Alberta Investment Management Corp Grows Stock Position in Covenant Logistics Group, Inc. (NYSE:CVLG)

Key Points

• Alberta Investment Management Corp has increased its position in Covenant Logistics Group, Inc. by 100% during the first quarter, now owning 29,400 shares valued at approximately $653,000.
• Multiple institutional investors have significantly increased their holdings in Covenant Logistics, with GAMMA Investing LLC raising their stake by 1,289.4% and Rhumbline Advisers boosting theirs by 97.7%.
• Covenant Logistics recently announced a quarterly dividend of $0.07 per share, reflecting an annualized dividend of $0.28 and a dividend yield of 1.2%.

Alberta Investment Management Corp lifted its position in shares of Covenant Logistics Group, Inc. (NYSE:CVLG - Free Report) by 100.0% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 29,400 shares of the company's stock after buying an additional 14,700 shares during the period. Alberta Investment Management Corp owned approximately 0.11% of Covenant Logistics Group worth $653,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also modified their holdings of the company. Huntington National Bank lifted its position in Covenant Logistics Group by 91.5% during the 4th quarter. Huntington National Bank now owns 963 shares of the company's stock worth $52,000 after acquiring an additional 460 shares in the last quarter. Price T Rowe Associates Inc. MD grew its position in Covenant Logistics Group by 7.0% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 7,164 shares of the company's stock valued at $391,000 after purchasing an additional 467 shares in the last quarter. Summit Investment Advisors Inc. grew its stake in Covenant Logistics Group by 100.0% in the 4th quarter. Summit Investment Advisors Inc. now owns 1,406 shares of the company's stock valued at $77,000 after buying an additional 703 shares during the last quarter. Townsquare Capital LLC boosted its stake in Covenant Logistics Group by 18.5% during the fourth quarter. Townsquare Capital LLC now owns 5,831 shares of the company's stock worth $318,000 after buying an additional 910 shares in the last quarter. Finally, Lazard Asset Management LLC increased its holdings in shares of Covenant Logistics Group by 5.8% in the fourth quarter. Lazard Asset Management LLC now owns 19,032 shares of the company's stock valued at $1,036,000 after purchasing an additional 1,049 shares in the last quarter. 83.72% of the stock is currently owned by hedge funds and other institutional investors.

Covenant Logistics Group Stock Performance

Shares of NYSE CVLG traded down $0.05 during midday trading on Friday, hitting $23.34. 21,230 shares of the company's stock traded hands, compared to its average volume of 124,689. The firm has a fifty day moving average of $24.05 and a 200 day moving average of $23.53. The stock has a market capitalization of $619.68 million, a price-to-earnings ratio of 17.82 and a beta of 1.41. Covenant Logistics Group, Inc. has a 1 year low of $17.46 and a 1 year high of $30.77. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.06 and a current ratio of 1.09.

Covenant Logistics Group Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 27th. Investors of record on Friday, June 6th were paid a $0.07 dividend. The ex-dividend date was Friday, June 6th. This represents a $0.28 dividend on an annualized basis and a yield of 1.2%. Covenant Logistics Group's dividend payout ratio (DPR) is 21.37%.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on CVLG. TD Cowen cut their price target on Covenant Logistics Group from $31.00 to $30.00 and set a "buy" rating for the company in a report on Friday, April 25th. Wall Street Zen upgraded Covenant Logistics Group from a "hold" rating to a "buy" rating in a research note on Wednesday, July 30th.

Insider Buying and Selling

In other Covenant Logistics Group news, Director D Michael Kramer sold 2,200 shares of the stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $22.80, for a total transaction of $50,160.00. Following the completion of the transaction, the director owned 24,736 shares of the company's stock, valued at $563,980.80. This represents a 8.17% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 35.10% of the stock is owned by company insiders.

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.