Covenant Logistics Group, Inc. $CVLG Shares Acquired by Brandywine Global Investment Management LLC

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 increased its holdings in Covenant Logistics Group, Inc. (NYSE:CVLG - Free Report) by 93.4% in the 1st quarter, according to its most recent 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 about 0.21% of Covenant Logistics Group worth $1,240,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of CVLG. JPMorgan Chase & Co. boosted its holdings in shares of Covenant Logistics Group by 51.0% in the 4th quarter. JPMorgan Chase & Co. now owns 48,038 shares of the company's stock valued at $2,619,000 after buying an additional 16,233 shares during the period. Wells Fargo & Company MN boosted its holdings in shares of Covenant Logistics Group by 28.1% in the 4th quarter. Wells Fargo & Company MN now owns 4,921 shares of the company's stock valued at $268,000 after buying an additional 1,079 shares during the period. Townsquare Capital LLC boosted its holdings in shares of Covenant Logistics Group by 18.5% in the 4th quarter. Townsquare Capital LLC now owns 5,831 shares of the company's stock valued at $318,000 after buying an additional 910 shares during the period. Summit Investment Advisors Inc. boosted its holdings in shares of 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 period. Finally, Marshall Wace LLP boosted its stake in Covenant Logistics Group by 86.3% during the 4th quarter. Marshall Wace LLP now owns 9,420 shares of the company's stock valued at $513,000 after purchasing an additional 4,364 shares during the period. 83.72% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Covenant Logistics Group

In other Covenant Logistics Group news, Director D Michael Kramer sold 2,200 shares of the business's stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $22.80, for a total transaction of $50,160.00. Following the sale, the director directly owned 24,736 shares in the company, valued at approximately $563,980.80. The trade was a 8.17% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 35.10% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. TD Cowen reduced their target price on shares of Covenant Logistics Group from $31.00 to $30.00 and set a "buy" rating for the company in a research note 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.

Covenant Logistics Group Trading Down 0.7%

Covenant Logistics Group stock opened at $23.66 on Tuesday. 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 firm has a 50-day moving average price of $24.17 and a two-hundred day moving average price of $23.23. The firm has a market capitalization of $591.97 million, a price-to-earnings ratio of 18.06 and a beta of 1.41. Covenant Logistics Group, Inc. has a 52-week low of $17.46 and a 52-week high of $30.77.

Covenant Logistics Group Announces Dividend

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

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.

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