American Century Companies Inc. Purchases 270,372 Shares of Covenant Logistics Group, Inc. $CVLG

Key Points

• American Century Companies Inc. has increased its stake in Covenant Logistics Group, acquiring an additional 270,372 shares, raising its total ownership to approximately 1.81% of the company.
• Covenant Logistics Group recently declared a quarterly dividend of $0.07 per share, which translates to an annual yield of 1.1% based on a payout ratio of 21.37%.
• Two analysts have upgraded Covenant Logistics Group from a "hold" to a "buy" rating, and the stock has a consensus price target of $33.00.

American Century Companies Inc. increased its holdings in shares of Covenant Logistics Group, Inc. (NYSE:CVLG - Free Report) by 128.5% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 480,722 shares of the company's stock after buying an additional 270,372 shares during the period. American Century Companies Inc. owned about 1.81% of Covenant Logistics Group worth $10,672,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of CVLG. Vanguard Group Inc. lifted its position in shares of Covenant Logistics Group by 106.6% in the 1st quarter. Vanguard Group Inc. now owns 959,196 shares of the company's stock worth $21,294,000 after purchasing an additional 494,825 shares during the period. Patton Albertson Miller Group LLC lifted its position in shares of Covenant Logistics Group by 100.0% in the 1st quarter. Patton Albertson Miller Group LLC now owns 576,250 shares of the company's stock worth $12,793,000 after purchasing an additional 288,125 shares during the period. Foundry Partners LLC lifted its position in shares of Covenant Logistics Group by 100.9% in the 1st quarter. Foundry Partners LLC now owns 434,073 shares of the company's stock worth $9,636,000 after purchasing an additional 217,993 shares during the period. Royce & Associates LP lifted its position in shares of Covenant Logistics Group by 114.4% in the 1st quarter. Royce & Associates LP now owns 260,588 shares of the company's stock worth $5,785,000 after purchasing an additional 139,044 shares during the period. Finally, Russell Investments Group Ltd. lifted its position in shares of Covenant Logistics Group by 200.3% in the 1st quarter. Russell Investments Group Ltd. now owns 153,922 shares of the company's stock worth $3,417,000 after purchasing an additional 102,672 shares during the period. Institutional investors and hedge funds own 83.72% of the company's stock.

Covenant Logistics Group Stock Down 0.1%

CVLG traded down $0.03 during trading on Friday, hitting $24.12. 37,149 shares of the company's stock were exchanged, compared to its average volume of 77,163. The company has a quick ratio of 1.06, a current ratio of 1.09 and a debt-to-equity ratio of 0.52. The business's 50 day moving average is $24.38 and its two-hundred day moving average is $23.10. Covenant Logistics Group, Inc. has a fifty-two week low of $17.46 and a fifty-two week high of $30.77. The stock has a market cap of $603.48 million, a P/E ratio of 13.38 and a beta of 1.41.

Covenant Logistics Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 5th will be issued a dividend of $0.07 per share. This represents a $0.28 annualized dividend and a yield of 1.2%. Covenant Logistics Group's payout ratio is 21.37%.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen upgraded shares of 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 company presently has a consensus rating of "Buy" and an average price target of $33.00.

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.