Boston Partners Raises Stake in Covenant Logistics Group, Inc. $CVLG

Boston Partners increased its stake in Covenant Logistics Group, Inc. (NYSE:CVLG - Free Report) by 164.3% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 25,461 shares of the company's stock after acquiring an additional 15,827 shares during the quarter. Boston Partners owned about 0.10% of Covenant Logistics Group worth $565,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD lifted its holdings in shares of Covenant Logistics Group by 7.0% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 7,164 shares of the company's stock worth $391,000 after purchasing an additional 467 shares in the last quarter. Summit Investment Advisors Inc. increased its stake in Covenant Logistics Group by 100.0% during the 4th quarter. Summit Investment Advisors Inc. now owns 1,406 shares of the company's stock valued at $77,000 after purchasing an additional 703 shares in the last quarter. Townsquare Capital LLC raised its holdings in Covenant Logistics Group by 18.5% during the fourth quarter. Townsquare Capital LLC now owns 5,831 shares of the company's stock worth $318,000 after buying an additional 910 shares during the last quarter. Lazard Asset Management LLC raised its holdings in Covenant Logistics Group by 5.8% during the fourth quarter. Lazard Asset Management LLC now owns 19,032 shares of the company's stock worth $1,036,000 after buying an additional 1,049 shares during the last quarter. Finally, Wells Fargo & Company MN raised its holdings in Covenant Logistics Group by 28.1% during the fourth quarter. Wells Fargo & Company MN now owns 4,921 shares of the company's stock worth $268,000 after buying an additional 1,079 shares during the last quarter. Institutional investors and hedge funds own 83.72% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on CVLG shares. TD Cowen lowered their target price on shares of Covenant Logistics Group from $31.00 to $30.00 and set a "buy" rating on the stock in a report on Friday, April 25th. Wall Street Zen raised Covenant Logistics Group from a "hold" rating to a "buy" rating in a report on Wednesday, July 30th. Two investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average target price of $33.00.

Covenant Logistics Group Stock Performance

Covenant Logistics Group stock traded down $0.58 during mid-day trading on Wednesday, reaching $23.52. 86,436 shares of the company's stock were exchanged, compared to its average volume of 97,904. The business's fifty day simple moving average is $24.19 and its 200 day simple moving average is $23.24. The company has a quick ratio of 1.06, a current ratio of 1.09 and a debt-to-equity ratio of 0.52. Covenant Logistics Group, Inc. has a one year low of $17.46 and a one year high of $30.77. The firm has a market capitalization of $588.47 million, a PE ratio of 13.35 and a beta of 1.41.

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 given 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 is presently 21.37%.

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.