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

A number of other institutional investors have also recently made changes to their positions in CVLG. GAMMA Investing LLC grew its position in 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 acquiring an additional 1,586 shares in the last quarter. Copeland Capital Management LLC bought a new stake in shares of Covenant Logistics Group during the first quarter valued at approximately $52,000. KLP Kapitalforvaltning AS raised its stake 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 valued at $58,000 after acquiring an additional 1,300 shares in the last quarter. US Bancorp DE raised its stake in 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 in the last quarter. Finally, Wells Fargo & Company MN raised its stake in Covenant Logistics Group by 28.1% in 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 in the last quarter. Hedge funds and other institutional investors own 83.72% of the company's stock.

Covenant Logistics Group Stock Down 1.2%

NYSE CVLG traded down $0.28 on Tuesday, hitting $23.58. The stock had a trading volume of 92,557 shares, compared to its average volume of 65,723. The business's fifty day moving average price is $24.36 and its 200 day moving average price is $22.95. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.09 and a quick ratio of 1.06. Covenant Logistics Group, Inc. has a 52-week low of $17.46 and a 52-week high of $30.77. The stock has a market cap of $589.97 million, a price-to-earnings ratio of 18.00 and a beta of 1.42.

Covenant Logistics Group Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 5th will be issued a $0.07 dividend. This represents a $0.28 annualized dividend and a yield of 1.2%. Covenant Logistics Group's dividend payout ratio is currently 21.37%.

Analyst Upgrades and Downgrades

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