Renaissance Technologies LLC Decreases Position in Covenant Logistics Group, Inc. (NASDAQ:CVLG)

Renaissance Technologies LLC reduced its position in Covenant Logistics Group, Inc. (NASDAQ:CVLG - Free Report) by 85.0% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,800 shares of the company's stock after selling 27,157 shares during the period. Renaissance Technologies LLC's holdings in Covenant Logistics Group were worth $262,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Private Advisor Group LLC grew its position 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 valued at $249,000 after acquiring an additional 481 shares during the period. JPMorgan Chase & Co. increased its position in Covenant Logistics Group by 51.0% in the fourth quarter. JPMorgan Chase & Co. now owns 48,038 shares of the company's stock worth $2,619,000 after buying an additional 16,233 shares in the last quarter. Vanguard Group Inc. increased its position in Covenant Logistics Group by 0.3% in the fourth quarter. Vanguard Group Inc. now owns 464,371 shares of the company's stock worth $25,313,000 after buying an additional 1,216 shares in the last quarter. KLP Kapitalforvaltning AS bought a new position in shares of Covenant Logistics Group in the fourth quarter worth about $71,000. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of Covenant Logistics Group by 82.7% during the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 16,485 shares of the company's stock valued at $899,000 after buying an additional 7,464 shares in the last quarter. 83.72% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts have weighed in on the stock. Stephens reaffirmed an "overweight" rating and set a $36.00 price target on shares of Covenant Logistics Group in a report on Friday, January 24th. TD Cowen dropped their target price on shares of Covenant Logistics Group from $31.00 to $30.00 and set a "buy" rating for the company in a report on Friday, April 25th.

Covenant Logistics Group Price Performance

NASDAQ CVLG traded down $0.14 during trading hours on Friday, reaching $21.04. The company's stock had a trading volume of 127,274 shares, compared to its average volume of 110,594. 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 company has a market capitalization of $558.61 million, a price-to-earnings ratio of 16.25 and a beta of 1.53. The firm's 50-day moving average price is $21.20 and its 200-day moving average price is $25.53.

Covenant Logistics Group Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 7th were paid a dividend of $0.07 per share. The ex-dividend date was Friday, March 7th. This is a positive change from Covenant Logistics Group's previous quarterly dividend of $0.06. This represents a $0.28 dividend on an annualized basis and a yield of 1.33%. Covenant Logistics Group's dividend payout ratio is presently 20.14%.

Covenant Logistics Group 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.