Covenant Logistics Group, Inc. $CVLG Stock Position Raised by Bridgeway Capital Management LLC

Key Points

• Bridgeway Capital Management LLC increased its stake in Covenant Logistics Group by 25.3%, acquiring an additional 69,272 shares, and now owns approximately 1.29% of the company valued at about $7.63 million.
• Recent institutional activity shows significant increases in holdings by other investors, with Rhumbline Advisers and Brandywine Global Investment Management each enhancing their stakes by over 90% in the first quarter.
• Covenant Logistics Group announced a quarterly dividend of $0.07 per share, representing a yield of 1.2%, with a dividend payout ratio of 21.37% expected to be paid on September 26th.

Bridgeway Capital Management LLC grew its position in shares of Covenant Logistics Group, Inc. (NYSE:CVLG - Free Report) by 25.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 343,588 shares of the company's stock after acquiring an additional 69,272 shares during the quarter. Bridgeway Capital Management LLC owned about 1.29% of Covenant Logistics Group worth $7,628,000 as of its most recent filing with the SEC.

A number of other large investors have also modified their holdings of the company. MAI Capital Management boosted its stake in Covenant Logistics Group by 100.0% during the 1st quarter. MAI Capital Management now owns 1,500 shares of the company's stock valued at $33,000 after purchasing an additional 750 shares during the period. GAMMA Investing LLC raised its holdings 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 last quarter. Copeland Capital Management LLC acquired a new position in shares of Covenant Logistics Group during the first quarter worth approximately $52,000. KLP Kapitalforvaltning AS boosted its position 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 worth $58,000 after buying an additional 1,300 shares during the period. Finally, US Bancorp DE grew its holdings in Covenant Logistics Group by 6,352.3% in the 1st quarter. US Bancorp DE now owns 2,839 shares of the company's stock worth $63,000 after buying an additional 2,795 shares in the last quarter. Institutional investors and hedge funds own 83.72% of the company's stock.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen lowered Covenant Logistics Group from a "buy" rating to a "hold" rating in a research report on Saturday, August 30th. Two investment analysts have rated the stock with a Buy rating, According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average price target of $33.00.

Covenant Logistics Group Price Performance

CVLG stock traded down $0.67 during trading hours on Wednesday, hitting $22.84. 37,604 shares of the stock traded hands, compared to its average volume of 117,909. The stock has a 50-day simple moving average of $24.36 and a 200 day simple moving average of $22.95. The company has a market cap of $571.46 million, a P/E ratio of 17.44 and a beta of 1.42. Covenant Logistics Group, Inc. has a one year low of $17.46 and a one year high of $30.77. The company has a current ratio of 1.09, a quick ratio of 1.06 and a debt-to-equity ratio of 0.52.

Covenant Logistics Group Announces Dividend

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