Jacobs Levy Equity Management Inc. Has $3.91 Million Position in Covenant Logistics Group, Inc. $CVLG

Key Points

• Jacobs Levy Equity Management Inc. has significantly increased its holdings in Covenant Logistics Group by 76.8%, acquiring 76,532 shares during the first quarter and now owning approximately 0.66% of the company, valued at about $3.91 million.
• Covenant Logistics Group recently announced a quarterly dividend of $0.07 per share, resulting in an annualized dividend of $0.28 and a yield of 1.2%.
• Analysts have updated the stock rating for Covenant Logistics Group, with Wall Street Zen downgrading it from a "buy" to a "hold", although the overall consensus remains a "buy" with a target price of $33.00.

Jacobs Levy Equity Management Inc. grew its stake in shares of Covenant Logistics Group, Inc. (NYSE:CVLG - Free Report) by 76.8% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 176,141 shares of the company's stock after acquiring an additional 76,532 shares during the period. Jacobs Levy Equity Management Inc. owned 0.66% of Covenant Logistics Group worth $3,910,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the stock. Price T Rowe Associates Inc. MD grew its holdings in shares of Covenant Logistics Group by 7.0% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 7,164 shares of the company's stock valued at $391,000 after acquiring an additional 467 shares in the last quarter. MAI Capital Management grew its holdings in shares of Covenant Logistics Group by 100.0% during the 1st quarter. MAI Capital Management now owns 1,500 shares of the company's stock valued at $33,000 after acquiring an additional 750 shares in the last quarter. Lazard Asset Management LLC boosted its holdings in Covenant Logistics Group by 5.8% in the fourth quarter. Lazard Asset Management LLC now owns 19,032 shares of the company's stock worth $1,036,000 after purchasing an additional 1,049 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Covenant Logistics Group by 10.8% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 12,605 shares of the company's stock worth $687,000 after purchasing an additional 1,231 shares in the last quarter. Finally, KLP Kapitalforvaltning AS boosted its holdings in 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 purchasing an additional 1,300 shares in the last quarter. 83.72% of the stock is currently owned by hedge funds and other institutional investors.

Covenant Logistics Group Stock Down 2.8%

NYSE:CVLG traded down $0.67 during trading hours on Friday, reaching $23.02. The company's stock had a trading volume of 43,561 shares, compared to its average volume of 67,384. The company has a market cap of $575.96 million, a price-to-earnings ratio of 17.57 and a beta of 1.42. Covenant Logistics Group, Inc. has a one year low of $17.46 and a one year high of $30.77. The business's 50-day moving average is $24.22 and its 200-day moving average is $22.92. 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 Announces Dividend

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 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 21.37%.

Wall Street Analyst Weigh In

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