PCJ Investment Counsel Ltd. Purchases New Position 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 stake in Covenant Logistics Group, Inc. (NYSE:CVLG - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 86,000 shares of the company's stock, valued at approximately $1,909,000. PCJ Investment Counsel Ltd. owned approximately 0.32% of Covenant Logistics Group at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD grew its position in shares of Covenant Logistics Group by 7.0% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 7,164 shares of the company's stock valued at $391,000 after acquiring an additional 467 shares during the period. Summit Investment Advisors Inc. grew its position in shares of Covenant Logistics Group by 100.0% in the 4th quarter. Summit Investment Advisors Inc. now owns 1,406 shares of the company's stock valued at $77,000 after acquiring an additional 703 shares during the period. Townsquare Capital LLC grew its position in shares of Covenant Logistics Group by 18.5% in the 4th quarter. Townsquare Capital LLC now owns 5,831 shares of the company's stock valued at $318,000 after acquiring an additional 910 shares during the period. Lazard Asset Management LLC grew its position in shares of Covenant Logistics Group by 5.8% in the 4th quarter. Lazard Asset Management LLC now owns 19,032 shares of the company's stock valued at $1,036,000 after acquiring an additional 1,049 shares during the period. Finally, Wells Fargo & Company MN grew its position in shares of Covenant Logistics Group by 28.1% in the 4th quarter. Wells Fargo & Company MN now owns 4,921 shares of the company's stock valued at $268,000 after acquiring an additional 1,079 shares during the period. Institutional investors own 83.72% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on CVLG shares. Wall Street Zen upgraded shares of Covenant Logistics Group from a "hold" rating to a "buy" rating in a research note on Wednesday, July 30th. TD Cowen cut 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 research note on Friday, April 25th.

Covenant Logistics Group Stock Performance

Covenant Logistics Group stock traded up $1.18 during midday trading on Tuesday, hitting $24.00. The company's stock had a trading volume of 55,369 shares, compared to its average volume of 124,308. 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 0.42, a current ratio of 1.09 and a quick ratio of 1.06. The company has a 50-day moving average price of $24.06 and a two-hundred day moving average price of $23.38. The company has a market cap of $637.20 million, a price-to-earnings ratio of 18.32 and a beta of 1.41.

Covenant Logistics Group Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Friday, June 6th were given a $0.07 dividend. The ex-dividend date was Friday, June 6th. This represents a $0.28 annualized dividend and a dividend yield of 1.2%. Covenant Logistics Group's payout ratio is presently 21.37%.

Insider Activity at Covenant Logistics Group

In other 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 value of $50,160.00. Following the completion of the transaction, the director directly owned 24,736 shares in the company, valued at approximately $563,980.80. The trade was a 8.17% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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.