Dynamic Technology Lab Private Ltd Acquires Shares of 18,813 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 shares of Covenant Logistics Group, Inc. (NYSE:CVLG - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 18,813 shares of the company's stock, valued at approximately $418,000. Dynamic Technology Lab Private Ltd owned approximately 0.07% of Covenant Logistics Group as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. MAI Capital Management lifted its holdings in Covenant Logistics Group by 100.0% during 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 in the last quarter. GAMMA Investing LLC lifted its holdings in 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 purchasing an additional 1,586 shares in the last quarter. Copeland Capital Management LLC purchased a new position in Covenant Logistics Group during the first quarter valued at $52,000. KLP Kapitalforvaltning AS lifted its holdings in Covenant Logistics Group by 100.0% during the first quarter. KLP Kapitalforvaltning AS now owns 2,600 shares of the company's stock valued at $58,000 after purchasing an additional 1,300 shares in the last quarter. Finally, US Bancorp DE lifted its holdings in Covenant Logistics Group by 6,352.3% during the first quarter. US Bancorp DE now owns 2,839 shares of the company's stock valued at $63,000 after purchasing an additional 2,795 shares in the last quarter. 83.72% of the stock is owned by hedge funds and other institutional investors.

Covenant Logistics Group Stock Performance

Shares of Covenant Logistics Group stock opened at $23.70 on Friday. Covenant Logistics Group, Inc. has a one year low of $17.46 and a one year high of $30.77. The company has a market cap of $592.97 million, a price-to-earnings ratio of 18.09 and a beta of 1.42. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.06 and a current ratio of 1.09. The business's 50 day moving average price is $24.27 and its 200 day moving average price is $22.94.

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 dividend payout ratio (DPR) is presently 21.37%.

Analysts Set New Price Targets

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

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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