Goldman Sachs Group Inc. Has $3.98 Million Holdings in Covenant Logistics Group, Inc. $CVLG

Key Points

• Goldman Sachs Group Inc. significantly increased its holdings in Covenant Logistics Group by acquiring an additional 110,810 shares, bringing its total ownership to approximately 0.68% of the company valued at nearly $3.98 million.
• Covenant Logistics Group announced a quarterly dividend of $0.07 per share, representing an annualized yield of 1.2% and a payout ratio of 21.37%.
• Analysts have mixed sentiments on the stock, with two analysts maintaining a buy rating while another downgraded it to a hold, and the average price target is set at $33.00.

Goldman Sachs Group Inc. grew its stake in Covenant Logistics Group, Inc. (NYSE:CVLG - Free Report) by 161.8% during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 179,304 shares of the company's stock after purchasing an additional 110,810 shares during the quarter. Goldman Sachs Group Inc. owned approximately 0.68% of Covenant Logistics Group worth $3,981,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently bought and sold shares of CVLG. Vanguard Group Inc. raised its stake in Covenant Logistics Group by 106.6% during the first 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 during the period. Patton Albertson Miller Group LLC raised its stake in 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 acquiring an additional 288,125 shares during the period. American Century Companies Inc. raised its stake in 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 acquiring an additional 270,372 shares during the period. T. Rowe Price Investment Management Inc. raised its stake in Covenant Logistics Group by 137.9% during the first quarter. T. Rowe Price Investment Management Inc. now owns 387,481 shares of the company's stock worth $8,603,000 after acquiring an additional 224,617 shares during the period. Finally, Foundry Partners LLC increased its stake in shares of Covenant Logistics Group by 100.9% in the first 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 period. Institutional investors and hedge funds own 83.72% of the company's stock.

Wall Street Analysts Forecast Growth

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

Covenant Logistics Group Price Performance

Shares of NYSE CVLG traded down $0.71 during mid-day trading on Friday, reaching $22.18. 292,345 shares of the company traded hands, compared to its average volume of 79,751. Covenant Logistics Group, Inc. has a fifty-two week low of $17.46 and a fifty-two week high of $30.77. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.09 and a quick ratio of 1.06. The firm has a market cap of $554.94 million, a PE ratio of 16.93 and a beta of 1.42. The stock has a fifty day simple moving average of $23.96 and a 200-day simple moving average of $22.84.

Covenant Logistics Group Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 5th will be given a $0.07 dividend. This represents a $0.28 dividend on an annualized basis and a yield of 1.3%. Covenant Logistics Group's payout ratio is 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.