Arrowstreet Capital Limited Partnership Trims Stock Position in Covenant Logistics Group, Inc. (NASDAQ:CVLG)

Arrowstreet Capital Limited Partnership lessened its position in shares of Covenant Logistics Group, Inc. (NASDAQ:CVLG - Free Report) by 56.1% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 21,033 shares of the company's stock after selling 26,869 shares during the quarter. Arrowstreet Capital Limited Partnership owned about 0.08% of Covenant Logistics Group worth $1,147,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. grew its position in shares of 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 acquiring an additional 21,401 shares during the last quarter. FMR LLC increased its stake in Covenant Logistics Group by 3,423.0% in the third quarter. FMR LLC now owns 46,151 shares of the company's stock valued at $2,439,000 after purchasing an additional 44,841 shares during the period. State Street Corp raised its holdings in shares of Covenant Logistics Group by 6.2% in the third quarter. State Street Corp now owns 208,517 shares of the company's stock valued at $11,018,000 after buying an additional 12,138 shares during the last quarter. Jane Street Group LLC boosted its stake in shares of Covenant Logistics Group by 92.9% during the third quarter. Jane Street Group LLC now owns 16,995 shares of the company's stock worth $898,000 after buying an additional 8,183 shares during the period. Finally, Barclays PLC grew its holdings in shares of Covenant Logistics Group by 40.7% during the third quarter. Barclays PLC now owns 36,608 shares of the company's stock worth $1,934,000 after buying an additional 10,584 shares during the last quarter. Institutional investors and hedge funds own 83.72% of the company's stock.

Insiders Place Their Bets

In other news, CAO Matisse Long sold 2,114 shares of the business's stock in a transaction that occurred on Tuesday, January 28th. The stock was 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 of the company's stock, valued at $446,814.30. The trade was a 12.05 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 36.50% of the stock is currently owned by company insiders.

Covenant Logistics Group Stock Performance

Shares of CVLG stock traded up $0.47 during trading hours on Thursday, reaching $18.20. 44,199 shares of the company's stock were exchanged, compared to its average volume of 110,265. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.10 and a quick ratio of 1.07. The company's 50 day moving average is $23.17 and its two-hundred day moving average is $26.23. The company has a market cap of $483.10 million, a P/E ratio of 14.09 and a beta of 1.36. Covenant Logistics Group, Inc. has a 1 year low of $17.46 and a 1 year high of $30.77.

Covenant Logistics Group Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, March 7th were given a dividend of $0.07 per share. This is a positive change from Covenant Logistics Group's previous quarterly dividend of $0.06. This represents a $0.28 annualized dividend and a dividend yield of 1.54%. The ex-dividend date of this dividend was Friday, March 7th. Covenant Logistics Group's payout ratio is presently 21.71%.

Wall Street Analyst Weigh In

Separately, Stephens reaffirmed an "overweight" rating and set a $36.00 price objective on shares of Covenant Logistics Group in a research note on Friday, January 24th.

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.