Short Interest in Covenant Logistics Group, Inc. (NASDAQ:CVLG) Increases By 7.8%

Covenant Logistics Group, Inc. (NASDAQ:CVLG) was the target of a large increase in short interest in December. As of December 15th, there was short interest totalling 47,200 shares, an increase of 7.8% from the November 30th total of 43,800 shares. Approximately 0.6% of the shares of the stock are sold short. Based on an average daily volume of 53,900 shares, the days-to-cover ratio is presently 0.9 days.

Covenant Logistics Group Trading Up 0.6 %

CVLG opened at $54.51 on Thursday. Covenant Logistics Group has a fifty-two week low of $43.00 and a fifty-two week high of $61.54. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.10 and a quick ratio of 1.07. The firm has a market capitalization of $718.44 million, a price-to-earnings ratio of 17.93 and a beta of 1.39. The company’s 50 day moving average price is $27.98 and its two-hundred day moving average price is $26.53.

Covenant Logistics Group (NASDAQ:CVLG) last posted its quarterly earnings data on Wednesday, October 23rd. The company reported $0.55 EPS for the quarter, beating analysts’ consensus estimates of $0.54 by $0.01. Covenant Logistics Group had a net margin of 3.72% and a return on equity of 13.43%. The company had revenue of $287.89 million for the quarter. During the same period in the prior year, the company posted $0.57 earnings per share. As a group, research analysts predict that Covenant Logistics Group will post 4 earnings per share for the current year.

Covenant Logistics Group Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 27th. Stockholders of record on Friday, December 6th were paid a $0.055 dividend. This represents a $0.22 dividend on an annualized basis and a dividend yield of 0.40%. The ex-dividend date was Friday, December 6th. Covenant Logistics Group’s dividend payout ratio is currently 14.47%.

Analysts Set New Price Targets

Separately, TD Cowen reduced their target price on shares of Covenant Logistics Group from $35.00 to $34.50 and set a “buy” rating on the stock in a report on Friday, October 25th.

Insider Buying and Selling

In related news, Director Bradley A. Moline sold 14,000 shares of the company’s stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $29.82, for a total transaction of $417,480.00. Following the completion of the transaction, the director now directly owns 93,984 shares in the company, valued at $2,802,602.88. This represents a 12.96 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 36.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Covenant Logistics Group

A number of institutional investors have recently modified their holdings of the company. Huntington National Bank bought a new position in Covenant Logistics Group during the third quarter worth $27,000. Quantbot Technologies LP acquired a new position in Covenant Logistics Group during the third quarter worth $64,000. nVerses Capital LLC raised its holdings in Covenant Logistics Group by 550.0% during the third quarter. nVerses Capital LLC now owns 1,300 shares of the company’s stock worth $69,000 after buying an additional 1,100 shares during the last quarter. Quest Partners LLC lifted its position in shares of Covenant Logistics Group by 172.1% during the second quarter. Quest Partners LLC now owns 1,978 shares of the company’s stock valued at $97,000 after purchasing an additional 1,251 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Covenant Logistics Group by 110.3% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,872 shares of the company’s stock valued at $205,000 after purchasing an additional 2,031 shares in 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.