Rhumbline Advisers Boosts Stock Holdings in Covenant Logistics Group, Inc. $CVLG

Key Points

• Rhumbline Advisers increased its holdings in Covenant Logistics Group by 97.7%, now owning 26,177 shares valued at $581,000 as of the last reporting period.
• Several institutional investors have also boosted their stakes, including Vanguard Group which increased its holdings by 106.6% to own 959,196 shares worth $21.29 million.
• Covenant Logistics Group announced a quarterly dividend of $0.07 per share, with a dividend yield of 1.3% and a payout ratio of 21.37%.

Rhumbline Advisers raised its holdings in Covenant Logistics Group, Inc. (NYSE:CVLG - Free Report) by 97.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 26,177 shares of the company's stock after purchasing an additional 12,937 shares during the period. Rhumbline Advisers owned 0.10% of Covenant Logistics Group worth $581,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of CVLG. Vanguard Group Inc. increased its stake in shares of Covenant Logistics Group by 106.6% in the first quarter. Vanguard Group Inc. now owns 959,196 shares of the company's stock worth $21,294,000 after purchasing an additional 494,825 shares in the last quarter. Patton Albertson Miller Group LLC boosted its position in shares of Covenant Logistics Group by 100.0% in the first quarter. Patton Albertson Miller Group LLC now owns 576,250 shares of the company's stock valued at $12,793,000 after acquiring an additional 288,125 shares during the period. American Century Companies Inc. grew its stake in Covenant Logistics Group by 128.5% during the first quarter. American Century Companies Inc. now owns 480,722 shares of the company's stock valued at $10,672,000 after acquiring an additional 270,372 shares in the last quarter. T. Rowe Price Investment Management Inc. grew its stake in Covenant Logistics Group by 137.9% during the first quarter. T. Rowe Price Investment Management Inc. now owns 387,481 shares of the company's stock valued at $8,603,000 after acquiring an additional 224,617 shares in the last quarter. Finally, Foundry Partners LLC grew its stake in Covenant Logistics Group by 100.9% during the first quarter. Foundry Partners LLC now owns 434,073 shares of the company's stock valued at $9,636,000 after acquiring an additional 217,993 shares in the last quarter. Hedge funds and other institutional investors own 83.72% of the company's stock.

Analyst Upgrades and Downgrades

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 research analysts have rated the stock with a Buy rating, According to MarketBeat.com, the stock currently has an average rating of "Buy" and an average target price of $33.00.

Covenant Logistics Group Trading Down 0.0%

Shares of Covenant Logistics Group stock opened at $22.16 on Tuesday. Covenant Logistics Group, Inc. has a 1 year low of $17.46 and a 1 year high of $30.77. The firm has a market cap of $554.44 million, a PE ratio of 16.92 and a beta of 1.42. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.09 and a quick ratio of 1.06. The company has a 50 day simple moving average of $23.90 and a two-hundred day simple moving average of $22.82.

Covenant Logistics Group Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 5th will be given a dividend of $0.07 per share. This represents a $0.28 annualized dividend and a yield of 1.3%. Covenant Logistics Group's payout ratio is presently 21.37%.

About Covenant Logistics Group

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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