Hudson Bay Capital Management LP Increases Stock Position in Covenant Logistics Group, Inc. (NASDAQ:CVLG)

Hudson Bay Capital Management LP lifted its holdings in shares of Covenant Logistics Group, Inc. (NASDAQ:CVLG - Free Report) by 108.3% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor 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 about 0.39% of Covenant Logistics Group worth $5,594,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Private Advisor Group LLC lifted its position in shares of Covenant Logistics Group by 11.8% during the fourth quarter. Private Advisor Group LLC now owns 4,567 shares of the company's stock worth $249,000 after purchasing an additional 481 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in Covenant Logistics Group by 51.0% during the 4th quarter. JPMorgan Chase & Co. now owns 48,038 shares of the company's stock worth $2,619,000 after acquiring an additional 16,233 shares in the last quarter. Vanguard Group Inc. grew its holdings in Covenant Logistics Group by 0.3% during the 4th quarter. Vanguard Group Inc. now owns 464,371 shares of the company's stock worth $25,313,000 after acquiring an additional 1,216 shares in the last quarter. KLP Kapitalforvaltning AS acquired a new position in Covenant Logistics Group during the 4th quarter worth approximately $71,000. Finally, Wells Fargo & Company MN grew its holdings in Covenant Logistics Group by 28.1% during the 4th quarter. Wells Fargo & Company MN now owns 4,921 shares of the company's stock worth $268,000 after acquiring an additional 1,079 shares in the last quarter. Institutional investors and hedge funds own 83.72% of the company's stock.

Covenant Logistics Group Stock Down 0.1%

Covenant Logistics Group stock traded down $0.03 during mid-day trading on Friday, hitting $23.35. The company had a trading volume of 178,076 shares, compared to its average volume of 110,719. The stock has a market cap of $620.02 million, a price-to-earnings ratio of 18.03 and a beta of 1.53. Covenant Logistics Group, Inc. has a 1 year low of $17.46 and a 1 year high of $30.77. 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 business has a fifty day moving average of $21.02 and a 200 day moving average of $25.42.

Covenant Logistics Group Announces Dividend

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

Wall Street Analyst Weigh In

CVLG has been the topic of several research analyst reports. Stephens reissued an "overweight" rating and set a $36.00 target price on shares of Covenant Logistics Group in a research report on Friday, January 24th. TD Cowen dropped 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 note 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.