Covenant Logistics Group, Inc. (NASDAQ:CVLG) Short Interest Update

Covenant Logistics Group, Inc. (NASDAQ:CVLG) was the recipient of a large drop in short interest during the month of September. As of September 15th, there was short interest totalling 88,700 shares, a drop of 32.0% from the August 31st total of 130,500 shares. Approximately 1.1% of the shares of the company are sold short. Based on an average trading volume of 50,700 shares, the days-to-cover ratio is presently 1.7 days.

Wall Street Analyst Weigh In

Separately, TD Cowen increased their price objective on shares of Covenant Logistics Group from $65.00 to $70.00 and gave the stock a “buy” rating in a research note on Friday, July 26th.

Insider Activity

In other Covenant Logistics Group news, Director Herbert J. Schmidt sold 21,000 shares of Covenant Logistics Group stock in a transaction that occurred on Monday, July 29th. The shares were sold at an average price of $55.24, for a total value 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 approximately $670,282.16. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 36.50% of the company’s stock.

Institutional Investors Weigh In On Covenant Logistics Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Boston Partners bought a new position in shares of Covenant Logistics Group in the first quarter worth approximately $894,000. Foundry Partners LLC boosted its holdings in Covenant Logistics Group by 125.9% in the 2nd quarter. Foundry Partners LLC now owns 184,844 shares of the company’s stock worth $9,111,000 after buying an additional 103,014 shares during the period. Koss Olinger Consulting LLC purchased a new stake in Covenant Logistics Group in the 2nd quarter worth $498,000. Quadrature Capital Ltd raised its holdings in Covenant Logistics Group by 75.2% during the fourth quarter. Quadrature Capital Ltd now owns 11,959 shares of the company’s stock valued at $550,000 after acquiring an additional 5,135 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its holdings in Covenant Logistics Group by 2.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 112,472 shares of the company’s stock valued at $5,178,000 after acquiring an additional 2,935 shares during the period. 83.72% of the stock is owned by hedge funds and other institutional investors.

Covenant Logistics Group Trading Down 1.7 %

Shares of CVLG stock opened at $52.50 on Friday. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.08 and a quick ratio of 1.05. The company has a market cap of $691.36 million, a price-to-earnings ratio of 16.83 and a beta of 1.34. Covenant Logistics Group has a 1 year low of $38.25 and a 1 year high of $56.96. The firm has a fifty day moving average price of $52.39 and a 200-day moving average price of $48.69.

Covenant Logistics Group (NASDAQ:CVLG) last released its earnings results on Wednesday, July 24th. The company reported $1.04 earnings per share for the quarter, beating the consensus estimate of $0.95 by $0.09. The company had revenue of $287.50 million for the quarter. Covenant Logistics Group had a return on equity of 13.78% and a net margin of 3.76%. During the same quarter last year, the firm posted $1.07 earnings per share. As a group, equities analysts predict that Covenant Logistics Group will post 4.07 earnings per share for the current year.

Covenant Logistics Group Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 6th will be paid a dividend of $0.11 per share. 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%.

Covenant Logistics Group Company 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.