198,384 Shares in Covenant Logistics Group, Inc. $CVLG Purchased by Next Century Growth Investors LLC

Key Points

• Next Century Growth Investors LLC acquired 198,384 shares of Covenant Logistics Group, valued at approximately $4.4 million, representing about 0.75% of the company.
• Covenant Logistics Group recently declared a quarterly dividend of $0.07, reflecting a 1.1% dividend yield and a payout ratio of 21.37%.
• Wall Street analysts upgraded the stock rating from "hold" to "buy", with a consensus price target of $33.00.

Next Century Growth Investors LLC acquired a new position in shares of Covenant Logistics Group, Inc. (NYSE:CVLG - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 198,384 shares of the company's stock, valued at approximately $4,404,000. Next Century Growth Investors LLC owned about 0.75% of Covenant Logistics Group at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. GAMMA Investing LLC lifted 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 buying an additional 1,586 shares during the period. Copeland Capital Management LLC acquired a new stake in shares of Covenant Logistics Group in the 1st quarter worth $52,000. KLP Kapitalforvaltning AS boosted its position in shares of Covenant Logistics Group by 100.0% in the 1st quarter. KLP Kapitalforvaltning AS now owns 2,600 shares of the company's stock worth $58,000 after purchasing an additional 1,300 shares in the last quarter. US Bancorp DE boosted its position in shares of Covenant Logistics Group by 6,352.3% in the 1st quarter. US Bancorp DE now owns 2,839 shares of the company's stock worth $63,000 after purchasing an additional 2,795 shares in the last quarter. Finally, Wells Fargo & Company MN boosted its position in shares of Covenant Logistics Group by 28.1% in the 4th quarter. Wells Fargo & Company MN now owns 4,921 shares of the company's stock worth $268,000 after purchasing an additional 1,079 shares in the last quarter. Institutional investors own 83.72% of the company's stock.

Covenant Logistics Group Stock Performance

Shares of CVLG opened at $24.39 on Thursday. The stock has a 50-day moving average of $24.33 and a two-hundred day moving average of $23.14. The stock has a market cap of $610.24 million, a P/E ratio of 18.62 and a beta of 1.41. Covenant Logistics Group, Inc. has a one year low of $17.46 and a one year high of $30.77. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.06 and a current ratio of 1.09.

Covenant Logistics Group Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Investors of record on Friday, September 5th will be paid a $0.07 dividend. This represents a $0.28 annualized dividend and a dividend yield of 1.1%. Covenant Logistics Group's dividend payout ratio is presently 21.37%.

Wall Street Analyst Weigh In

Separately, Wall Street Zen raised Covenant Logistics Group from a "hold" rating to a "buy" rating in a research report on Wednesday, July 30th. Two equities research analysts have rated the stock with a Buy rating, According to MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus price target of $33.00.

Covenant Logistics Group 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.

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