and a current ratio of 1.10.

Covenant Logistics Group (NASDAQ:CVLG) last released its quarterly earnings data on Wednesday, October 23rd. The company reported $1.09 earnings per share for the quarter, beating analysts’ consensus estimates of $1.08 by $0.01. The firm had revenue of $287.89 million for the quarter. Covenant Logistics Group had a net margin of 3.72% and a return on equity of 13.43%. During the same period last year, the business posted $1.13 earnings per share. Research analysts forecast that Covenant Logistics Group, Inc. will post 4 earnings per share for the current year.

Covenant Logistics Group Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 6th will be given a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a dividend yield of 0.76%. The ex-dividend date is Friday, December 6th. Covenant Logistics Group’s dividend payout ratio is currently 14.47%.

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.