Algert Global LLC Purchases Shares of 5,575 Covenant Logistics Group, Inc. (NASDAQ:CVLG)

Algert Global LLC acquired a new position in shares of Covenant Logistics Group, Inc. (NASDAQ:CVLG) during the second quarter, Holdings Channel reports. The fund acquired 5,575 shares of the company’s stock, valued at approximately $275,000.

Other large investors also recently made changes to their positions in the company. CWM LLC raised its stake in Covenant Logistics Group by 2,336.4% during the 2nd quarter. CWM LLC now owns 536 shares of the company’s stock worth $26,000 after buying an additional 514 shares during the period. Innealta Capital LLC bought a new stake in shares of Covenant Logistics Group during the second quarter valued at approximately $27,000. Quest Partners LLC increased its holdings 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 acquiring an additional 1,251 shares in the last quarter. EMC Capital Management acquired a new position in shares of Covenant Logistics Group during the first quarter worth approximately $149,000. Finally, SG Americas Securities LLC bought a new position in shares of Covenant Logistics Group in the 2nd quarter worth $176,000. 83.72% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

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

Insider Transactions at Covenant Logistics Group

In other Covenant Logistics Group news, Director Herbert J. Schmidt sold 21,000 shares of the firm’s stock in a transaction on Monday, July 29th. The stock was sold at an average price of $55.24, for a total value of $1,160,040.00. Following the completion of the sale, the director now directly owns 12,134 shares of the company’s stock, valued at $670,282.16. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Company insiders own 36.50% of the company’s stock.

Covenant Logistics Group Price Performance

Shares of NASDAQ CVLG opened at $51.57 on Thursday. The stock has a market cap of $674.12 million, a price-to-earnings ratio of 16.53 and a beta of 1.34. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.05 and a current ratio of 1.08. Covenant Logistics Group, Inc. has a fifty-two week low of $38.25 and a fifty-two week high of $56.96. The firm’s 50-day simple moving average is $52.14 and its 200 day simple moving average is $49.14.

Covenant Logistics Group (NASDAQ:CVLG) last posted its earnings results on Wednesday, July 24th. The company reported $1.04 earnings per share for the quarter, beating analysts’ consensus estimates of $0.95 by $0.09. Covenant Logistics Group had a return on equity of 13.78% and a net margin of 3.76%. The company had revenue of $287.50 million for the quarter. During the same quarter in the prior year, the business earned $1.07 EPS. As a group, research analysts anticipate that Covenant Logistics Group, Inc. will post 4.07 earnings per share for the current fiscal year.

Covenant Logistics Group Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 6th were given a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a dividend yield of 0.85%. The ex-dividend date of this dividend was Friday, September 6th. Covenant Logistics Group’s payout ratio is 14.10%.

Covenant Logistics Group 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.