Covenant Logistics Group, Inc. (NASDAQ:CVLG) Short Interest Update

Covenant Logistics Group, Inc. (NASDAQ:CVLG) saw a significant decrease in short interest in the month of September. As of September 15th, there was short interest totalling 88,700 shares, a decrease of 32.0% from the August 31st total of 130,500 shares. Approximately 1.1% of the company’s shares are short sold. Based on an average daily volume of 50,700 shares, the short-interest ratio is currently 1.7 days.

Insider Transactions at Covenant Logistics Group

In related news, Director Herbert J. Schmidt sold 21,000 shares of the business’s stock in a transaction dated Monday, July 29th. The stock was sold at an average price of $55.24, for a total transaction of $1,160,040.00. Following the transaction, the director now owns 12,134 shares in the company, valued at approximately $670,282.16. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 36.50% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of CVLG. CWM LLC raised its stake in Covenant Logistics Group by 2,336.4% during the second quarter. CWM LLC now owns 536 shares of the company’s stock valued at $26,000 after buying an additional 514 shares during the last quarter. Innealta Capital LLC purchased a new position in shares of Covenant Logistics Group in the 2nd quarter worth about $27,000. Quest Partners LLC raised its position in shares of Covenant Logistics Group by 172.1% in the 2nd quarter. Quest Partners LLC now owns 1,978 shares of the company’s stock worth $97,000 after purchasing an additional 1,251 shares during the last quarter. EMC Capital Management bought a new position in Covenant Logistics Group in the 1st quarter worth about $149,000. Finally, SG Americas Securities LLC purchased a new stake in Covenant Logistics Group during the 2nd quarter valued at about $176,000. 83.72% of the stock is currently owned by institutional investors.

Covenant Logistics Group Price Performance

CVLG stock opened at $52.50 on Friday. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.08 and a quick ratio of 1.05. Covenant Logistics Group has a 1 year low of $38.25 and a 1 year high of $56.96. The firm has a 50-day moving average of $52.39 and a 200 day moving average of $48.69. The company has a market cap of $691.36 million, a P/E ratio of 16.83 and a beta of 1.34.

Covenant Logistics Group (NASDAQ:CVLG) last released its earnings results on Wednesday, July 24th. The company reported $1.04 EPS for the quarter, beating analysts’ consensus estimates of $0.95 by $0.09. The company had revenue of $287.50 million during the quarter. Covenant Logistics Group had a return on equity of 13.78% and a net margin of 3.76%. During the same quarter in the previous year, the business earned $1.07 EPS. On average, sell-side analysts forecast that Covenant Logistics Group will post 4.07 EPS for the current year.

Covenant Logistics Group Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 6th will be given a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a dividend yield of 0.84%. The ex-dividend date of this dividend is Friday, September 6th. Covenant Logistics Group’s dividend payout ratio is presently 14.10%.

Analyst Ratings Changes

Separately, TD Cowen lifted their price target on shares of Covenant Logistics Group from $65.00 to $70.00 and gave the company a “buy” rating in a report on Friday, July 26th.

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.