Covenant Logistics Group, Inc. $CVLG Shares Purchased by Oliver Luxxe Assets LLC

Key Points

• Oliver Luxxe Assets LLC increased its ownership in Covenant Logistics Group by 110.2%, acquiring an additional 38,286 shares to hold a total of 73,020 shares valued at approximately $1.62 million.
• Several institutional investors, including Vanguard Group and T. Rowe Price, have significantly raised their stakes in Covenant Logistics Group, indicating strong investor interest in the company.
• Covenant Logistics Group's stock was recently upgraded from a "hold" to a "buy" rating, with a consensus price target of $33.00, reflecting positive sentiment among analysts.

Oliver Luxxe Assets LLC boosted its stake in shares of Covenant Logistics Group, Inc. (NYSE:CVLG - Free Report) by 110.2% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 73,020 shares of the company's stock after purchasing an additional 38,286 shares during the period. Oliver Luxxe Assets LLC owned approximately 0.28% of Covenant Logistics Group worth $1,621,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of CVLG. Vanguard Group Inc. raised its position in Covenant Logistics Group by 106.6% during the first quarter. Vanguard Group Inc. now owns 959,196 shares of the company's stock valued at $21,294,000 after acquiring an additional 494,825 shares in the last quarter. Patton Albertson Miller Group LLC lifted its holdings in Covenant Logistics Group by 100.0% in the first quarter. Patton Albertson Miller Group LLC now owns 576,250 shares of the company's stock valued at $12,793,000 after acquiring an additional 288,125 shares during the period. American Century Companies Inc. lifted its holdings in Covenant Logistics Group by 128.5% in the first quarter. American Century Companies Inc. now owns 480,722 shares of the company's stock valued at $10,672,000 after acquiring an additional 270,372 shares during the period. T. Rowe Price Investment Management Inc. lifted its holdings in Covenant Logistics Group by 137.9% in the first quarter. T. Rowe Price Investment Management Inc. now owns 387,481 shares of the company's stock valued at $8,603,000 after acquiring an additional 224,617 shares during the period. Finally, Foundry Partners LLC lifted its holdings in Covenant Logistics Group by 100.9% in the first quarter. Foundry Partners LLC now owns 434,073 shares of the company's stock valued at $9,636,000 after acquiring an additional 217,993 shares during the period. 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 $0.16 during trading on Wednesday, reaching $24.39. The stock had a trading volume of 48,268 shares, compared to its average volume of 121,283. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.06 and a current ratio of 1.09. The business has a fifty day moving average price of $24.30 and a 200-day moving average price of $23.13. The stock has a market cap of $610.24 million, a PE ratio of 18.62 and a beta of 1.41. Covenant Logistics Group, Inc. has a 1-year low of $17.46 and a 1-year high of $30.77.

Covenant Logistics Group Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Friday, September 5th will be paid a $0.07 dividend. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.1%. Covenant Logistics Group's dividend payout ratio is presently 21.37%.

Wall Street Analyst Weigh In

Separately, Wall Street Zen raised Covenant Logistics Group from a "hold" rating to a "buy" rating in a report on Wednesday, July 30th. Two research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average target price 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.