Covenant Logistics Group (NASDAQ:CVLG) Shares Gap Up - Here's Why

Shares of Covenant Logistics Group, Inc. (NASDAQ:CVLG - Get Free Report) gapped up prior to trading 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.

Analysts Set New Price Targets

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

Covenant Logistics Group Price Performance

The company has a quick ratio of 1.07, a current ratio of 1.10 and a debt-to-equity ratio of 0.46. The firm's fifty day moving average price is $23.79 and its 200 day moving average price is $23.67. The stock has a market cap of $691.71 million, a PE ratio of 20.12 and a beta of 1.44.

Covenant Logistics Group Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 27th. Investors of record on Friday, June 6th were given a $0.07 dividend. The ex-dividend date was Friday, June 6th. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.07%. Covenant Logistics Group's dividend payout ratio is currently 21.37%.

Insider Buying and Selling

In other Covenant Logistics Group news, Director D Michael Kramer sold 2,200 shares of Covenant Logistics Group stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $22.80, for a total value of $50,160.00. Following the sale, the director owned 24,736 shares of the company's stock, valued at $563,980.80. The trade was a 8.17% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 35.10% of the company's stock.

Institutional Investors Weigh In On Covenant Logistics Group

A number of hedge funds have recently bought and sold shares of the business. Huntington National Bank increased its holdings in shares of Covenant Logistics Group by 91.5% in the 4th quarter. Huntington National Bank now owns 963 shares of the company's stock worth $52,000 after buying an additional 460 shares during the last quarter. KLP Kapitalforvaltning AS bought a new stake in Covenant Logistics Group during the fourth quarter worth approximately $71,000. Summit Investment Advisors Inc. raised its position in Covenant Logistics Group by 100.0% during the fourth 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 period. MAI Capital Management lifted its stake in shares of Covenant Logistics Group by 100.0% in the 1st quarter. MAI Capital Management now owns 1,500 shares of the company's stock valued at $33,000 after purchasing an additional 750 shares during the last quarter. Finally, GAMMA Investing LLC boosted its holdings in shares of Covenant Logistics Group by 1,289.4% in the 1st quarter. GAMMA Investing LLC now owns 1,709 shares of the company's stock worth $38,000 after purchasing an additional 1,586 shares during the period. Hedge funds and other institutional investors own 83.72% of the company's stock.

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.