Dynamic Technology Lab Private Ltd Purchases New Stake in Covenant Logistics Group, Inc. $CVLG

Key Points

• Dynamic Technology Lab Private Ltd has acquired 18,813 shares of Covenant Logistics Group, valued at approximately $418,000, increasing its stake to around 0.07%.
• Major institutional investors, including MAI Capital Management and US Bancorp DE, have increased their stakes significantly, with 83.72% of the stock now owned by hedge funds and other institutional investors.
• Covenant Logistics Group has announced a quarterly dividend of $0.07 per share, translating to an annual yield of 1.2%, and the stock currently holds a consensus rating of "Buy" with an average target price of $33.00.

Dynamic Technology Lab Private Ltd acquired a new stake in Covenant Logistics Group, Inc. (NYSE:CVLG - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 18,813 shares of the company's stock, valued at approximately $418,000. Dynamic Technology Lab Private Ltd owned 0.07% of Covenant Logistics Group as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also modified their holdings of the company. MAI Capital Management increased its holdings in shares of Covenant Logistics Group by 100.0% in the first 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 boosted its stake in shares of Covenant Logistics Group by 1,289.4% in the first quarter. GAMMA Investing LLC now owns 1,709 shares of the company's stock worth $38,000 after buying an additional 1,586 shares during the last quarter. Copeland Capital Management LLC purchased a new stake in shares of Covenant Logistics Group in the first quarter worth about $52,000. KLP Kapitalforvaltning AS boosted its stake in shares of Covenant Logistics Group by 100.0% in 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 last quarter. Finally, US Bancorp DE boosted its stake in shares of Covenant Logistics Group by 6,352.3% in the first quarter. US Bancorp DE now owns 2,839 shares of the company's stock worth $63,000 after buying an additional 2,795 shares during the last quarter. 83.72% of the stock is owned by institutional investors and hedge funds.

Covenant Logistics Group Price Performance

Shares of Covenant Logistics Group stock traded down $0.10 during mid-day trading on Wednesday, reaching $23.44. 20,334 shares of the stock traded hands, compared to its average volume of 116,646. The business has a 50-day moving average of $24.15 and a 200 day moving average of $22.90. Covenant Logistics Group, Inc. has a fifty-two week low of $17.46 and a fifty-two week high of $30.77. The stock has a market capitalization of $586.47 million, a PE ratio of 17.89 and a beta of 1.42. 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 Dividend Announcement

The business also recently declared 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 annualized dividend and a dividend yield of 1.2%. Covenant Logistics Group's dividend payout ratio is presently 21.37%.

Wall Street Analyst Weigh In

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