Rhumbline Advisers Acquires 12,937 Shares of Covenant Logistics Group, Inc. (NASDAQ:CVLG)

Rhumbline Advisers raised its stake in Covenant Logistics Group, Inc. (NASDAQ:CVLG - Free Report) by 97.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 26,177 shares of the company's stock after acquiring an additional 12,937 shares during the period. Rhumbline Advisers owned about 0.10% of Covenant Logistics Group worth $581,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the stock. Delphi Management Inc. MA raised its holdings in shares of Covenant Logistics Group by 231.0% in the first quarter. Delphi Management Inc. MA now owns 22,905 shares of the company's stock valued at $508,000 after buying an additional 15,985 shares during the last quarter. GAMMA Investing LLC raised its holdings in shares of 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 during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in shares of Covenant Logistics Group in the fourth quarter valued at about $2,745,000. Public Employees Retirement System of Ohio acquired a new stake in shares of Covenant Logistics Group in the fourth quarter valued at approximately $706,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of Covenant Logistics Group by 10.8% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 12,605 shares of the company's stock valued at $687,000 after purchasing an additional 1,231 shares in the last quarter. 83.72% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Covenant Logistics Group

In other Covenant Logistics Group news, Director D Michael Kramer sold 2,200 shares of the company's stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $22.80, for a total transaction of $50,160.00. Following the transaction, the director now directly owns 24,736 shares in the company, valued at approximately $563,980.80. This represents a 8.17% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 35.10% of the company's stock.

Covenant Logistics Group Trading Up 0.7%

NASDAQ:CVLG traded up $0.17 on Thursday, hitting $23.87. 176,658 shares of the stock were exchanged, compared to its average volume of 114,913. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.07 and a current ratio of 1.10. Covenant Logistics Group, Inc. has a 52 week low of $17.46 and a 52 week high of $30.77. The stock has a market capitalization of $633.75 million, a price-to-earnings ratio of 18.43 and a beta of 1.45. The company's 50-day moving average price is $21.93 and its 200 day moving average price is $24.36.

Covenant Logistics Group Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be given a dividend of $0.07 per share. The ex-dividend date is Friday, June 6th. This represents a $0.28 dividend on an annualized basis and a yield of 1.17%. Covenant Logistics Group's payout ratio is presently 20.14%.

Analysts Set New Price Targets

Separately, TD Cowen reduced their price objective on Covenant Logistics Group from $31.00 to $30.00 and set a "buy" rating on the stock in a report on Friday, April 25th.

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.