Pacific Global Investment Management Co. Increases Stock Position in Covenant Logistics Group, Inc. (NASDAQ:CVLG)

Pacific Global Investment Management Co. raised its holdings in shares of Covenant Logistics Group, Inc. (NASDAQ:CVLG - Free Report) by 109.3% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 76,516 shares of the company's stock after purchasing an additional 39,954 shares during the period. Covenant Logistics Group accounts for about 2.4% of Pacific Global Investment Management Co.'s holdings, making the stock its 17th largest holding. Pacific Global Investment Management Co. owned about 0.29% of Covenant Logistics Group worth $1,699,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of CVLG. Rhumbline Advisers boosted its stake in shares of Covenant Logistics Group by 97.7% during 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. GAMMA Investing LLC lifted its holdings in Covenant Logistics Group by 1,289.4% in the first quarter. GAMMA Investing LLC now owns 1,709 shares of the company's stock worth $38,000 after buying an additional 1,586 shares during the period. Private Advisor Group LLC boosted its position in Covenant Logistics Group by 11.8% during the 4th quarter. Private Advisor Group LLC now owns 4,567 shares of the company's stock valued at $249,000 after acquiring an additional 481 shares in the last quarter. JPMorgan Chase & Co. boosted its position in Covenant Logistics Group by 51.0% during the 4th quarter. JPMorgan Chase & Co. now owns 48,038 shares of the company's stock valued at $2,619,000 after acquiring an additional 16,233 shares in the last quarter. Finally, Bank of America Corp DE grew its holdings in shares of Covenant Logistics Group by 132.0% during the 4th quarter. Bank of America Corp DE now owns 28,484 shares of the company's stock worth $1,553,000 after acquiring an additional 16,205 shares during the period. Hedge funds and other institutional investors own 83.72% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, TD Cowen lowered their target price on Covenant Logistics Group from $31.00 to $30.00 and set a "buy" rating for the company in a research note on Friday, April 25th.

Covenant Logistics Group Stock Down 0.8%

CVLG traded down $0.20 during midday trading on Monday, reaching $24.09. The company's stock had a trading volume of 123,291 shares, compared to its average volume of 115,001. Covenant Logistics Group, Inc. has a 1 year low of $17.46 and a 1 year high of $30.77. The stock's 50-day moving average is $22.16 and its 200-day moving average is $24.22. The firm has a market capitalization of $639.59 million, a price-to-earnings ratio of 18.60 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 Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 27th. Shareholders of record on Friday, June 6th were issued a $0.07 dividend. This represents a $0.28 annualized dividend and a yield of 1.16%. The ex-dividend date was Friday, June 6th. Covenant Logistics Group's dividend payout ratio (DPR) is 20.14%.

Insider Activity

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

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.