Short Interest in Covenant Logistics Group, Inc. (NASDAQ:CVLG) Increases By 35.2%

Covenant Logistics Group, Inc. (NASDAQ:CVLG) was the target of a significant increase in short interest in January. As of January 31st, there was short interest totalling 133,000 shares, an increase of 35.2% from the January 15th total of 98,400 shares. Based on an average daily volume of 110,100 shares, the short-interest ratio is currently 1.2 days.

Covenant Logistics Group Stock Performance

CVLG traded up $0.28 on Friday, hitting $26.93. The company’s stock had a trading volume of 56,589 shares, compared to its average volume of 109,167. The company’s 50 day simple moving average is $28.22 and its 200-day simple moving average is $27.29. The firm has a market cap of $709.74 million, a P/E ratio of 14.02 and a beta of 1.40. Covenant Logistics Group has a 12 month low of $21.51 and a 12 month 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.

Covenant Logistics Group Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be issued a $0.07 dividend. This represents a $0.28 annualized dividend and a yield of 1.04%. This is an increase from Covenant Logistics Group’s previous quarterly dividend of $0.06. Covenant Logistics Group’s dividend payout ratio (DPR) is presently 16.99%.

Analyst Upgrades and Downgrades

A number of brokerages have commented on CVLG. TD Cowen cut their price target on shares of Covenant Logistics Group from $35.00 to $34.50 and set a “buy” rating on the stock in a research report on Friday, October 25th. Stephens reissued an “overweight” rating and set a $36.00 price objective on shares of Covenant Logistics Group in a research report on Friday, January 24th.

Insider Buying and Selling at Covenant Logistics Group

In other news, CAO Matisse Long sold 2,114 shares of the company’s stock in a transaction on Tuesday, January 28th. The shares were 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 directly owns 15,434 shares in the company, valued at approximately $446,814.30. This represents a 12.05 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 36.50% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of CVLG. Northern Trust Corp raised its position in Covenant Logistics Group by 8.7% in the 4th quarter. Northern Trust Corp now owns 87,107 shares of the company’s stock worth $4,748,000 after purchasing an additional 6,982 shares during the period. Tudor Investment Corp ET AL bought a new position in shares of Covenant Logistics Group in the fourth quarter worth approximately $920,000. T. Rowe Price Investment Management Inc. bought a new position in shares of Covenant Logistics Group in the fourth quarter worth approximately $8,878,000. Price T Rowe Associates Inc. MD raised its holdings in shares of Covenant Logistics Group by 7.0% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 7,164 shares of the company’s stock valued at $391,000 after purchasing an additional 467 shares during the last quarter. Finally, Marshall Wace LLP raised its holdings in shares of Covenant Logistics Group by 86.3% during the fourth quarter. Marshall Wace LLP now owns 9,420 shares of the company’s stock valued at $513,000 after purchasing an additional 4,364 shares during the last quarter. 83.72% of the stock is owned by institutional investors.

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.