Hudson Bay Capital Management LP Buys 53,345 Shares of Covenant Logistics Group, Inc. (NASDAQ:CVLG)

Hudson Bay Capital Management LP increased its position in shares of Covenant Logistics Group, Inc. (NASDAQ:CVLG - Free Report) by 108.3% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 102,623 shares of the company's stock after purchasing an additional 53,345 shares during the quarter. Hudson Bay Capital Management LP owned approximately 0.39% of Covenant Logistics Group worth $5,594,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in CVLG. Private Advisor Group LLC boosted its stake in Covenant Logistics Group by 11.8% in the fourth quarter. Private Advisor Group LLC now owns 4,567 shares of the company's stock valued at $249,000 after acquiring an additional 481 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in Covenant Logistics Group by 51.0% in the fourth quarter. JPMorgan Chase & Co. now owns 48,038 shares of the company's stock valued at $2,619,000 after acquiring an additional 16,233 shares during the last quarter. Vanguard Group Inc. boosted its stake in 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 acquiring an additional 1,216 shares during the last quarter. KLP Kapitalforvaltning AS purchased a new position in Covenant Logistics Group in the fourth quarter valued at about $71,000. Finally, Price T Rowe Associates Inc. MD boosted its stake in Covenant Logistics Group by 7.0% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 7,164 shares of the company's stock valued at $391,000 after acquiring an additional 467 shares during the last quarter. 83.72% of the stock is currently owned by hedge funds and other institutional investors.

Covenant Logistics Group Stock Performance

Shares of NASDAQ CVLG traded down $0.03 during midday trading on Friday, hitting $23.35. The company's stock had a trading volume of 178,076 shares, compared to its average volume of 110,044. The stock has a fifty day moving average price of $21.02 and a 200 day moving average price of $25.40. Covenant Logistics Group, Inc. has a one year low of $17.46 and a one year high of $30.77. The company has a current ratio of 1.10, a quick ratio of 1.07 and a debt-to-equity ratio of 0.46. The firm has a market capitalization of $620.02 million, a price-to-earnings ratio of 18.03 and a beta of 1.53.

Covenant Logistics Group Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be issued a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a yield of 1.20%. Covenant Logistics Group's dividend payout ratio (DPR) is presently 20.14%.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. Stephens reiterated an "overweight" rating and issued a $36.00 target price on shares of Covenant Logistics Group in a research note on Friday, January 24th. TD Cowen lowered their price target on shares of Covenant Logistics Group from $31.00 to $30.00 and set a "buy" rating on the stock in a research report on Friday, April 25th.

Covenant Logistics Group Company 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.