Covenant Logistics Group, Inc. (NASDAQ:CVLG) Shares Sold by BNP Paribas Financial Markets

BNP Paribas Financial Markets cut its stake in shares of Covenant Logistics Group, Inc. (NASDAQ:CVLG - Free Report) by 85.5% during the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 2,543 shares of the company's stock after selling 14,990 shares during the period. BNP Paribas Financial Markets' holdings in Covenant Logistics Group were worth $139,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Huntington National Bank boosted its stake in shares of Covenant Logistics Group by 91.5% in the fourth quarter. Huntington National Bank now owns 963 shares of the company's stock valued at $52,000 after purchasing an additional 460 shares during the period. KLP Kapitalforvaltning AS acquired a new position in Covenant Logistics Group in the 4th quarter worth $71,000. Summit Investment Advisors Inc. lifted its holdings 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 worth $77,000 after buying an additional 703 shares in the last quarter. Private Advisor Group LLC boosted its position in Covenant Logistics Group by 11.8% in the 4th quarter. Private Advisor Group LLC now owns 4,567 shares of the company's stock valued at $249,000 after buying an additional 481 shares during the last quarter. Finally, SG Americas Securities LLC grew its stake in shares of Covenant Logistics Group by 34.0% during the fourth quarter. SG Americas Securities LLC now owns 4,715 shares of the company's stock valued at $257,000 after acquiring an additional 1,196 shares in the last quarter. 83.72% of the stock is owned by institutional investors and hedge funds.

Covenant Logistics Group Stock Down 1.1%

CVLG traded down $0.25 during trading on Wednesday, hitting $23.02. The company had a trading volume of 150,796 shares, compared to its average volume of 111,453. 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 0.46, a current ratio of 1.10 and a quick ratio of 1.07. The company has a market cap of $611.18 million, a PE ratio of 17.78 and a beta of 1.45. The business has a 50-day moving average of $21.00 and a 200-day moving average of $24.95.

Covenant Logistics Group Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be given a $0.07 dividend. This represents a $0.28 annualized dividend and a dividend yield of 1.22%. The ex-dividend date is Friday, June 6th. Covenant Logistics Group's payout ratio is currently 20.14%.

Insider Activity

In related news, Director D Michael Kramer sold 2,200 shares of Covenant Logistics Group stock in a transaction dated Wednesday, May 21st. The stock was sold at an average price of $22.80, for a total value of $50,160.00. Following the completion of the transaction, the director now directly owns 24,736 shares in the company, valued at approximately $563,980.80. This trade represents a 8.17% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 35.10% of the company's stock.

Wall Street Analyst Weigh In

Separately, TD Cowen cut their price target on Covenant Logistics Group from $31.00 to $30.00 and set a "buy" rating on the stock in a research note on Friday, April 25th.

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.