Patton Albertson Miller Group LLC Has $12.79 Million Position in Covenant Logistics Group, Inc. (NASDAQ:CVLG)

Patton Albertson Miller Group LLC grew its holdings in shares of Covenant Logistics Group, Inc. (NASDAQ:CVLG - Free Report) by 100.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 576,250 shares of the company's stock after acquiring an additional 288,125 shares during the quarter. Covenant Logistics Group accounts for approximately 1.9% of Patton Albertson Miller Group LLC's investment portfolio, making the stock its 7th largest position. Patton Albertson Miller Group LLC owned 2.17% of Covenant Logistics Group worth $12,793,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Victory Capital Management Inc. boosted its holdings in shares of Covenant Logistics Group by 97.8% during the 1st quarter. Victory Capital Management Inc. now owns 70,271 shares of the company's stock worth $1,560,000 after buying an additional 34,753 shares in the last quarter. Stephens Inc. AR lifted its holdings in shares of Covenant Logistics Group by 100.5% in the 1st quarter. Stephens Inc. AR now owns 18,152 shares of the company's stock worth $403,000 after purchasing an additional 9,097 shares in the last quarter. New York State Common Retirement Fund lifted its holdings in shares of Covenant Logistics Group by 59.1% in the 1st quarter. New York State Common Retirement Fund now owns 5,840 shares of the company's stock worth $130,000 after purchasing an additional 2,170 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Covenant Logistics Group by 95.7% in the 1st quarter. Bank of New York Mellon Corp now owns 135,250 shares of the company's stock worth $3,003,000 after purchasing an additional 66,135 shares in the last quarter. Finally, Copeland Capital Management LLC bought a new position in shares of Covenant Logistics Group in the 1st quarter worth $52,000. Institutional investors and hedge funds own 83.72% of the company's stock.

Insider Activity

In other news, Director D Michael Kramer sold 2,200 shares of the firm's stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $22.80, for a total transaction of $50,160.00. Following the completion of the sale, the director directly owned 24,736 shares of the company's stock, valued at $563,980.80. This trade represents a 8.17% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 35.10% of the stock is currently owned by insiders.

Analyst Ratings Changes

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

Covenant Logistics Group Stock Performance

NASDAQ CVLG opened at $24.28 on Friday. Covenant Logistics Group, Inc. has a 1 year low of $17.46 and a 1 year high of $30.77. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.10 and a quick ratio of 1.07. The firm has a market cap of $644.53 million, a price-to-earnings ratio of 18.75 and a beta of 1.44. The company has a fifty day moving average price of $23.58 and a 200-day moving average price of $24.02.

Covenant Logistics Group Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Friday, June 6th were paid a $0.07 dividend. The ex-dividend date was Friday, June 6th. This represents a $0.28 annualized dividend and a dividend yield of 1.15%. Covenant Logistics Group's payout ratio is 20.14%.

Covenant Logistics Group 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.

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