Covenant Logistics Group (NASDAQ:CVLG) Shares Down 5.8% on Analyst Downgrade

Covenant Logistics Group, Inc. (NASDAQ:CVLG - Get Free Report)'s stock price fell 5.8% during mid-day trading on Friday after TD Cowen lowered their price target on the stock from $31.00 to $30.00. TD Cowen currently has a buy rating on the stock. Covenant Logistics Group traded as low as $19.59 and last traded at $19.57. 9,312 shares changed hands during mid-day trading, a decline of 92% from the average session volume of 110,031 shares. The stock had previously closed at $20.76.

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

Institutional Trading of Covenant Logistics Group

A number of hedge funds have recently added to or reduced their stakes in CVLG. Vanguard Group Inc. raised its stake in shares of Covenant Logistics Group by 0.3% during the fourth quarter. Vanguard Group Inc. now owns 464,371 shares of the company's stock valued at $25,313,000 after acquiring an additional 1,216 shares during the last quarter. Bridgeway Capital Management LLC increased its holdings in Covenant Logistics Group by 56.5% during the 4th quarter. Bridgeway Capital Management LLC now owns 274,316 shares of the company's stock worth $14,953,000 after purchasing an additional 99,026 shares in the last quarter. Foundry Partners LLC raised its holdings in shares of Covenant Logistics Group by 10.1% in the fourth quarter. Foundry Partners LLC now owns 216,080 shares of the company's stock valued at $11,779,000 after purchasing an additional 19,777 shares during the last quarter. American Century Companies Inc. grew its position in Covenant Logistics Group by 21.7% in the 4th quarter. American Century Companies Inc. now owns 210,350 shares of the company's stock worth $11,466,000 after purchasing an additional 37,501 shares in the last quarter. Finally, Empowered Funds LLC increased its stake in Covenant Logistics Group by 110.2% in the 4th quarter. Empowered Funds LLC now owns 188,916 shares of the company's stock valued at $10,298,000 after buying an additional 99,026 shares during the last quarter. Institutional investors and hedge funds own 83.72% of the company's stock.

Covenant Logistics Group Trading Down 1.1 %

The firm has a fifty day moving average price of $21.83 and a 200-day moving average price of $25.82. The company has a market capitalization of $522.77 million, a P/E ratio of 15.20 and a beta of 1.36. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.10 and a quick ratio of 1.07.

Covenant Logistics Group Increases Dividend

The firm 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 represents a $0.28 dividend on an annualized basis and a yield of 1.42%. The ex-dividend date was Friday, March 7th. This is a positive change from Covenant Logistics Group's previous quarterly dividend of $0.06. Covenant Logistics Group's dividend payout ratio (DPR) is currently 20.14%.

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.