Covenant Logistics Group (NASDAQ:CVLG) Sees Unusually-High Trading Volume

Shares of Covenant Logistics Group, Inc. (NASDAQ:CVLG - Get Free Report) saw unusually-strong trading volume on Wednesday . Approximately 31,191 shares traded hands during trading, a decline of 54% from the previous session's volume of 68,372 shares.The stock last traded at $44.39 and had previously closed at $44.92.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the stock. Vertical Research assumed coverage on shares of Covenant Logistics Group in a research report on Tuesday, January 23rd. They issued a "buy" rating and a $70.00 target price for the company. TD Cowen raised Covenant Logistics Group from a "market perform" rating to an "outperform" rating and boosted their target price for the stock from $51.00 to $66.00 in a report on Thursday, January 25th.

Covenant Logistics Group Stock Down 2.7 %

The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.06 and a current ratio of 1.09. The stock's fifty day simple moving average is $47.75 and its two-hundred day simple moving average is $45.43. The company has a market capitalization of $571.12 million, a price-to-earnings ratio of 10.86 and a beta of 1.41.

Covenant Logistics Group (NASDAQ:CVLG - Get Free Report) last issued its earnings results on Tuesday, January 23rd. The company reported $1.07 earnings per share for the quarter, topping analysts' consensus estimates of $1.05 by $0.02. Covenant Logistics Group had a net margin of 4.98% and a return on equity of 14.85%. The firm had revenue of $273.99 million during the quarter. On average, sell-side analysts anticipate that Covenant Logistics Group, Inc. will post 4.2 EPS for the current year.

Covenant Logistics Group Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 1st were given a $0.11 dividend. The ex-dividend date of this dividend was Thursday, February 29th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 1.01%. Covenant Logistics Group's dividend payout ratio (DPR) is 10.92%.

Insiders Place Their Bets

In other news, CEO David Ray Parker sold 55,000 shares of Covenant Logistics Group 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 $10,115,759.39. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 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 $10,115,759.39. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Matisse Long sold 667 shares of the stock in a transaction dated Friday, January 26th. The stock was sold at an average price of $50.17, for a total value of $33,463.39. Following the completion of the sale, the chief accounting officer now directly owns 9,115 shares of the company's stock, valued at $457,299.55. The disclosure for this sale can be found here. In the last quarter, insiders have sold 117,667 shares of company stock worth $6,078,403. Company insiders own 29.10% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in CVLG. Scopus Asset Management L.P. acquired a new stake in Covenant Logistics Group in the first quarter valued at approximately $10,020,000. Millennium Management LLC increased its position in Covenant Logistics Group by 435.5% during the fourth quarter. Millennium Management LLC now owns 167,509 shares of the company's stock worth $5,791,000 after buying an additional 136,226 shares during the last quarter. State Street Corp lifted its position in shares of Covenant Logistics Group by 46.9% in the first quarter. State Street Corp now owns 341,090 shares of the company's stock worth $7,344,000 after buying an additional 108,870 shares during the last quarter. Renaissance Technologies LLC acquired a new position in shares of Covenant Logistics Group during the 3rd quarter valued at about $1,383,000. Finally, Weiss Multi Strategy Advisers LLC lifted its holdings in Covenant Logistics Group by 285.0% in the 4th quarter. Weiss Multi Strategy Advisers LLC now owns 53,899 shares of the company's stock worth $2,482,000 after purchasing an additional 39,899 shares during the last quarter. Institutional investors and hedge funds own 83.72% of the company's stock.

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.