Short Interest in Covenant Logistics Group, Inc. (NASDAQ:CVLG) Increases By 7.8%

Covenant Logistics Group, Inc. (NASDAQ:CVLG) was the target of a large growth in short interest in the month of December. As of December 15th, there was short interest totalling 47,200 shares, a growth of 7.8% from the November 30th total of 43,800 shares. Currently, 0.6% of the shares of the company are short sold. Based on an average daily trading volume, of 53,900 shares, the short-interest ratio is presently 0.9 days.

Insider Buying and Selling

In other Covenant Logistics Group news, Director Bradley A. Moline sold 14,000 shares of Covenant Logistics Group stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $29.82, for a total value of $417,480.00. Following the completion of the sale, the director now owns 93,984 shares in the company, valued at $2,802,602.88. The trade was a 12.96 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 36.50% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Covenant Logistics Group

Several hedge funds and other institutional investors have recently made changes to their positions in CVLG. Huntington National Bank acquired a new position in shares of Covenant Logistics Group in the 3rd quarter valued at approximately $27,000. Quantbot Technologies LP acquired a new position in shares of Covenant Logistics Group in the 3rd quarter valued at approximately $64,000. nVerses Capital LLC raised its position in shares of Covenant Logistics Group by 550.0% in the 3rd quarter. nVerses Capital LLC now owns 1,300 shares of the company’s stock valued at $69,000 after buying an additional 1,100 shares in the last quarter. Quest Partners LLC raised its position in shares of Covenant Logistics Group by 172.1% in the 2nd quarter. Quest Partners LLC now owns 1,978 shares of the company’s stock valued at $97,000 after buying an additional 1,251 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its position in Covenant Logistics Group by 110.3% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,872 shares of the company’s stock worth $205,000 after purchasing an additional 2,031 shares in the last quarter. 83.72% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Separately, TD Cowen dropped their price objective on shares of Covenant Logistics Group from $35.00 to $34.50 and set a “buy” rating for the company in a research note on Friday, October 25th.

Covenant Logistics Group Price Performance

Shares of Covenant Logistics Group stock opened at $54.51 on Thursday. Covenant Logistics Group has a twelve month low of $43.00 and a twelve month high of $61.54. The company has a quick ratio of 1.07, a current ratio of 1.10 and a debt-to-equity ratio of 0.46. The company has a 50-day simple moving average of $27.98 and a two-hundred day simple moving average of $26.53. The stock has a market capitalization of $718.44 million, a price-to-earnings ratio of 17.93 and a beta of 1.39.

Covenant Logistics Group (NASDAQ:CVLG) last issued its quarterly earnings data on Wednesday, October 23rd. The company reported $0.55 earnings per share for the quarter, topping the consensus estimate of $0.54 by $0.01. The business had revenue of $287.89 million during the quarter. Covenant Logistics Group had a net margin of 3.72% and a return on equity of 13.43%. During the same quarter last year, the firm earned $0.57 EPS. Analysts forecast that Covenant Logistics Group will post 4 EPS for the current year.

Covenant Logistics Group Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, December 27th. Stockholders of record on Friday, December 6th were given a $0.055 dividend. This represents a $0.22 annualized dividend and a dividend yield of 0.40%. The ex-dividend date was Friday, December 6th. Covenant Logistics Group’s payout ratio is presently 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.