Covenant Logistics Group, Inc. (NASDAQ:CVLG) Shares Sold by Brandywine Global Investment Management LLC

Brandywine Global Investment Management LLC reduced its stake in shares of Covenant Logistics Group, Inc. (NASDAQ:CVLG) by 4.0% during the 4th quarter, HoldingsChannel reports. The fund owned 28,876 shares of the company’s stock after selling 1,200 shares during the period. Brandywine Global Investment Management LLC’s holdings in Covenant Logistics Group were worth $1,574,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. boosted its holdings in shares of Covenant Logistics Group by 0.3% in the 4th quarter. Vanguard Group Inc. now owns 464,371 shares of the company’s stock valued at $25,313,000 after purchasing an additional 1,216 shares during the last quarter. American Century Companies Inc. grew its position in Covenant Logistics Group by 21.7% during the fourth quarter. American Century Companies Inc. now owns 210,350 shares of the company’s stock valued at $11,466,000 after acquiring an additional 37,501 shares during the period. State Street Corp increased its stake in Covenant Logistics Group by 6.2% during the third quarter. State Street Corp now owns 208,517 shares of the company’s stock worth $11,018,000 after acquiring an additional 12,138 shares during the last quarter. Empowered Funds LLC raised its holdings in shares of Covenant Logistics Group by 110.2% in the 4th quarter. Empowered Funds LLC now owns 188,916 shares of the company’s stock worth $10,298,000 after purchasing an additional 99,026 shares during the period. Finally, Royce & Associates LP raised its holdings in shares of Covenant Logistics Group by 43.8% in the 4th 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. 83.72% of the stock is currently owned by hedge funds and other institutional investors.

Covenant Logistics Group Price Performance

CVLG stock opened at $23.03 on Thursday. The stock has a 50-day simple moving average of $25.24 and a 200-day simple moving average of $26.82. The firm has a market cap of $611.45 million, a P/E ratio of 17.78 and a beta of 1.45. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.07 and a current ratio of 1.10. Covenant Logistics Group, Inc. has a 1 year low of $21.52 and a 1 year high of $30.77.

Covenant Logistics Group Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, March 7th were paid a dividend of $0.07 per share. The ex-dividend date was Friday, March 7th. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.22%. This is a positive change from Covenant Logistics Group’s previous quarterly dividend of $0.06. Covenant Logistics Group’s dividend payout ratio (DPR) is currently 21.71%.

Insider Activity

In other Covenant Logistics Group news, CAO Matisse Long sold 2,114 shares of the business’s stock in a transaction on Tuesday, January 28th. The shares were sold at an average price of $28.95, for a total value of $61,200.30. Following the transaction, the chief accounting officer now owns 15,434 shares in the company, valued at $446,814.30. The trade was a 12.05 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 36.50% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Stephens reiterated an “overweight” rating and set a $36.00 target price on shares of Covenant Logistics Group in a report on Friday, January 24th.

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.