Strs Ohio Invests $500,000 in Covenant Logistics Group, Inc. $CVLG

Key Points

• Strs Ohio invested approximately $500,000 in Covenant Logistics Group, Inc. by purchasing 22,500 shares, representing about 0.08% ownership.
• A significant number of institutional investors have increased their holdings in Covenant Logistics Group recently, with Vanguard Group Inc. boosting its position by 106.6%.
• Covenant Logistics Group announced a quarterly dividend of $0.07, with a dividend yield of 1.3%, set to be paid to stockholders in September.

Strs Ohio purchased a new stake in shares of Covenant Logistics Group, Inc. (NYSE:CVLG - Free Report) during the 1st quarter, according to the company in its most recent filing with the SEC. The fund purchased 22,500 shares of the company's stock, valued at approximately $500,000. Strs Ohio owned about 0.08% of Covenant Logistics Group as of its most recent filing with the SEC.

A number of other hedge funds have also recently modified their holdings of the stock. Jane Street Group LLC boosted its stake in shares of Covenant Logistics Group by 27.6% in the first quarter. Jane Street Group LLC now owns 21,937 shares of the company's stock worth $487,000 after buying an additional 4,743 shares during the last quarter. Northeast Financial Consultants Inc boosted its stake in shares of Covenant Logistics Group by 100.0% in the first quarter. Northeast Financial Consultants Inc now owns 40,000 shares of the company's stock worth $888,000 after acquiring an additional 20,000 shares during the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of Covenant Logistics Group by 161.8% in the first quarter. Goldman Sachs Group Inc. now owns 179,304 shares of the company's stock worth $3,981,000 after acquiring an additional 110,810 shares during the last quarter. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Covenant Logistics Group in the first quarter worth approximately $418,000. Finally, Petrus Trust Company LTA increased its holdings in shares of Covenant Logistics Group by 100.0% in the first quarter. Petrus Trust Company LTA now owns 21,300 shares of the company's stock valued at $473,000 after purchasing an additional 10,650 shares during the last quarter. Hedge funds and other institutional investors own 83.72% of the company's stock.

Wall Street Analyst Weigh In

Separately, Wall Street Zen cut Covenant Logistics Group from a "buy" rating to a "hold" rating in a report on Saturday, August 30th. Two equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat, Covenant Logistics Group presently has a consensus rating of "Buy" and a consensus price target of $33.00.

Covenant Logistics Group Stock Down 0.0%

NYSE CVLG traded down $0.01 during trading on Monday, reaching $22.16. 187,223 shares of the company's stock were exchanged, compared to its average volume of 79,751. The stock has a market cap of $554.44 million, a P/E ratio of 12.28 and a beta of 1.42. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.06 and a current ratio of 1.09. The company has a 50 day moving average price of $23.90 and a two-hundred day moving average price of $22.82. Covenant Logistics Group, Inc. has a 1 year low of $17.46 and a 1 year high of $30.77.

Covenant Logistics Group Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 5th will be issued a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a yield of 1.3%. Covenant Logistics Group's dividend payout ratio (DPR) is 21.37%.

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.