Covenant Logistics Group, Inc. $CVLG Shares Bought by Petrus Trust Company LTA

Key Points

• Petrus Trust Company LTA increased its holdings in Covenant Logistics Group, Inc. by 100.0% during the first quarter, bringing its total shares to 21,300 worth approximately $473,000.
• Covenant Logistics Group recently announced a quarterly dividend of $0.07 per share, representing an annualized yield of 1.2%, with the payout scheduled for September 26th.
• Analyst ratings for Covenant Logistics Group have shifted, with Wall Street Zen downgrading its status from a "buy" to a "hold," although the stock still holds an average target price of $33.00.

Petrus Trust Company LTA lifted its position in Covenant Logistics Group, Inc. (NYSE:CVLG - Free Report) by 100.0% in the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 21,300 shares of the company's stock after acquiring an additional 10,650 shares during the period. Petrus Trust Company LTA owned 0.08% of Covenant Logistics Group worth $473,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the stock. Rhumbline Advisers boosted its holdings in Covenant Logistics Group by 97.7% in the first quarter. Rhumbline Advisers now owns 26,177 shares of the company's stock worth $581,000 after purchasing an additional 12,937 shares during the last quarter. Brandywine Global Investment Management LLC raised its holdings in Covenant Logistics Group by 93.4% during the first quarter. Brandywine Global Investment Management LLC now owns 55,838 shares of the company's stock valued at $1,240,000 after acquiring an additional 26,962 shares during the period. GAMMA Investing LLC lifted 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 worth $38,000 after purchasing an additional 1,586 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of Covenant Logistics Group by 90.3% during the first quarter. Charles Schwab Investment Management Inc. now owns 168,936 shares of the company's stock worth $3,750,000 after acquiring an additional 80,151 shares during the last quarter. Finally, New York State Common Retirement Fund boosted its holdings in shares of Covenant Logistics Group by 59.1% during the 1st quarter. New York State Common Retirement Fund now owns 5,840 shares of the company's stock valued at $130,000 after purchasing an additional 2,170 shares during the last quarter. 83.72% of the stock is owned by hedge funds and other institutional investors.

Covenant Logistics Group Stock Down 1.2%

Shares of CVLG traded down $0.28 during mid-day trading on Tuesday, hitting $23.58. 92,557 shares of the company traded hands, compared to its average volume of 65,723. The company has a market capitalization of $589.97 million, a PE ratio of 18.00 and a beta of 1.42. The company has a quick ratio of 1.06, a current ratio of 1.09 and a debt-to-equity ratio of 0.52. The business has a 50 day moving average of $24.36 and a 200 day moving average of $22.95. Covenant Logistics Group, Inc. has a 1-year low of $17.46 and a 1-year high of $30.77.

Covenant Logistics Group Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 5th will be 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%. Covenant Logistics Group's payout ratio is currently 21.37%.

Wall Street Analyst Weigh In

Separately, Wall Street Zen cut shares of Covenant Logistics Group from a "buy" rating to a "hold" rating in a research note on Saturday, August 30th. Two analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, Covenant Logistics Group presently has an average rating of "Buy" and an average target price of $33.00.

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.