Pacific Global Investment Management Co. Buys 39,954 Shares of Covenant Logistics Group, Inc. (NASDAQ:CVLG)

Pacific Global Investment Management Co. raised its position in shares of Covenant Logistics Group, Inc. (NASDAQ:CVLG - Free Report) by 109.3% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 76,516 shares of the company's stock after acquiring an additional 39,954 shares during the period. Covenant Logistics Group makes up approximately 2.4% of Pacific Global Investment Management Co.'s investment portfolio, making the stock its 17th largest position. Pacific Global Investment Management Co. owned about 0.29% of Covenant Logistics Group worth $1,699,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in CVLG. Ritholtz Wealth Management boosted its position in shares of Covenant Logistics Group by 98.6% in the first quarter. Ritholtz Wealth Management now owns 30,561 shares of the company's stock valued at $678,000 after acquiring an additional 15,173 shares during the period. Rhumbline Advisers increased its position in Covenant Logistics Group by 97.7% during the first quarter. Rhumbline Advisers now owns 26,177 shares of the company's stock worth $581,000 after acquiring an additional 12,937 shares during the period. Delphi Management Inc. MA raised its stake in Covenant Logistics Group by 231.0% in the 1st quarter. Delphi Management Inc. MA now owns 22,905 shares of the company's stock worth $508,000 after purchasing an additional 15,985 shares in the last quarter. GAMMA Investing LLC boosted its holdings in Covenant Logistics Group by 1,289.4% in the 1st quarter. GAMMA Investing LLC now owns 1,709 shares of the company's stock valued at $38,000 after purchasing an additional 1,586 shares during the period. Finally, Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in shares of Covenant Logistics Group during the 4th quarter worth approximately $2,745,000. Institutional investors and hedge funds own 83.72% of the company's stock.

Covenant Logistics Group Price Performance

NASDAQ CVLG traded up $0.58 during midday trading on Friday, hitting $24.39. The company had a trading volume of 255,849 shares, compared to its average volume of 115,474. The firm has a 50-day moving average price of $22.04 and a 200-day moving average price of $24.32. The company has a market capitalization of $647.50 million, a PE ratio of 18.83 and a beta of 1.45. The company has a current ratio of 1.10, a quick ratio of 1.07 and a debt-to-equity ratio of 0.46. Covenant Logistics Group, Inc. has a twelve month low of $17.46 and a twelve month high of $30.77.

Covenant Logistics Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be given a dividend of $0.07 per share. The ex-dividend date is Friday, June 6th. This represents a $0.28 annualized dividend and a yield of 1.15%. Covenant Logistics Group's dividend payout ratio is 20.14%.

Insider Buying and Selling

In other Covenant Logistics Group news, Director D Michael Kramer sold 2,200 shares of the business's stock in a transaction that occurred on Wednesday, May 21st. The shares were sold at an average price of $22.80, for a total transaction of $50,160.00. Following the completion of the transaction, the director now directly owns 24,736 shares in the company, valued at $563,980.80. The trade was a 8.17% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 35.10% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Separately, TD Cowen lowered their target price on shares of Covenant Logistics Group from $31.00 to $30.00 and set a "buy" rating on the stock in a report on Friday, April 25th.

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.