Rhumbline Advisers Increases Stock Holdings in 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 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund 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 as of its most recent SEC filing.

Several other large investors have also modified their holdings of CVLG. Private Advisor Group LLC boosted its holdings in shares of Covenant Logistics Group by 11.8% in the fourth quarter. Private Advisor Group LLC now owns 4,567 shares of the company's stock valued at $249,000 after acquiring an additional 481 shares during the period. Pacific Global Investment Management Co. increased its position in shares of Covenant Logistics Group by 8.2% in the fourth quarter. Pacific Global Investment Management Co. now owns 36,562 shares of the company's stock valued at $1,993,000 after buying an additional 2,775 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its position in shares of Covenant Logistics Group by 82.7% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 16,485 shares of the company's stock valued at $899,000 after buying an additional 7,464 shares in the last quarter. Royce & Associates LP increased its position in Covenant Logistics Group by 43.8% during the 4th quarter. Royce & Associates LP now owns 121,544 shares of the company's stock worth $6,625,000 after purchasing an additional 37,008 shares in the last quarter. Finally, Delphi Management Inc. MA increased its position in Covenant Logistics Group by 387.3% during the 4th quarter. Delphi Management Inc. MA now owns 6,920 shares of the company's stock worth $377,000 after purchasing an additional 5,500 shares in the last quarter. 83.72% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

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

Covenant Logistics Group Stock Up 0.1%

Shares of NASDAQ:CVLG opened at $22.86 on Monday. The firm has a market cap of $607.01 million, a price-to-earnings ratio of 17.65 and a beta of 1.45. Covenant Logistics Group, Inc. has a 12-month low of $17.46 and a 12-month high of $30.77. The company has a current ratio of 1.10, a quick ratio of 1.07 and a debt-to-equity ratio of 0.46. The stock's 50-day moving average price is $21.63 and its two-hundred day moving average price is $24.40.

Covenant Logistics Group Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be paid a $0.07 dividend. This represents a $0.28 annualized dividend and a dividend yield of 1.22%. The ex-dividend date of this dividend is Friday, June 6th. Covenant Logistics Group's dividend payout ratio is currently 20.14%.

Insider Activity

In related news, Director D Michael Kramer sold 2,200 shares of the business's stock in a transaction that occurred on Wednesday, May 21st. The stock was 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 of the company's stock, valued at approximately $563,980.80. The trade was a 8.17% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Corporate insiders own 35.10% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.