Invesco Ltd. Boosts Stake in Covenant Logistics Group, Inc. $CVLG

Key Points

• Invesco Ltd. increased its stake in Covenant Logistics Group by 83.2% in the first quarter, owning 36,112 shares valued at approximately $802,000.
• Multiple hedge funds significantly altered their positions in Covenant Logistics Group, with US Bancorp DE increasing its stake by an astonishing 6,352.3%.
• Covenant Logistics Group has received a consensus rating of "Buy" with an average target price of $33.00, despite Wall Street Zen downgrading it to a "hold" rating.

Invesco Ltd. lifted its position in Covenant Logistics Group, Inc. (NYSE:CVLG - Free Report) by 83.2% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 36,112 shares of the company's stock after purchasing an additional 16,396 shares during the quarter. Invesco Ltd. owned approximately 0.14% of Covenant Logistics Group worth $802,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the business. GAMMA Investing LLC raised its position in shares of 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 buying an additional 1,586 shares during the last quarter. Copeland Capital Management LLC acquired a new stake in Covenant Logistics Group during the 1st quarter worth $52,000. KLP Kapitalforvaltning AS boosted its position in shares of Covenant Logistics Group by 100.0% during the first quarter. KLP Kapitalforvaltning AS now owns 2,600 shares of the company's stock worth $58,000 after purchasing an additional 1,300 shares in the last quarter. US Bancorp DE lifted its position in Covenant Logistics Group by 6,352.3% in the 1st quarter. US Bancorp DE now owns 2,839 shares of the company's stock valued at $63,000 after acquiring an additional 2,795 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Covenant Logistics Group by 100.0% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,940 shares of the company's stock valued at $110,000 after buying an additional 2,470 shares during the last quarter. 83.72% of the stock is owned by hedge funds and other institutional investors.

Covenant Logistics Group Price Performance

CVLG traded down $0.03 during midday trading on Monday, reaching $23.90. 19,922 shares of the company's stock were exchanged, compared to its average volume of 118,256. The firm has a market capitalization of $597.98 million, a price-to-earnings ratio of 18.24 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, Inc. has a one year low of $17.46 and a one year high of $30.77. The business has a 50-day simple moving average of $24.40 and a two-hundred day simple moving average of $22.96.

Covenant Logistics Group Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Friday, September 5th will be issued a dividend of $0.07 per share. 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%.

Analyst Ratings Changes

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

Covenant Logistics Group Company 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.