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

Covenant Logistics Group, Inc. (NASDAQ:CVLG) was the recipient of a significant growth in short interest in May. As of May 15th, there was short interest totalling 171,700 shares, a growth of 37.4% from the April 30th total of 125,000 shares. Currently, 1.0% of the company’s shares are sold short. Based on an average daily volume of 131,800 shares, the short-interest ratio is currently 1.3 days.

Covenant Logistics Group Stock Performance

Shares of CVLG opened at $22.85 on Monday. The firm has a market cap of $606.53 million, a P/E ratio of 17.64 and a beta of 1.53. Covenant Logistics Group has a twelve month low of $17.46 and a twelve month high of $30.77. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.07 and a current ratio of 1.10. The firm’s 50 day moving average price is $20.98 and its two-hundred day moving average price is $25.01.

Covenant Logistics Group Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be issued a dividend of $0.07 per share. The ex-dividend date of this dividend is Friday, June 6th. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.23%. Covenant Logistics Group’s payout ratio is 20.14%.

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling at Covenant Logistics Group

In other Covenant Logistics Group news, Director D Michael Kramer sold 2,200 shares of Covenant Logistics Group stock in a transaction dated Wednesday, May 21st. The stock was sold at an average price of $22.80, for a total transaction of $50,160.00. Following the transaction, the director now directly owns 24,736 shares in the company, valued at approximately $563,980.80. The trade was a 8.17% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 35.10% of the company’s stock.

Institutional Investors Weigh In On Covenant Logistics Group

Several institutional investors have recently added to or reduced their stakes in the stock. Rhumbline Advisers raised its stake in shares of Covenant Logistics Group by 97.7% in the 1st quarter. Rhumbline Advisers now owns 26,177 shares of the company’s stock valued at $581,000 after purchasing an additional 12,937 shares during the period. Strs Ohio acquired a new stake in Covenant Logistics Group in the 1st quarter valued at approximately $500,000. Jane Street Group LLC lifted its stake in Covenant Logistics Group by 27.6% in the 1st quarter. Jane Street Group LLC now owns 21,937 shares of the company’s stock valued at $487,000 after acquiring an additional 4,743 shares in the last quarter. Northeast Financial Consultants Inc boosted its position in Covenant Logistics Group by 100.0% during the 1st quarter. Northeast Financial Consultants Inc now owns 40,000 shares of the company’s stock worth $888,000 after acquiring an additional 20,000 shares during the last quarter. Finally, Goldman Sachs Group Inc. grew its stake in shares of Covenant Logistics Group by 161.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 179,304 shares of the company’s stock worth $3,981,000 after acquiring an additional 110,810 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.