Nuveen LLC Takes $1.50 Million Position in Covenant Logistics Group, Inc. $CVLG

Key Points

• Nuveen LLC has acquired a new position in Covenant Logistics Group, purchasing 67,721 shares valued at approximately $1.5 million during the 1st quarter.
• Analyst ratings for Covenant Logistics have shifted, with Wall Street Zen downgrading the stock from a "buy" to a "hold" rating, although the overall consensus remains a "buy" with a target price of $33.00.
• Covenant Logistics Group recently announced a quarterly dividend of $0.07 per share, representing a 1.2% dividend yield on an annualized basis.

Nuveen LLC acquired a new position in shares of Covenant Logistics Group, Inc. (NYSE:CVLG - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 67,721 shares of the company's stock, valued at approximately $1,503,000. Nuveen LLC owned approximately 0.26% of Covenant Logistics Group at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its holdings in Covenant Logistics Group by 106.6% during the first quarter. Vanguard Group Inc. now owns 959,196 shares of the company's stock worth $21,294,000 after buying an additional 494,825 shares in the last quarter. Patton Albertson Miller Group LLC boosted its holdings in Covenant Logistics Group by 100.0% during the first quarter. Patton Albertson Miller Group LLC now owns 576,250 shares of the company's stock worth $12,793,000 after buying an additional 288,125 shares in the last quarter. Foundry Partners LLC boosted its holdings in Covenant Logistics Group by 100.9% during the first quarter. Foundry Partners LLC now owns 434,073 shares of the company's stock worth $9,636,000 after buying an additional 217,993 shares in the last quarter. Bridgeway Capital Management LLC boosted its holdings in Covenant Logistics Group by 56.5% during the fourth quarter. Bridgeway Capital Management LLC now owns 274,316 shares of the company's stock worth $14,953,000 after buying an additional 99,026 shares in the last quarter. Finally, Royce & Associates LP lifted its holdings in shares of Covenant Logistics Group by 114.4% in the first quarter. Royce & Associates LP now owns 260,588 shares of the company's stock valued at $5,785,000 after purchasing an additional 139,044 shares in the last quarter. Hedge funds and other institutional investors own 83.72% of the company's stock.

Covenant Logistics Group Price Performance

Shares of NYSE CVLG traded down $0.22 on Friday, hitting $23.86. The company's stock had a trading volume of 49,964 shares, compared to its average volume of 67,623. Covenant Logistics Group, Inc. has a 12-month low of $17.46 and a 12-month high of $30.77. The company has a market capitalization of $596.98 million, a price-to-earnings ratio of 18.21 and a beta of 1.42. 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 50 day moving average of $24.40 and a 200-day moving average of $23.00.

Covenant Logistics Group Dividend Announcement

The firm 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 annualized dividend and a dividend yield of 1.2%. Covenant Logistics Group's dividend payout ratio (DPR) is presently 21.37%.

Wall Street Analysts Forecast Growth

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

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.