Public Employees Retirement System of Ohio Takes Position in Covenant Logistics Group, Inc. (NASDAQ:CVLG)

Public Employees Retirement System of Ohio purchased a new position in Covenant Logistics Group, Inc. (NASDAQ:CVLG - Free Report) during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 12,950 shares of the company's stock, valued at approximately $706,000.

A number of other institutional investors also recently bought and sold shares of CVLG. T. Rowe Price Investment Management Inc. purchased a new position in Covenant Logistics Group in the fourth quarter valued at $8,878,000. Empowered Funds LLC boosted its position in Covenant Logistics Group by 110.2% during the fourth quarter. Empowered Funds LLC now owns 188,916 shares of the company's stock worth $10,298,000 after purchasing an additional 99,026 shares in the last quarter. Bridgeway Capital Management LLC grew its holdings in Covenant Logistics Group by 56.5% in the fourth quarter. Bridgeway Capital Management LLC now owns 274,316 shares of the company's stock valued at $14,953,000 after purchasing an additional 99,026 shares during the period. Hudson Bay Capital Management LP increased its position in shares of Covenant Logistics Group by 108.3% in the fourth quarter. Hudson Bay Capital Management LP now owns 102,623 shares of the company's stock valued at $5,594,000 after buying an additional 53,345 shares in the last quarter. Finally, American Century Companies Inc. increased its position in shares of Covenant Logistics Group by 21.7% in the fourth quarter. American Century Companies Inc. now owns 210,350 shares of the company's stock valued at $11,466,000 after buying an additional 37,501 shares in the last quarter. 83.72% of the stock is owned by hedge funds and other institutional investors.

Covenant Logistics Group Price Performance

CVLG stock traded down $0.05 during trading on Friday, hitting $22.83. The stock had a trading volume of 160,920 shares, compared to its average volume of 111,760. Covenant Logistics Group, Inc. has a twelve month low of $17.46 and a twelve month high of $30.77. The company's 50-day moving average price is $21.03 and its two-hundred day moving average price is $24.87. 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 stock has a market capitalization of $606.19 million, a P/E ratio of 17.63 and a beta of 1.45.

Covenant Logistics Group Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be given a $0.07 dividend. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.23%. The ex-dividend date of this dividend is Friday, June 6th. Covenant Logistics Group's dividend payout ratio (DPR) is 20.14%.

Analysts Set New Price Targets

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

Insider Buying and Selling

In other Covenant Logistics Group 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 value of $50,160.00. Following the transaction, the director now directly owns 24,736 shares of the company's stock, valued at $563,980.80. This trade represents a 8.17% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 35.10% of the stock is currently owned by company insiders.

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.