Summit Global Investments Sells 4,503 Shares of Covenant Logistics Group, Inc. (NASDAQ:CVLG)

Summit Global Investments lessened its position in Covenant Logistics Group, Inc. (NASDAQ:CVLG) by 50.3% in the fourth quarter, HoldingsChannel reports. The firm owned 4,458 shares of the company’s stock after selling 4,503 shares during the quarter. Summit Global Investments’ holdings in Covenant Logistics Group were worth $243,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the company. State Street Corp grew its position in shares of Covenant Logistics Group by 6.2% in the 3rd quarter. State Street Corp now owns 208,517 shares of the company’s stock worth $11,018,000 after buying an additional 12,138 shares during the period. Empowered Funds LLC boosted its stake in Covenant Logistics Group by 110.2% during the fourth quarter. Empowered Funds LLC now owns 188,916 shares of the company’s stock worth $10,298,000 after acquiring an additional 99,026 shares in the last quarter. Royce & Associates LP grew its holdings in Covenant Logistics Group by 43.8% in the fourth quarter. Royce & Associates LP now owns 121,544 shares of the company’s stock worth $6,625,000 after purchasing an additional 37,008 shares during the period. Charles Schwab Investment Management Inc. increased its stake in shares of Covenant Logistics Group by 24.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 109,639 shares of the company’s stock valued at $5,793,000 after purchasing an additional 21,401 shares in the last quarter. Finally, Franklin Resources Inc. lifted its holdings in shares of Covenant Logistics Group by 1,226.7% during the third quarter. Franklin Resources Inc. now owns 70,063 shares of the company’s stock valued at $3,711,000 after purchasing an additional 64,782 shares during the last quarter. 83.72% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Separately, Stephens restated an “overweight” rating and issued a $36.00 price target on shares of Covenant Logistics Group in a research note on Friday, January 24th.

Covenant Logistics Group Trading Down 1.8 %

Shares of NASDAQ:CVLG opened at $22.69 on Wednesday. Covenant Logistics Group, Inc. has a 1 year low of $21.52 and a 1 year high of $30.77. The stock’s fifty day moving average price is $25.87 and its 200-day moving average price is $26.96. The company has a market cap of $602.42 million, a P/E ratio of 17.52 and a beta of 1.45. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.10 and a quick ratio of 1.07.

Covenant Logistics Group Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 7th will be issued a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.23%. The ex-dividend date is Friday, March 7th. 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 21.71%.

Insider Activity

In other news, CAO Matisse Long sold 2,114 shares of the firm’s stock in a transaction on Tuesday, January 28th. The stock was sold at an average price of $28.95, for a total value of $61,200.30. Following the transaction, the chief accounting officer now directly 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 at this link. 36.50% of the stock is owned by corporate insiders.

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.