Royce & Associates LP Has $5.79 Million Holdings in Covenant Logistics Group, Inc. (NYSE: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 grew its holdings in Covenant Logistics Group, Inc. (NYSE:CVLG - Free Report) by 114.4% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund 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 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. GAMMA Investing LLC grew its position 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 purchasing an additional 1,586 shares during the last quarter. Huntington National Bank lifted its stake in shares of Covenant Logistics Group by 91.5% in the fourth quarter. Huntington National Bank now owns 963 shares of the company's stock valued at $52,000 after buying an additional 460 shares during the period. Copeland Capital Management LLC bought a new stake in shares of Covenant Logistics Group in the first quarter valued at about $52,000. KLP Kapitalforvaltning AS lifted its stake in shares of Covenant Logistics Group by 100.0% in the first quarter. KLP Kapitalforvaltning AS now owns 2,600 shares of the company's stock valued at $58,000 after buying an additional 1,300 shares during the period. Finally, Summit Investment Advisors Inc. lifted its stake in shares of Covenant Logistics Group by 100.0% in the fourth quarter. Summit Investment Advisors Inc. now owns 1,406 shares of the company's stock valued at $77,000 after buying an additional 703 shares during the period. 83.72% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. Wall Street Zen upgraded shares of Covenant Logistics Group from a "hold" rating to a "buy" rating in a research note on Wednesday. TD Cowen reduced their target price on shares of Covenant Logistics Group from $31.00 to $30.00 and set a "buy" rating for the company in a research note on Friday, April 25th.

Covenant Logistics Group Stock Down 1.1%

CVLG traded down $0.27 during midday trading on Wednesday, reaching $24.84. 8,446 shares of the company's stock were exchanged, compared to its average volume of 126,417. The stock has a market cap of $659.50 million, a price-to-earnings ratio of 18.96 and a beta of 1.44. Covenant Logistics Group, Inc. has a one year low of $17.46 and a one year high of $30.77.

Covenant Logistics Group Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 27th. Shareholders of record on Friday, June 6th were paid a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a yield of 1.13%. The ex-dividend date of this dividend was Friday, June 6th. Covenant Logistics Group's dividend payout ratio is 21.37%.

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 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 completion of the transaction, the director owned 24,736 shares in the company, valued at $563,980.80. This trade represents a 8.17% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 35.10% of the stock is currently owned by corporate 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.