AlphaQuest LLC Lowers Stock Position in Covenant Logistics Group, Inc. (NASDAQ:CVLG)

AlphaQuest LLC lessened its stake in shares of Covenant Logistics Group, Inc. (NASDAQ:CVLG) by 64.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,506 shares of the company’s stock after selling 4,522 shares during the quarter. AlphaQuest LLC’s holdings in Covenant Logistics Group were worth $137,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of CVLG. Empowered Funds LLC boosted its stake in Covenant Logistics Group by 110.2% during the fourth quarter. Empowered Funds LLC now owns 188,916 shares of the company’s stock worth $10,298,000 after buying an additional 99,026 shares during the period. Franklin Resources Inc. boosted its stake in Covenant Logistics Group by 1,226.7% during the third quarter. Franklin Resources Inc. now owns 70,063 shares of the company’s stock worth $3,711,000 after buying an additional 64,782 shares during the period. FMR LLC boosted its stake in Covenant Logistics Group by 3,423.0% during the third quarter. FMR LLC now owns 46,151 shares of the company’s stock worth $2,439,000 after buying an additional 44,841 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in Covenant Logistics Group by 24.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 109,639 shares of the company’s stock worth $5,793,000 after buying an additional 21,401 shares during the period. Finally, Victory Capital Management Inc. boosted its stake in Covenant Logistics Group by 74.9% during the third quarter. Victory Capital Management Inc. now owns 35,314 shares of the company’s stock worth $1,866,000 after buying an additional 15,128 shares during the period. Hedge funds and other institutional investors own 83.72% of the company’s stock.

Analysts Set New Price Targets

Separately, Stephens reissued an “overweight” rating and set a $36.00 price target on shares of Covenant Logistics Group in a research report on Friday, January 24th.

Insider Transactions at Covenant Logistics Group

In related news, CAO Matisse Long sold 2,114 shares of the firm’s stock in a transaction that occurred on Tuesday, January 28th. The shares were sold at an average price of $28.95, for a total value of $61,200.30. Following the sale, the chief accounting officer now owns 15,434 shares of the company’s stock, valued at $446,814.30. This trade represents a 12.05 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 36.50% of the company’s stock.

Covenant Logistics Group Stock Up 1.0 %

Shares of CVLG opened at $23.16 on Tuesday. The stock has a market capitalization of $614.90 million, a PE ratio of 17.88 and a beta of 1.45. Covenant Logistics Group, Inc. has a 1 year low of $21.52 and a 1 year high of $30.77. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.07 and a current ratio of 1.10. The company’s 50-day simple moving average is $26.36 and its 200-day simple moving average is $27.10.

Covenant Logistics Group Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 7th will be given a dividend of $0.07 per share. This represents a $0.28 annualized dividend and a dividend yield of 1.21%. The ex-dividend date of this dividend is Friday, March 7th. This is a boost from Covenant Logistics Group’s previous quarterly dividend of $0.06. Covenant Logistics Group’s dividend payout ratio is currently 21.71%.

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.