Covenant Logistics Group, Inc. (NYSE:CVLG) Shares Purchased by Allianz Asset Management GmbH

Key Points

• Allianz Asset Management GmbH significantly increased its stake in Covenant Logistics Group by 85.2%, totaling $1.30 million in holdings with 58,503 shares at the end of Q1.
• Several institutional investors, including GAMMA Investing LLC and Huntington National Bank, have also raised their stakes substantially, indicating growing confidence in the company.
• Covenant Logistics Group recently received a ratings upgrade from Wall Street Zen from "hold" to "buy" amid changing analyst sentiments.

Allianz Asset Management GmbH lifted its position in Covenant Logistics Group, Inc. (NYSE:CVLG - Free Report) by 85.2% in the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 58,503 shares of the company's stock after purchasing an additional 26,913 shares during the period. Allianz Asset Management GmbH owned 0.22% of Covenant Logistics Group worth $1,299,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of the company. KLP Kapitalforvaltning AS acquired a new position in shares of Covenant Logistics Group during the fourth quarter worth $71,000. Vanguard Group Inc. increased its position 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 worth $25,313,000 after purchasing an additional 1,216 shares in the last quarter. JPMorgan Chase & Co. increased its position in shares of Covenant Logistics Group by 51.0% during the fourth quarter. JPMorgan Chase & Co. now owns 48,038 shares of the company's stock worth $2,619,000 after purchasing an additional 16,233 shares in the last quarter. Huntington National Bank increased its position 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 valued at $52,000 after acquiring an additional 460 shares during the period. Finally, Foundry Partners LLC increased its position in shares of Covenant Logistics Group by 10.1% in the 4th quarter. Foundry Partners LLC now owns 216,080 shares of the company's stock valued at $11,779,000 after acquiring an additional 19,777 shares during the period. Hedge funds and other institutional investors own 83.72% of the company's stock.

Covenant Logistics Group Price Performance

CVLG traded up $0.34 during trading on Monday, reaching $23.61. The company's stock had a trading volume of 11,449 shares, compared to its average volume of 125,879. The company has a quick ratio of 1.06, a current ratio of 1.09 and a debt-to-equity ratio of 0.42. The firm has a fifty day simple moving average of $23.97 and a two-hundred day simple moving average of $23.58. Covenant Logistics Group, Inc. has a 1 year low of $17.46 and a 1 year high of $30.77. The company has a market cap of $626.85 million, a price-to-earnings ratio of 18.02 and a beta of 1.41.

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 issued a $0.07 dividend. This represents a $0.28 annualized dividend and a yield of 1.2%. The ex-dividend date was Friday, June 6th. Covenant Logistics Group's dividend payout ratio (DPR) is 21.37%.

Analyst Upgrades and Downgrades

CVLG has been the topic of several research reports. TD Cowen cut their target price 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. Wall Street Zen raised shares of Covenant Logistics Group from a "hold" rating to a "buy" rating in a research note on Wednesday, July 30th.

Insiders Place Their Bets

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