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 increased its position in shares of Covenant Logistics Group, Inc. (NYSE:CVLG - Free Report) by 110.2% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. 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 institutional investors and hedge funds also recently added to or reduced their stakes in CVLG. GAMMA Investing LLC lifted its holdings in 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 buying an additional 1,586 shares in the last quarter. Copeland Capital Management LLC bought a new position in shares of Covenant Logistics Group during the 1st quarter worth approximately $52,000. KLP Kapitalforvaltning AS raised 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 acquiring an additional 1,300 shares in the last quarter. US Bancorp DE grew its position in Covenant Logistics Group by 6,352.3% during the 1st quarter. US Bancorp DE now owns 2,839 shares of the company's stock worth $63,000 after purchasing an additional 2,795 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its position in Covenant Logistics Group by 100.0% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,940 shares of the company's stock worth $110,000 after purchasing an additional 2,470 shares during the last quarter. Institutional investors own 83.72% of the company's stock.

Analysts Set New Price Targets

Separately, Wall Street Zen raised shares of Covenant Logistics Group from a "hold" rating to a "buy" rating in a research report on Wednesday, July 30th. Two equities research analysts have rated the stock with a Buy rating, According to MarketBeat.com, Covenant Logistics Group currently has an average rating of "Buy" and an average target price of $33.00.

Covenant Logistics Group Price Performance

Shares of NYSE:CVLG traded down $0.04 during midday trading on Friday, hitting $24.11. The company's stock had a trading volume of 5,398 shares, compared to its average volume of 120,145. The business's 50 day simple moving average is $24.36 and its 200 day simple moving average is $23.12. 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 company has a market cap of $603.23 million, a P/E ratio of 18.40 and a beta of 1.41. Covenant Logistics Group, Inc. has a 12-month low of $17.46 and a 12-month high of $30.77.

Covenant Logistics Group Dividend Announcement

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

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.