Brandywine Global Investment Management LLC Buys 26,962 Shares of Covenant Logistics Group, Inc. $CVLG

Key Points

• Brandywine Global Investment Management LLC increased its stake in Covenant Logistics Group by 93.4%, bringing their total holdings to 55,838 shares valued at approximately $1.24 million.
• Covenant Logistics Group recently declared a quarterly dividend of $0.07 per share, set to be paid on September 26th, translating to a yield of 1.2%.
• Wall Street analysts have mixed sentiments, with TD Cowen lowering the target price from $31 to $30 while Wall Street Zen upgraded their rating from "hold" to "buy".

Brandywine Global Investment Management LLC grew its holdings in shares of Covenant Logistics Group, Inc. (NYSE:CVLG - Free Report) by 93.4% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 55,838 shares of the company's stock after buying an additional 26,962 shares during the period. Brandywine Global Investment Management LLC owned 0.21% of Covenant Logistics Group worth $1,240,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in CVLG. GAMMA Investing LLC increased its stake in shares of Covenant Logistics Group by 1,289.4% during the first quarter. GAMMA Investing LLC now owns 1,709 shares of the company's stock valued at $38,000 after buying an additional 1,586 shares during the period. Copeland Capital Management LLC purchased a new position in shares of Covenant Logistics Group during the first quarter valued at approximately $52,000. KLP Kapitalforvaltning AS increased its stake in shares of Covenant Logistics Group by 100.0% during the first quarter. KLP Kapitalforvaltning AS now owns 2,600 shares of the company's stock valued at $58,000 after buying an additional 1,300 shares during the period. US Bancorp DE increased its stake in shares of Covenant Logistics Group by 6,352.3% during the first quarter. US Bancorp DE now owns 2,839 shares of the company's stock valued at $63,000 after buying an additional 2,795 shares during the period. Finally, Summit Investment Advisors Inc. increased its stake in shares of Covenant Logistics Group by 100.0% during the fourth 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 period. 83.72% of the stock is owned by hedge funds and other institutional investors.

Covenant Logistics Group Stock Up 5.5%

CVLG stock traded up $1.31 during midday trading on Friday, hitting $25.03. The stock had a trading volume of 114,860 shares, compared to its average volume of 86,114. The firm has a market cap of $626.25 million, a price-to-earnings ratio of 19.11 and a beta of 1.41. The business has a 50-day moving average of $24.25 and a two-hundred day moving average of $23.14. Covenant Logistics Group, Inc. has a 52-week low of $17.46 and a 52-week high of $30.77. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.09 and a quick ratio of 1.06.

Covenant Logistics Group Dividend Announcement

The company 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 yield of 1.1%. Covenant Logistics Group's payout ratio is 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 note on Wednesday, July 30th. Two investment analysts have rated the stock with a Buy rating, According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average price target of $33.00.

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.