Short Interest in Covenant Logistics Group, Inc. (NASDAQ:CVLG) Expands By 73.8%

Covenant Logistics Group, Inc. (NASDAQ:CVLG - Get Free Report) was the target of a significant growth in short interest in April. As of April 30th, there was short interest totalling 102,200 shares, a growth of 73.8% from the April 15th total of 58,800 shares. Based on an average daily trading volume, of 73,400 shares, the days-to-cover ratio is presently 1.4 days. Approximately 1.3% of the shares of the stock are short sold.

Insider Transactions at Covenant Logistics Group

In other Covenant Logistics Group news, CEO David Ray Parker sold 55,000 shares of the firm's stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $51.47, for a total value of $2,830,850.00. Following the transaction, the chief executive officer now directly owns 196,537 shares of the company's stock, valued at approximately $10,115,759.39. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CEO David Ray Parker sold 55,000 shares of Covenant Logistics Group stock in a transaction on Monday, February 26th. The stock was sold at an average price of $51.47, for a total transaction of $2,830,850.00. Following the transaction, the chief executive officer now owns 196,537 shares in the company, valued at approximately $10,115,759.39. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Samuel F. Hough sold 4,000 shares of the business's stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $51.55, for a total transaction of $206,200.00. Following the transaction, the executive vice president now directly owns 25,125 shares in the company, valued at approximately $1,295,193.75. The disclosure for this sale can be found here. Insiders sold 107,000 shares of company stock valued at $5,541,240 over the last 90 days. 36.50% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Covenant Logistics Group

Several hedge funds have recently bought and sold shares of CVLG. LSV Asset Management increased its stake in Covenant Logistics Group by 6.7% during the third quarter. LSV Asset Management now owns 579,390 shares of the company's stock worth $25,406,000 after purchasing an additional 36,214 shares during the period. Vanguard Group Inc. boosted its position in Covenant Logistics Group by 0.9% in the 3rd quarter. Vanguard Group Inc. now owns 434,458 shares of the company's stock valued at $19,051,000 after buying an additional 4,004 shares during the period. Scopus Asset Management L.P. grew its stake in shares of Covenant Logistics Group by 53.5% in the third quarter. Scopus Asset Management L.P. now owns 407,934 shares of the company's stock worth $17,888,000 after acquiring an additional 142,153 shares in the last quarter. Patton Albertson Miller Group LLC increased its position in shares of Covenant Logistics Group by 0.8% during the fourth quarter. Patton Albertson Miller Group LLC now owns 285,671 shares of the company's stock worth $13,152,000 after acquiring an additional 2,282 shares during the period. Finally, Invesco Ltd. raised its stake in shares of Covenant Logistics Group by 26.8% in the third quarter. Invesco Ltd. now owns 143,868 shares of the company's stock valued at $6,309,000 after acquiring an additional 30,416 shares in the last quarter. Institutional investors and hedge funds own 83.72% of the company's stock.

Analyst Ratings Changes

A number of research analysts recently commented on CVLG shares. TD Cowen upgraded Covenant Logistics Group from a "market perform" rating to an "outperform" rating and upped their price objective for the company from $51.00 to $66.00 in a report on Thursday, January 25th. Vertical Research started coverage on Covenant Logistics Group in a report on Tuesday, January 23rd. They set a "buy" rating and a $70.00 price target for the company.

Covenant Logistics Group Trading Down 0.1 %

Shares of NASDAQ:CVLG traded down $0.06 during mid-day trading on Friday, reaching $46.89. 50,899 shares of the company were exchanged, compared to its average volume of 76,521. Covenant Logistics Group has a 1 year low of $37.50 and a 1 year high of $57.57. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.04 and a quick ratio of 1.06. The firm's 50-day simple moving average is $45.37 and its 200 day simple moving average is $45.54. The firm has a market cap of $612.95 million, a price-to-earnings ratio of 15.03 and a beta of 1.41.

Covenant Logistics Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 1st were paid a $0.11 dividend. The ex-dividend date was Thursday, February 29th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 0.94%. Covenant Logistics Group's payout ratio is presently 14.10%.

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.