Covenant Logistics Group, Inc. $CVLG Shares Acquired by Russell Investments Group Ltd.

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 holdings in shares of Covenant Logistics Group, Inc. (NYSE:CVLG - Free Report) by 200.3% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 153,922 shares of the company's stock after acquiring an additional 102,672 shares during the quarter. Russell Investments Group Ltd. owned approximately 0.58% of Covenant Logistics Group worth $3,417,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also made changes to their positions in CVLG. GAMMA Investing LLC boosted its position in shares of Covenant Logistics Group by 1,289.4% during the 1st quarter. GAMMA Investing LLC now owns 1,709 shares of the company's stock worth $38,000 after acquiring an additional 1,586 shares in the last quarter. Copeland Capital Management LLC acquired a new position in shares of Covenant Logistics Group during the 1st quarter worth about $52,000. KLP Kapitalforvaltning AS boosted its position in shares of Covenant Logistics Group by 100.0% during the 1st quarter. KLP Kapitalforvaltning AS now owns 2,600 shares of the company's stock worth $58,000 after acquiring an additional 1,300 shares in the last quarter. US Bancorp DE boosted its position in shares of Covenant Logistics Group by 6,352.3% during the 1st quarter. US Bancorp DE now owns 2,839 shares of the company's stock worth $63,000 after acquiring an additional 2,795 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Covenant Logistics Group by 100.0% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,940 shares of the company's stock worth $110,000 after acquiring an additional 2,470 shares in the last quarter. 83.72% of the stock is owned by institutional investors and hedge funds.

Covenant Logistics Group Stock Performance

CVLG traded down $0.03 on Friday, hitting $24.12. 37,149 shares of the company traded hands, compared to its average volume of 77,163. The company has a 50 day moving average of $24.38 and a 200-day moving average of $23.10. The company has a quick ratio of 1.06, a current ratio of 1.09 and a debt-to-equity ratio of 0.52. The stock has a market capitalization of $603.48 million, a PE ratio of 18.41 and a beta of 1.41. Covenant Logistics Group, Inc. has a 12-month low of $17.46 and a 12-month high of $30.77.

Covenant Logistics Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 5th will be paid a dividend of $0.07 per share. This represents a $0.28 annualized dividend and a yield of 1.2%. Covenant Logistics Group's dividend payout ratio is presently 21.37%.

Wall Street Analysts Forecast Growth

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

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.