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

Covenant Logistics Group, Inc. (NASDAQ:CVLG - Get Free Report) saw a significant increase in short interest during the month of May. As of May 15th, there was short interest totalling 171,700 shares, an increase of 37.4% from the April 30th total of 125,000 shares. Approximately 1.0% of the shares of the company are sold short. Based on an average daily trading volume, of 131,800 shares, the days-to-cover ratio is presently 1.3 days.

Analysts Set New Price Targets

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

Insider Transactions at Covenant Logistics Group

In other news, Director D Michael Kramer sold 2,200 shares of the stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $22.80, for a total value of $50,160.00. Following the completion of the transaction, the director now owns 24,736 shares in the company, valued at approximately $563,980.80. This represents a 8.17% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 35.10% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CVLG. Vanguard Group Inc. increased its holdings in Covenant Logistics Group by 106.6% during the 1st quarter. Vanguard Group Inc. now owns 959,196 shares of the company's stock worth $21,294,000 after purchasing an additional 494,825 shares in the last quarter. Patton Albertson Miller Group LLC boosted its holdings in Covenant Logistics Group by 100.0% during the first quarter. Patton Albertson Miller Group LLC now owns 576,250 shares of the company's stock worth $12,793,000 after purchasing an additional 288,125 shares during the last quarter. American Century Companies Inc. lifted its position in Covenant Logistics Group by 128.5% during the 1st quarter. American Century Companies Inc. now owns 480,722 shares of the company's stock worth $10,672,000 after buying an additional 270,372 shares in the last quarter. Foundry Partners LLC grew its holdings in shares of Covenant Logistics Group by 100.9% in the 1st quarter. Foundry Partners LLC now owns 434,073 shares of the company's stock valued at $9,636,000 after acquiring an additional 217,993 shares in the last quarter. Finally, T. Rowe Price Investment Management Inc. increased its position in shares of Covenant Logistics Group by 137.9% in the first quarter. T. Rowe Price Investment Management Inc. now owns 387,481 shares of the company's stock valued at $8,603,000 after acquiring an additional 224,617 shares during the last quarter. 83.72% of the stock is currently owned by institutional investors.

Covenant Logistics Group Price Performance

Shares of Covenant Logistics Group stock traded up $0.21 during midday trading on Thursday, reaching $23.17. The company had a trading volume of 56,901 shares, compared to its average volume of 111,266. 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 stock has a fifty day simple moving average of $21.00 and a 200 day simple moving average of $24.95. Covenant Logistics Group has a 1-year low of $17.46 and a 1-year high of $30.77. The company has a market capitalization of $615.16 million, a price-to-earnings ratio of 17.89 and a beta of 1.45.

Covenant Logistics Group Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be paid a $0.07 dividend. This represents a $0.28 annualized dividend and a yield of 1.21%. The ex-dividend date of this dividend is Friday, June 6th. Covenant Logistics Group's payout ratio is presently 20.14%.

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.