Jacobs Levy Equity Management Inc. Sells 1,850 Shares of Covenant Logistics Group, Inc. (NASDAQ:CVLG)

Jacobs Levy Equity Management Inc. trimmed its stake in shares of Covenant Logistics Group, Inc. (NASDAQ:CVLG) by 1.8% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 99,609 shares of the company’s stock after selling 1,850 shares during the quarter. Jacobs Levy Equity Management Inc. owned 0.38% of Covenant Logistics Group worth $5,430,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in CVLG. Huntington National Bank raised its stake in shares of Covenant Logistics Group by 91.5% during the 4th quarter. Huntington National Bank now owns 963 shares of the company’s stock valued at $52,000 after purchasing an additional 460 shares during the period. KLP Kapitalforvaltning AS bought a new position in Covenant Logistics Group in the 4th quarter worth about $71,000. Summit Investment Advisors Inc. increased its stake in Covenant Logistics Group by 100.0% in the 4th quarter. Summit Investment Advisors Inc. now owns 1,406 shares of the company’s stock worth $77,000 after acquiring an additional 703 shares during the last quarter. Private Advisor Group LLC increased its stake in Covenant Logistics Group by 11.8% in the 4th quarter. Private Advisor Group LLC now owns 4,567 shares of the company’s stock worth $249,000 after acquiring an additional 481 shares during the last quarter. Finally, SG Americas Securities LLC increased its stake in Covenant Logistics Group by 34.0% in the 4th quarter. SG Americas Securities LLC now owns 4,715 shares of the company’s stock worth $257,000 after acquiring an additional 1,196 shares during the last quarter. 83.72% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have weighed in on CVLG shares. Stephens restated an “overweight” rating and issued a $36.00 target price on shares of Covenant Logistics Group in a research note on Friday, January 24th. TD Cowen decreased their target price on Covenant Logistics Group from $31.00 to $30.00 and set a “buy” rating on the stock in a research note on Friday, April 25th.

Covenant Logistics Group Price Performance

Shares of Covenant Logistics Group stock opened at $23.07 on Thursday. The company has a current ratio of 1.10, a quick ratio of 1.07 and a debt-to-equity ratio of 0.46. The firm has a market capitalization of $612.51 million, a PE ratio of 17.81 and a beta of 1.53. The business’s 50-day moving average price is $21.03 and its 200-day moving average price is $25.44. Covenant Logistics Group, Inc. has a 12 month low of $17.46 and a 12 month high of $30.77.

Covenant Logistics Group Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 7th were issued a dividend of $0.07 per share. The ex-dividend date of this dividend was Friday, March 7th. This is a boost from Covenant Logistics Group’s previous quarterly dividend of $0.06. This represents a $0.28 annualized dividend and a yield of 1.21%. Covenant Logistics Group’s dividend payout ratio is currently 20.14%.

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.