Templeton & Phillips Capital Management LLC Buys 33,747 Shares of Covenant Logistics Group, Inc. (NASDAQ:CVLG)

Templeton & Phillips Capital Management LLC boosted its stake in shares of Covenant Logistics Group, Inc. (NASDAQ:CVLG - Free Report) by 72.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 80,134 shares of the company's stock after acquiring an additional 33,747 shares during the quarter. Covenant Logistics Group accounts for 1.3% of Templeton & Phillips Capital Management LLC's portfolio, making the stock its 14th largest position. Templeton & Phillips Capital Management LLC owned about 0.30% of Covenant Logistics Group worth $1,779,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently bought and sold shares of the stock. Patton Albertson Miller Group LLC increased its stake in shares of Covenant Logistics Group by 100.0% in the first quarter. Patton Albertson Miller Group LLC now owns 576,250 shares of the company's stock valued at $12,793,000 after buying an additional 288,125 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Covenant Logistics Group by 0.3% in the fourth quarter. Vanguard Group Inc. now owns 464,371 shares of the company's stock valued at $25,313,000 after buying an additional 1,216 shares in the last quarter. Foundry Partners LLC increased its stake in shares of Covenant Logistics Group by 100.9% in the first quarter. Foundry Partners LLC now owns 434,073 shares of the company's stock valued at $9,636,000 after buying an additional 217,993 shares in the last quarter. Bridgeway Capital Management LLC increased its stake in shares of Covenant Logistics Group by 56.5% in the fourth quarter. Bridgeway Capital Management LLC now owns 274,316 shares of the company's stock valued at $14,953,000 after buying an additional 99,026 shares in the last quarter. Finally, American Century Companies Inc. increased its stake in shares of Covenant Logistics Group by 21.7% in the fourth quarter. American Century Companies Inc. now owns 210,350 shares of the company's stock valued at $11,466,000 after buying an additional 37,501 shares in the last quarter. 83.72% of the stock is currently owned by institutional investors and hedge funds.

Covenant Logistics Group Trading Up 4.2%

CVLG stock traded up $1.07 during midday trading on Friday, reaching $26.26. The stock had a trading volume of 174,289 shares, compared to its average volume of 127,627. The business has a fifty day simple moving average of $23.79 and a two-hundred day simple moving average of $23.70. 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 market cap of $697.18 million, a price-to-earnings ratio of 20.28 and a beta of 1.44. Covenant Logistics Group, Inc. has a twelve month low of $17.46 and a twelve month high of $30.77.

Covenant Logistics Group Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 27th. Investors of record on Friday, June 6th were given a $0.07 dividend. The ex-dividend date of this dividend was Friday, June 6th. This represents a $0.28 dividend on an annualized basis and a yield of 1.07%. Covenant Logistics Group's payout ratio is 21.37%.

Analyst Upgrades and Downgrades

Separately, TD Cowen lowered their price objective on Covenant Logistics Group from $31.00 to $30.00 and set a "buy" rating for the company in a research report on Friday, April 25th.

Insider Buying and Selling

In related news, Director D Michael Kramer sold 2,200 shares of Covenant Logistics Group 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 directly 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 can be accessed through the SEC website. 35.10% of the stock is currently owned by insiders.

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.