Covenant Logistics Group (NASDAQ:CVLG) Reaches New 52-Week Low – What’s Next?

Covenant Logistics Group, Inc. (NASDAQ:CVLG) reached a new 52-week low during trading on Thursday . The company traded as low as $20.20 and last traded at $21.99, with a volume of 256 shares trading hands. The stock had previously closed at $23.12.

Analyst Ratings Changes

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

Covenant Logistics Group Trading Down 3.7 %

The company has a current ratio of 1.10, a quick ratio of 1.07 and a debt-to-equity ratio of 0.46. The company has a market cap of $524.36 million, a price-to-earnings ratio of 15.25 and a beta of 1.36. The firm has a 50-day moving average price of $24.90 and a 200 day moving average price of $26.73.

Covenant Logistics Group Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, March 7th were paid a dividend of $0.07 per share. This is a positive change from Covenant Logistics Group’s previous quarterly dividend of $0.06. The ex-dividend date was Friday, March 7th. This represents a $0.28 annualized dividend and a yield of 1.42%. Covenant Logistics Group’s payout ratio is presently 21.71%.

Insider Transactions at Covenant Logistics Group

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

Hedge Funds Weigh In On Covenant Logistics Group

Several institutional investors have recently made changes to their positions in CVLG. Townsquare Capital LLC boosted its position in Covenant Logistics Group by 7.8% during the 3rd quarter. Townsquare Capital LLC now owns 4,921 shares of the company’s stock valued at $260,000 after purchasing an additional 357 shares during the period. Huntington National Bank boosted its holdings in shares of Covenant Logistics Group by 91.5% during the fourth quarter. Huntington National Bank now owns 963 shares of the company’s stock valued at $52,000 after acquiring an additional 460 shares during the period. Price T Rowe Associates Inc. MD grew its position in shares of Covenant Logistics Group by 7.0% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 7,164 shares of the company’s stock worth $391,000 after acquiring an additional 467 shares during the last quarter. Private Advisor Group LLC increased its holdings in shares of Covenant Logistics Group by 11.8% in the 4th quarter. Private Advisor Group LLC now owns 4,567 shares of the company’s stock worth $249,000 after acquiring an additional 481 shares during the period. Finally, Summit Investment Advisors Inc. lifted its position in Covenant Logistics Group by 100.0% in the 4th quarter. Summit Investment Advisors Inc. now owns 1,406 shares of the company’s stock valued at $77,000 after purchasing an additional 703 shares during the last quarter. 83.72% of the stock is owned by institutional investors.

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.