Covenant Logistics Group, Inc. (NASDAQ:CVLG) Shares Bought by JPMorgan Chase & Co.

JPMorgan Chase & Co. lifted its holdings in shares of Covenant Logistics Group, Inc. (NASDAQ:CVLG - Free Report) by 51.0% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 48,038 shares of the company's stock after purchasing an additional 16,233 shares during the quarter. JPMorgan Chase & Co. owned about 0.18% of Covenant Logistics Group worth $2,619,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. KLP Kapitalforvaltning AS bought a new stake in shares of Covenant Logistics Group during the fourth quarter valued at about $71,000. Private Advisor Group LLC boosted its holdings in shares of Covenant Logistics Group by 11.8% during the 4th quarter. Private Advisor Group LLC now owns 4,567 shares of the company's stock worth $249,000 after buying an additional 481 shares during the period. SG Americas Securities LLC boosted its holdings in Covenant Logistics Group by 34.0% in the 4th quarter. SG Americas Securities LLC now owns 4,715 shares of the company's stock valued at $257,000 after purchasing an additional 1,196 shares during the period. Delphi Management Inc. MA boosted its holdings in Covenant Logistics Group by 387.3% in the 4th quarter. Delphi Management Inc. MA now owns 6,920 shares of the company's stock valued at $377,000 after purchasing an additional 5,500 shares during the period. Finally, Shaker Investments LLC OH lifted its holdings in shares of Covenant Logistics Group by 48.4% during the 4th quarter. Shaker Investments LLC OH now owns 15,187 shares of the company's stock worth $828,000 after acquiring an additional 4,955 shares during the period. 83.72% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Covenant Logistics Group

In other Covenant Logistics Group news, CAO Matisse Long sold 2,114 shares of the firm's stock in a transaction that occurred on Tuesday, January 28th. The stock was sold at an average price of $28.95, for a total transaction of $61,200.30. Following the completion of the transaction, the chief accounting officer now owns 15,434 shares in the company, valued at $446,814.30. This trade represents a 12.05 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 35.10% of the stock is owned by insiders.

Analysts Set New Price Targets

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

Covenant Logistics Group Trading Up 1.5 %

Shares of CVLG stock traded up $0.29 on Monday, hitting $20.07. 230,137 shares of the company's stock traded hands, compared to its average volume of 110,330. The company's fifty day simple moving average is $21.95 and its 200 day simple moving average is $25.86. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.07 and a current ratio of 1.10. Covenant Logistics Group, Inc. has a one year low of $17.46 and a one year high of $30.77. The stock has a market capitalization of $532.91 million, a price-to-earnings ratio of 15.50 and a beta of 1.36.

Covenant Logistics Group Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, March 7th were issued a dividend of $0.07 per share. This is a boost from Covenant Logistics Group's previous quarterly dividend of $0.06. The ex-dividend date was Friday, March 7th. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.39%. Covenant Logistics Group's dividend payout ratio is presently 20.14%.

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.