NJ State Employees Deferred Compensation Plan Has $1.24 Million Stake in Covenant Logistics Group, Inc. (NYSE:CVLG)

Key Points

• The NJ State Employees Deferred Compensation Plan has increased its stake in Covenant Logistics Group by 100%, now owning 56,000 shares valued at approximately $1.24 million.
• Covenant Logistics Group recently declared a quarterly dividend of $0.07, translating to an annual yield of 1.2% and a payout ratio of 21.37%.
• A significant number of institutional investors have shown interest in Covenant Logistics Group, with institutional holdings now totaling 83.72%.

NJ State Employees Deferred Compensation Plan lifted its position in Covenant Logistics Group, Inc. (NYSE:CVLG - Free Report) by 100.0% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 56,000 shares of the company's stock after acquiring an additional 28,000 shares during the period. NJ State Employees Deferred Compensation Plan owned 0.21% of Covenant Logistics Group worth $1,243,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently made changes to their positions in the company. Huntington National Bank boosted its position in shares of Covenant Logistics Group by 91.5% during the 4th quarter. Huntington National Bank now owns 963 shares of the company's stock worth $52,000 after acquiring an additional 460 shares in the last quarter. Price T Rowe Associates Inc. MD raised its stake 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 worth $391,000 after buying an additional 467 shares in the last quarter. Summit Investment Advisors Inc. raised its stake in shares of Covenant Logistics Group by 100.0% during the 4th quarter. Summit Investment Advisors Inc. now owns 1,406 shares of the company's stock worth $77,000 after buying an additional 703 shares in the last quarter. Townsquare Capital LLC raised its stake in shares of Covenant Logistics Group by 18.5% during the 4th quarter. Townsquare Capital LLC now owns 5,831 shares of the company's stock worth $318,000 after buying an additional 910 shares in the last quarter. Finally, Lazard Asset Management LLC grew its holdings in shares of Covenant Logistics Group by 5.8% in the 4th quarter. Lazard Asset Management LLC now owns 19,032 shares of the company's stock worth $1,036,000 after acquiring an additional 1,049 shares during the period. 83.72% of the stock is owned by institutional investors and hedge funds.

Covenant Logistics Group Stock Down 0.3%

Shares of CVLG stock traded down $0.06 on Tuesday, hitting $23.47. The company's stock had a trading volume of 5,855 shares, compared to its average volume of 125,522. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.09 and a quick ratio of 1.06. Covenant Logistics Group, Inc. has a fifty-two week low of $17.46 and a fifty-two week high of $30.77. The firm's fifty day moving average price is $24.00 and its 200-day moving average price is $23.55. The stock has a market capitalization of $623.13 million, a price-to-earnings ratio of 17.92 and a beta of 1.41.

Covenant Logistics Group Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, June 27th. Investors of record on Friday, June 6th were paid a $0.07 dividend. The ex-dividend date of this dividend was Friday, June 6th. This represents a $0.28 dividend on an annualized basis and a yield of 1.2%. Covenant Logistics Group's payout ratio is presently 21.37%.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on CVLG shares. TD Cowen reduced their price target 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. Wall Street Zen upgraded Covenant Logistics Group from a "hold" rating to a "buy" rating in a research note on Wednesday, July 30th.

Insiders Place Their Bets

In other Covenant Logistics Group news, Director D Michael Kramer sold 2,200 shares of the company's stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $22.80, for a total transaction of $50,160.00. Following the sale, the director directly owned 24,736 shares of the company's stock, valued at approximately $563,980.80. This represents a 8.17% decrease in their ownership of the stock. 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 insiders.

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.