Russell Investments Group Ltd. Purchases 102,672 Shares of Covenant Logistics Group, Inc. $CVLG

Key Points

• Russell Investments Group Ltd. increased its stake in Covenant Logistics Group by 200.3% in Q1, holding 153,922 shares valued at approximately $3.42 million.
• Other institutional investors, including Vanguard Group Inc. and Royce & Associates LP, also significantly raised their positions in Covenant Logistics Group during the same period.
• The company's stock was recently upgraded from a "hold" to a "buy" rating, with a consensus price target of $33.00 from analysts.

Russell Investments Group Ltd. raised its position in Covenant Logistics Group, Inc. (NYSE:CVLG - Free Report) by 200.3% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 153,922 shares of the company's stock after acquiring an additional 102,672 shares during the period. Russell Investments Group Ltd. owned about 0.58% of Covenant Logistics Group worth $3,417,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD raised its holdings in Covenant Logistics Group by 7.0% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 7,164 shares of the company's stock valued at $391,000 after acquiring an additional 467 shares in the last quarter. Lazard Asset Management LLC raised its holdings in shares of Covenant Logistics Group by 5.8% in the 4th quarter. Lazard Asset Management LLC now owns 19,032 shares of the company's stock worth $1,036,000 after buying an additional 1,049 shares in the last quarter. Wells Fargo & Company MN raised its holdings in shares of Covenant Logistics Group by 28.1% in the 4th quarter. Wells Fargo & Company MN now owns 4,921 shares of the company's stock worth $268,000 after buying an additional 1,079 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of Covenant Logistics Group by 10.8% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 12,605 shares of the company's stock worth $687,000 after buying an additional 1,231 shares in the last quarter. Finally, KLP Kapitalforvaltning AS raised its holdings in shares of Covenant Logistics Group by 100.0% in the 1st quarter. KLP Kapitalforvaltning AS now owns 2,600 shares of the company's stock worth $58,000 after buying an additional 1,300 shares in the last quarter. Institutional investors and hedge funds own 83.72% of the company's stock.

Analyst Ratings Changes

Separately, Wall Street Zen raised Covenant Logistics Group from a "hold" rating to a "buy" rating in a report on Wednesday, July 30th. Two research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the company presently has a consensus rating of "Buy" and an average target price of $33.00.

Covenant Logistics Group Price Performance

NYSE CVLG traded down $0.32 during trading hours on Thursday, reaching $24.08. 19,145 shares of the company's stock were exchanged, compared to its average volume of 120,656. The stock has a market cap of $602.48 million, a PE ratio of 18.38 and a beta of 1.41. Covenant Logistics Group, Inc. has a one year low of $17.46 and a one year high of $30.77. The firm has a fifty day moving average of $24.33 and a 200-day moving average of $23.14. The company has a current ratio of 1.09, a quick ratio of 1.06 and a debt-to-equity ratio of 0.52.

Covenant Logistics Group Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Investors of record on Friday, September 5th will be given a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a yield of 1.2%. Covenant Logistics Group's dividend payout ratio (DPR) 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.