Insider Selling: Covenant Logistics Group, Inc. (NASDAQ:CVLG) Director Sells $50,160.00 in Stock

Covenant Logistics Group, Inc. (NASDAQ:CVLG) Director D Michael Kramer sold 2,200 shares of the firm’s stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $22.80, for a total value of $50,160.00. Following the completion of the sale, the director now directly owns 24,736 shares of the company’s stock, valued at $563,980.80. This trade represents a 8.17% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Covenant Logistics Group Stock Down 2.2%

Shares of NASDAQ:CVLG opened at $21.97 on Monday. The business has a 50-day moving average price of $20.99 and a 200 day moving average price of $25.26. 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 company has a market capitalization of $583.30 million, a price-to-earnings ratio of 16.97 and a beta of 1.53. Covenant Logistics Group, Inc. has a 12-month low of $17.46 and a 12-month high of $30.77.

Covenant Logistics Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be given a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.27%. The ex-dividend date of this dividend is Friday, June 6th. Covenant Logistics Group’s payout ratio is 20.14%.

Analyst Upgrades and Downgrades

Separately, TD Cowen cut their target price on Covenant Logistics Group from $31.00 to $30.00 and set a “buy” rating for the company in a research note on Friday, April 25th.

Institutional Trading of Covenant Logistics Group

Hedge funds and other institutional investors have recently modified their holdings of the business. Huntington National Bank increased its position 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 worth $52,000 after purchasing an additional 460 shares during the last quarter. KLP Kapitalforvaltning AS acquired a new stake in shares of Covenant Logistics Group during the 4th quarter worth about $71,000. Summit Investment Advisors Inc. increased its position in shares of Covenant Logistics Group by 100.0% during the 4th quarter. Summit Investment Advisors Inc. now owns 1,406 shares of the company’s stock worth $77,000 after purchasing an additional 703 shares during the last quarter. MAI Capital Management increased its position in shares of Covenant Logistics Group by 100.0% during the 1st quarter. MAI Capital Management now owns 1,500 shares of the company’s stock worth $33,000 after purchasing an additional 750 shares during the last quarter. Finally, GAMMA Investing LLC increased its position in shares of Covenant Logistics Group by 1,289.4% during the 1st quarter. GAMMA Investing LLC now owns 1,709 shares of the company’s stock worth $38,000 after purchasing an additional 1,586 shares during the last quarter. 83.72% of the stock is owned by institutional investors and hedge funds.

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.