Martingale Asset Management L P Boosts Stake in Covenant Logistics Group, Inc. $CVLG

Key Points

• Martingale Asset Management L P increased its stake in Covenant Logistics Group by 108.1%, now owning approximately 0.12% of the company worth $698,000.
• Several institutional investors, including T. Rowe Price and American Century Companies Inc., significantly raised their positions in Covenant Logistics during the first quarter, which contributed to institutional ownership reaching 83.72%.
• Covenant Logistics recently announced a $0.07 quarterly dividend, with a yield of 1.1%, scheduled for payment on September 26th.

Martingale Asset Management L P lifted its stake in shares of Covenant Logistics Group, Inc. (NYSE:CVLG - Free Report) by 108.1% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 31,452 shares of the company's stock after buying an additional 16,341 shares during the quarter. Martingale Asset Management L P owned about 0.12% of Covenant Logistics Group worth $698,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of CVLG. Vanguard Group Inc. raised its stake in Covenant Logistics Group by 106.6% during the 1st quarter. Vanguard Group Inc. now owns 959,196 shares of the company's stock worth $21,294,000 after acquiring an additional 494,825 shares in the last quarter. Patton Albertson Miller Group LLC grew its holdings in shares of Covenant Logistics Group by 100.0% during the first 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 last quarter. American Century Companies Inc. increased its position in shares of Covenant Logistics Group by 128.5% during the first quarter. American Century Companies Inc. now owns 480,722 shares of the company's stock worth $10,672,000 after purchasing an additional 270,372 shares in the last quarter. Foundry Partners LLC lifted its holdings 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 valued at $9,636,000 after purchasing an additional 217,993 shares during the last quarter. Finally, T. Rowe Price Investment Management Inc. boosted its position in shares of Covenant Logistics Group by 137.9% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 387,481 shares of the company's stock valued at $8,603,000 after purchasing an additional 224,617 shares during the period. 83.72% of the stock is owned by hedge funds and other institutional investors.

Covenant Logistics Group Stock Performance

NYSE:CVLG traded down $0.13 during midday trading on Friday, reaching $24.02. The stock had a trading volume of 13,820 shares, compared to its average volume of 120,194. 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 stock has a market cap of $600.98 million, a P/E ratio of 18.34 and a beta of 1.41. The firm has a fifty day simple moving average of $24.36 and a two-hundred day simple moving average of $23.12. Covenant Logistics Group, Inc. has a 12-month low of $17.46 and a 12-month high of $30.77.

Covenant Logistics Group Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Stockholders 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 dividend yield of 1.2%. Covenant Logistics Group's dividend payout ratio (DPR) is 21.37%.

Analysts Set New Price Targets

Separately, Wall Street Zen upgraded 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 data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average target price of $33.00.

Covenant Logistics Group 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.