Vanguard Group Inc. Grows Stock Position in Covenant Logistics Group, Inc. $CVLG

Key Points

• Vanguard Group Inc. increased its stake in Covenant Logistics Group by 106.6%, acquiring an additional 494,825 shares, bringing its total ownership to 959,196 shares valued at approximately $21.3 million.
• Covenant Logistics Group has announced a quarterly dividend of $0.07 per share, with a dividend yield of 1.2%, scheduled for payout on September 26th.
• Despite recent upgrades, Wall Street Zen has reduced its rating on Covenant Logistics Group from "buy" to "hold", with the current consensus rating remaining at "buy" and a target price of $33.00.

Vanguard Group Inc. grew its stake in shares of Covenant Logistics Group, Inc. (NYSE:CVLG - Free Report) by 106.6% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 959,196 shares of the company's stock after purchasing an additional 494,825 shares during the quarter. Vanguard Group Inc. owned approximately 3.61% of Covenant Logistics Group worth $21,294,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CVLG. Patton Albertson Miller Group LLC raised its holdings in Covenant Logistics Group by 100.0% during the first quarter. Patton Albertson Miller Group LLC now owns 576,250 shares of the company's stock worth $12,793,000 after purchasing an additional 288,125 shares in the last quarter. Foundry Partners LLC increased its holdings in shares of Covenant Logistics Group by 100.9% in the 1st quarter. Foundry Partners LLC now owns 434,073 shares of the company's stock valued at $9,636,000 after acquiring an additional 217,993 shares during the period. Royce & Associates LP increased its holdings in shares of Covenant Logistics Group by 114.4% in the 1st quarter. Royce & Associates LP now owns 260,588 shares of the company's stock valued at $5,785,000 after acquiring an additional 139,044 shares during the period. Bridgeway Capital Management LLC increased its holdings in shares of Covenant Logistics Group by 56.5% in the 4th quarter. Bridgeway Capital Management LLC now owns 274,316 shares of the company's stock valued at $14,953,000 after acquiring an additional 99,026 shares during the period. Finally, Bank of New York Mellon Corp grew its position in Covenant Logistics Group by 95.7% in the 1st quarter. Bank of New York Mellon Corp now owns 135,250 shares of the company's stock valued at $3,003,000 after buying an additional 66,135 shares during the last quarter. Institutional investors and hedge funds own 83.72% of the company's stock.

Covenant Logistics Group Price Performance

Shares of NYSE:CVLG traded up $0.10 on Thursday, reaching $23.90. 3,959 shares of the company were exchanged, compared to its average volume of 118,819. 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, Inc. has a 1-year low of $17.46 and a 1-year high of $30.77. The firm has a market cap of $597.98 million, a price-to-earnings ratio of 18.24 and a beta of 1.42. The company has a 50-day moving average of $24.41 and a 200-day moving average of $23.04.

Covenant Logistics Group Dividend Announcement

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

Wall Street Analysts Forecast Growth

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

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.