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. increased its holdings in shares of Covenant Logistics Group, Inc. (NYSE:CVLG - Free Report) by 106.6% in the first quarter, according to its most recent filing with the SEC. The fund owned 959,196 shares of the company's stock after acquiring an additional 494,825 shares during the period. Vanguard Group Inc. owned about 3.61% of Covenant Logistics Group worth $21,294,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in CVLG. Rhumbline Advisers grew its holdings in shares of Covenant Logistics Group by 97.7% in the first quarter. Rhumbline Advisers now owns 26,177 shares of the company's stock worth $581,000 after purchasing an additional 12,937 shares during the last quarter. GAMMA Investing LLC increased its position in shares of Covenant Logistics Group by 1,289.4% during the first quarter. GAMMA Investing LLC now owns 1,709 shares of the company's stock worth $38,000 after acquiring an additional 1,586 shares during the period. New York State Common Retirement Fund lifted its holdings in shares of Covenant Logistics Group by 59.1% in the 1st quarter. New York State Common Retirement Fund now owns 5,840 shares of the company's stock worth $130,000 after buying an additional 2,170 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Covenant Logistics Group by 10.8% in the fourth 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 acquiring an additional 1,231 shares during the period. Finally, Bank of America Corp DE grew its holdings in Covenant Logistics Group by 132.0% during the 4th quarter. Bank of America Corp DE now owns 28,484 shares of the company's stock worth $1,553,000 after acquiring an additional 16,205 shares in the last quarter. 83.72% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

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

Covenant Logistics Group Stock Up 1.4%

Covenant Logistics Group stock traded up $0.33 during midday trading on Thursday, reaching $24.13. The company's stock had a trading volume of 73,442 shares, compared to its average volume of 67,639. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.09 and a quick ratio of 1.06. The stock has a market capitalization of $603.73 million, a P/E ratio of 18.42 and a beta of 1.42. The stock's 50-day simple moving average is $24.41 and its 200-day simple moving average is $23.02. Covenant Logistics Group, Inc. has a 52-week low of $17.46 and a 52-week 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. Stockholders 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 dividend yield of 1.2%. Covenant Logistics Group's payout ratio is currently 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.