North Star Investment Management Corp. Invests $301,000 in Covenant Logistics Group, Inc. $CVLG

Key Points

• North Star Investment Management Corp. has purchased 12,500 shares of Covenant Logistics Group, Inc. for approximately $301,000.
• Covenant Logistics Group declared a $0.07 quarterly dividend, with an annualized yield of 1.3% and a payout ratio of 21.37%.
• Analysts have recently downgraded Covenant Logistics Group's rating from "buy" to "hold", while the stock retains a consensus target price of $33.00.

North Star Investment Management Corp. bought a new stake in Covenant Logistics Group, Inc. (NYSE:CVLG - Free Report) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 12,500 shares of the company's stock, valued at approximately $301,000.

Other large investors also recently bought and sold shares of the company. Oliver Luxxe Assets LLC increased its holdings in shares of Covenant Logistics Group by 1.3% during the 2nd quarter. Oliver Luxxe Assets LLC now owns 73,978 shares of the company's stock worth $1,784,000 after buying an additional 958 shares during the last quarter. Kings Path Partners LLC purchased a new stake in Covenant Logistics Group during the second quarter valued at about $257,000. Goldman Sachs Group Inc. increased its stake in Covenant Logistics Group by 161.8% during the first quarter. Goldman Sachs Group Inc. now owns 179,304 shares of the company's stock worth $3,981,000 after acquiring an additional 110,810 shares during the last quarter. Inspire Investing LLC raised its holdings in shares of Covenant Logistics Group by 111.3% in the 1st quarter. Inspire Investing LLC now owns 15,542 shares of the company's stock worth $345,000 after purchasing an additional 8,188 shares during the period. Finally, Rhumbline Advisers lifted its stake in shares of Covenant Logistics Group by 97.7% in the 1st quarter. Rhumbline Advisers now owns 26,177 shares of the company's stock valued at $581,000 after purchasing an additional 12,937 shares in the last quarter. Hedge funds and other institutional investors own 83.72% of the company's stock.

Analysts Set New Price Targets

Separately, Wall Street Zen cut Covenant Logistics Group from a "buy" rating to a "hold" rating in a report on Saturday, August 30th. Two analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus target price of $33.00.

Covenant Logistics Group Stock Performance

Shares of CVLG opened at $21.65 on Friday. Covenant Logistics Group, Inc. has a 12 month low of $17.46 and a 12 month high of $30.77. The stock's 50-day moving average is $23.76 and its two-hundred day moving average is $22.79. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.09 and a quick ratio of 1.06. The stock has a market cap of $541.68 million, a PE ratio of 16.53 and a beta of 1.42.

Covenant Logistics Group Dividend Announcement

The business 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 dividend on an annualized basis and a yield of 1.3%. Covenant Logistics Group's dividend payout ratio is presently 21.37%.

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.

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