Legato Capital Management LLC Has $682,000 Position in Covenant Logistics Group, Inc. (NASDAQ:CVLG)

Legato Capital Management LLC raised its holdings in shares of Covenant Logistics Group, Inc. (NASDAQ:CVLG - Free Report) by 97.0% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 30,709 shares of the company's stock after acquiring an additional 15,120 shares during the quarter. Legato Capital Management LLC owned approximately 0.12% of Covenant Logistics Group worth $682,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of CVLG. American Century Companies Inc. grew its stake in Covenant Logistics Group by 21.7% during the 4th quarter. American Century Companies Inc. now owns 210,350 shares of the company's stock valued at $11,466,000 after acquiring an additional 37,501 shares in the last quarter. KLP Kapitalforvaltning AS purchased a new position in Covenant Logistics Group during the 4th quarter valued at about $71,000. Vanguard Group Inc. grew its stake in Covenant Logistics Group by 0.3% during the 4th quarter. Vanguard Group Inc. now owns 464,371 shares of the company's stock valued at $25,313,000 after acquiring an additional 1,216 shares in the last quarter. JPMorgan Chase & Co. grew its stake in Covenant Logistics Group by 51.0% during the 4th quarter. JPMorgan Chase & Co. now owns 48,038 shares of the company's stock valued at $2,619,000 after acquiring an additional 16,233 shares in the last quarter. Finally, Huntington National Bank grew its stake in Covenant Logistics Group by 91.5% during the 4th quarter. Huntington National Bank now owns 963 shares of the company's stock valued at $52,000 after acquiring an additional 460 shares in the last quarter. Hedge funds and other institutional investors own 83.72% of the company's stock.

Insider Activity

In other news, Director D Michael Kramer sold 2,200 shares of Covenant Logistics Group stock in a transaction dated Wednesday, May 21st. The stock was sold at an average price of $22.80, for a total transaction of $50,160.00. Following the completion of the sale, the director directly owned 24,736 shares in the company, valued at $563,980.80. The trade was a 8.17% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 35.10% of the stock is currently owned by corporate insiders.

Covenant Logistics Group Stock Up 4.2%

Shares of Covenant Logistics Group stock traded up $1.07 during trading on Friday, hitting $26.26. 174,289 shares of the stock traded hands, compared to its average volume of 127,627. The stock has a market cap of $697.18 million, a P/E ratio of 20.28 and a beta of 1.44. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.07 and a current ratio of 1.10. Covenant Logistics Group, Inc. has a twelve month low of $17.46 and a twelve month high of $30.77. The company has a fifty day moving average price of $23.79 and a two-hundred day moving average price of $23.72.

Covenant Logistics Group Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Friday, June 6th were issued a dividend of $0.07 per share. The ex-dividend date was Friday, June 6th. This represents a $0.28 annualized dividend and a dividend yield of 1.07%. Covenant Logistics Group's dividend payout ratio is 20.14%.

Wall Street Analyst Weigh In

Separately, TD Cowen lowered their target price on Covenant Logistics Group from $31.00 to $30.00 and set a "buy" rating on the stock in a research note on Friday, April 25th.

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.