Royce & Associates LP Purchases 139,044 Shares of Covenant Logistics Group, Inc. (NASDAQ:CVLG)

Key Points

• Royce & Associates LP increased its stake in Covenant Logistics Group by 114.4%, owning 260,588 shares valued at approximately $5.79 million as of the latest filing.
• Covenant Logistics Group recently announced a quarterly dividend of $0.07 per share, representing a 1.07% yield and an annualized dividend of $0.28.
• Institutional investors hold 83.72% of Covenant Logistics Group's stock, indicating strong institutional interest in the company.

Royce & Associates LP lifted its stake in shares of Covenant Logistics Group, Inc. (NASDAQ:CVLG - Free Report) by 114.4% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 260,588 shares of the company's stock after purchasing an additional 139,044 shares during the quarter. Royce & Associates LP owned about 0.98% of Covenant Logistics Group worth $5,785,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Wedbush Securities Inc. grew its position in Covenant Logistics Group by 86.4% in the first quarter. Wedbush Securities Inc. now owns 16,898 shares of the company's stock valued at $375,000 after acquiring an additional 7,832 shares in the last quarter. Legato Capital Management LLC lifted its stake in Covenant Logistics Group by 97.0% in the first quarter. Legato Capital Management LLC now owns 30,709 shares of the company's stock valued at $682,000 after buying an additional 15,120 shares during the last quarter. Templeton & Phillips Capital Management LLC lifted its stake in Covenant Logistics Group by 72.8% in the first quarter. Templeton & Phillips Capital Management LLC now owns 80,134 shares of the company's stock valued at $1,779,000 after buying an additional 33,747 shares during the last quarter. KLP Kapitalforvaltning AS raised its stake in shares of Covenant Logistics Group by 100.0% during the first quarter. KLP Kapitalforvaltning AS now owns 2,600 shares of the company's stock valued at $58,000 after purchasing an additional 1,300 shares in the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH raised its stake in shares of Covenant Logistics Group by 84.4% during the first quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 92,870 shares of the company's stock valued at $2,062,000 after purchasing an additional 42,514 shares in the last quarter. 83.72% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, Director D Michael Kramer sold 2,200 shares of the company's stock in a transaction dated Wednesday, May 21st. The stock was sold at an average price of $22.80, for a total value of $50,160.00. Following the completion of the sale, the director owned 24,736 shares in the company, valued at approximately $563,980.80. This represents a 8.17% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 35.10% of the stock is owned by company insiders.

Covenant Logistics Group Stock Performance

NASDAQ CVLG traded down $0.16 during trading on Monday, hitting $26.05. The company's stock had a trading volume of 120,658 shares, compared to its average volume of 127,577. The company has a quick ratio of 1.07, a current ratio of 1.10 and a debt-to-equity ratio of 0.46. The firm has a 50 day moving average price of $23.79 and a 200 day moving average price of $23.67. The firm has a market cap of $691.71 million, a P/E ratio of 20.12 and a beta of 1.44. Covenant Logistics Group, Inc. has a 52 week low of $17.46 and a 52 week high of $30.77.

Covenant Logistics Group Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Friday, June 6th were paid a dividend of $0.07 per share. This represents a $0.28 annualized dividend and a dividend yield of 1.07%. The ex-dividend date of this dividend was Friday, June 6th. Covenant Logistics Group's dividend payout ratio (DPR) is presently 21.37%.

Analyst Ratings Changes

Separately, TD Cowen lowered their target price 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.