PCJ Investment Counsel Ltd. Invests $1.91 Million in Covenant Logistics Group, Inc. (NYSE:CVLG)

Key Points

• PCJ Investment Counsel Ltd. invested approximately $1.91 million in Covenant Logistics Group, acquiring 86,000 shares, which amounts to 0.32% of the company's stock.
• Covenant Logistics Group recently announced a quarterly dividend of $0.07 per share, yielding an annualized rate of 1.2% with a payout ratio of 21.37%.
• Several hedge funds have increased their stakes in Covenant Logistics Group, with a notable increase by US Bancorp DE of 6,352.3% in the first quarter of the year.

PCJ Investment Counsel Ltd. bought a new position in shares of Covenant Logistics Group, Inc. (NYSE:CVLG - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 86,000 shares of the company's stock, valued at approximately $1,909,000. PCJ Investment Counsel Ltd. owned 0.32% of Covenant Logistics Group as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also made changes to their positions in CVLG. KLP Kapitalforvaltning AS purchased a new position in Covenant Logistics Group during the fourth quarter worth about $71,000. Summit Investment Advisors Inc. raised its holdings in Covenant Logistics Group by 100.0% during the fourth quarter. Summit Investment Advisors Inc. now owns 1,406 shares of the company's stock worth $77,000 after purchasing an additional 703 shares in the last quarter. GAMMA Investing LLC increased 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 valued at $38,000 after buying an additional 1,586 shares in the last quarter. Copeland Capital Management LLC purchased a new position in Covenant Logistics Group in the first quarter valued at about $52,000. Finally, US Bancorp DE increased its holdings in Covenant Logistics Group by 6,352.3% in the first quarter. US Bancorp DE now owns 2,839 shares of the company's stock valued at $63,000 after buying an additional 2,795 shares in the last quarter. Institutional investors and hedge funds own 83.72% of the company's stock.

Covenant Logistics Group Trading Down 1.8%

Shares of Covenant Logistics Group stock opened at $23.41 on Friday. Covenant Logistics Group, Inc. has a 12-month low of $17.46 and a 12-month high of $30.77. The company has a current ratio of 1.09, a quick ratio of 1.06 and a debt-to-equity ratio of 0.42. The stock has a market cap of $621.54 million, a PE ratio of 17.87 and a beta of 1.41. The company has a 50-day moving average of $24.05 and a two-hundred day moving average of $23.53.

Covenant Logistics Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Friday, June 6th were paid a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date of this dividend was Friday, June 6th. Covenant Logistics Group's dividend payout ratio (DPR) is 21.37%.

Insider Buying and Selling at Covenant Logistics Group

In other news, Director D Michael Kramer sold 2,200 shares of the firm'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 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 at this hyperlink. 35.10% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

CVLG has been the subject of a number of research analyst reports. TD Cowen dropped their target price on shares of Covenant Logistics Group from $31.00 to $30.00 and set a "buy" rating for the company in a report on Friday, April 25th. Wall Street Zen raised shares of Covenant Logistics Group from a "hold" rating to a "buy" rating in a report on Wednesday, July 30th.

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.

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