Covenant Logistics Group, Inc. (NYSE:CVLG) Holdings Increased by NJ State Employees Deferred Compensation Plan

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 grew its position in shares of Covenant Logistics Group, Inc. (NYSE:CVLG - Free Report) by 100.0% in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 56,000 shares of the company's stock after buying an additional 28,000 shares during the quarter. 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 SEC.

Other hedge funds also recently made changes to their positions in the company. GAMMA Investing LLC lifted its position in shares of Covenant Logistics Group by 1,289.4% during the 1st quarter. GAMMA Investing LLC now owns 1,709 shares of the company's stock valued at $38,000 after acquiring an additional 1,586 shares during the period. Huntington National Bank boosted its position in shares of Covenant Logistics Group by 91.5% in the 4th quarter. Huntington National Bank now owns 963 shares of the company's stock worth $52,000 after buying an additional 460 shares in the last quarter. Copeland Capital Management LLC purchased a new position in Covenant Logistics Group during the 1st quarter valued at about $52,000. KLP Kapitalforvaltning AS increased its stake in shares of Covenant Logistics Group by 100.0% during the 1st 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. Finally, US Bancorp DE lifted its stake 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 buying an additional 2,795 shares in the last quarter. Institutional investors and hedge funds own 83.72% of the company's stock.

Covenant Logistics Group Trading Down 0.8%

Covenant Logistics Group stock traded down $0.20 during trading on Thursday, reaching $23.63. The company had a trading volume of 5,613 shares, compared to its average volume of 124,921. Covenant Logistics Group, Inc. has a 12-month low of $17.46 and a 12-month high of $30.77. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.06 and a current ratio of 1.09. The stock's 50 day moving average price is $24.04 and its two-hundred day moving average price is $23.55. The firm has a market capitalization of $627.38 million, a price-to-earnings ratio of 18.04 and a beta of 1.41.

Covenant Logistics Group Dividend Announcement

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

Insider Activity at Covenant Logistics Group

In other news, Director D Michael Kramer sold 2,200 shares of the firm's 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. This trade represents a 8.17% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 35.10% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts recently commented on CVLG shares. TD Cowen decreased their price objective 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 raised shares of Covenant Logistics Group from a "hold" rating to a "buy" rating in a research note on Wednesday, July 30th.

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.