Covenant Logistics Group, Inc. (NASDAQ:CVLG) Short Interest Up 53.6% in May

Covenant Logistics Group, Inc. (NASDAQ:CVLG - Get Free Report) was the recipient of a significant increase in short interest in May. As of May 31st, there was short interest totalling 263,700 shares, an increase of 53.6% from the May 15th total of 171,700 shares. Currently, 1.6% of the shares of the stock are sold short. Based on an average daily trading volume, of 142,800 shares, the short-interest ratio is currently 1.8 days.

Wall Street Analysts Forecast Growth

Separately, TD Cowen lowered their target price on shares of Covenant Logistics Group from $31.00 to $30.00 and set a "buy" rating for the company in a report on Friday, April 25th.

Covenant Logistics Group Trading Up 0.1%

Shares of NASDAQ:CVLG traded up $0.02 during trading on Thursday, reaching $22.89. 129,213 shares of the stock were exchanged, compared to its average volume of 113,874. The firm's 50-day moving average price is $21.49 and its 200 day moving average price is $24.54. The firm has a market cap of $607.65 million, a price-to-earnings ratio of 17.67 and a beta of 1.45. Covenant Logistics Group has a 12-month low of $17.46 and a 12-month 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.

Covenant Logistics Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be paid a dividend of $0.07 per share. The ex-dividend date of this dividend is Friday, June 6th. This represents a $0.28 annualized dividend and a yield of 1.22%. Covenant Logistics Group's dividend payout ratio is currently 20.14%.

Insider Buying and Selling

In other news, Director D Michael Kramer sold 2,200 shares of Covenant Logistics Group stock in a transaction that occurred on Wednesday, May 21st. The shares were sold at an average price of $22.80, for a total transaction of $50,160.00. Following the completion of the sale, the director now directly owns 24,736 shares in the company, valued at approximately $563,980.80. This trade represents a 8.17% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 35.10% of the stock is owned by insiders.

Institutional Investors Weigh In On Covenant Logistics Group

Several large investors have recently made changes to their positions in the business. Private Advisor Group LLC lifted its holdings in shares of Covenant Logistics Group by 11.8% during the 4th quarter. Private Advisor Group LLC now owns 4,567 shares of the company's stock valued at $249,000 after acquiring an additional 481 shares in the last quarter. Pacific Global Investment Management Co. raised its position in Covenant Logistics Group by 8.2% in the fourth quarter. Pacific Global Investment Management Co. now owns 36,562 shares of the company's stock valued at $1,993,000 after purchasing an additional 2,775 shares during the period. Connor Clark & Lunn Investment Management Ltd. raised its position in Covenant Logistics Group by 82.7% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 16,485 shares of the company's stock valued at $899,000 after purchasing an additional 7,464 shares during the period. Royce & Associates LP lifted its stake in shares of Covenant Logistics Group by 43.8% during the fourth quarter. Royce & Associates LP now owns 121,544 shares of the company's stock worth $6,625,000 after purchasing an additional 37,008 shares in the last quarter. Finally, Delphi Management Inc. MA boosted its position in shares of Covenant Logistics Group by 387.3% in the fourth quarter. Delphi Management Inc. MA now owns 6,920 shares of the company's stock worth $377,000 after buying an additional 5,500 shares during the period. Institutional investors and hedge funds own 83.72% of the company's stock.

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.