Covenant Logistics Group, Inc. (NASDAQ:CVLG - Get Free Report) shares gapped up before the market opened on Thursday . The stock had previously closed at $24.28, but opened at $25.78. Covenant Logistics Group shares last traded at $25.07, with a volume of 66,023 shares trading hands.
Wall Street Analyst Weigh In
Separately, TD Cowen decreased their price target on shares of Covenant Logistics Group from $31.00 to $30.00 and set a "buy" rating on the stock in a research note on Friday, April 25th.
Read Our Latest Research Report on Covenant Logistics Group
Covenant Logistics Group Stock Up 3.8%
The company has a market cap of $669.43 million, a PE ratio of 19.47 and a beta of 1.44. The company has a fifty day moving average of $23.69 and a two-hundred day moving average of $23.74. 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 Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Friday, June 6th were paid a $0.07 dividend. This represents a $0.28 annualized dividend and a dividend yield of 1.11%. The ex-dividend date was Friday, June 6th. Covenant Logistics Group's dividend payout ratio is currently 20.14%.
Insider Activity at Covenant Logistics Group
In related news, Director D Michael Kramer sold 2,200 shares of the company's stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $22.80, for a total transaction of $50,160.00. Following the transaction, the director directly owned 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 document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 35.10% of the company's stock.
Institutional Investors Weigh In On Covenant Logistics Group
Several hedge funds and other institutional investors have recently modified their holdings of CVLG. Vanguard Group Inc. boosted 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 valued at $21,294,000 after acquiring an additional 494,825 shares during the period. Patton Albertson Miller Group LLC boosted its holdings in Covenant Logistics Group by 0.7% during the 2nd quarter. Patton Albertson Miller Group LLC now owns 580,528 shares of the company's stock valued at $13,997,000 after acquiring an additional 4,278 shares during the period. American Century Companies Inc. boosted its holdings 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 valued at $10,672,000 after acquiring an additional 270,372 shares during the period. Foundry Partners LLC boosted its holdings in Covenant Logistics Group by 100.9% during 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 during the period. Finally, T. Rowe Price Investment Management Inc. grew its stake in Covenant Logistics Group by 137.9% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 387,481 shares of the company's stock worth $8,603,000 after acquiring an additional 224,617 shares in the last quarter. 83.72% of the stock is currently owned by hedge funds and other institutional investors.
Covenant Logistics Group Company Profile
(
Get Free Report)
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.
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