Covenant Logistics Group, Inc. (NYSE:CVLG) Shares Purchased by Alberta Investment Management Corp

Alberta Investment Management Corp raised its stake in shares of Covenant Logistics Group, Inc. (NYSE:CVLG) by 100.0% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 29,400 shares of the company’s stock after purchasing an additional 14,700 shares during the period. Alberta Investment Management Corp’s holdings in Covenant Logistics Group were worth $653,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Rhumbline Advisers grew its stake in Covenant Logistics Group by 97.7% during the first quarter. Rhumbline Advisers now owns 26,177 shares of the company’s stock worth $581,000 after buying an additional 12,937 shares during the period. GAMMA Investing LLC grew its stake in Covenant Logistics Group by 1,289.4% during the first quarter. GAMMA Investing LLC now owns 1,709 shares of the company’s stock worth $38,000 after buying an additional 1,586 shares during the period. New York State Common Retirement Fund grew its stake in Covenant Logistics Group by 59.1% during the first quarter. New York State Common Retirement Fund now owns 5,840 shares of the company’s stock worth $130,000 after buying an additional 2,170 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Covenant Logistics Group by 10.8% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 12,605 shares of the company’s stock worth $687,000 after buying an additional 1,231 shares during the period. Finally, JPMorgan Chase & Co. grew its stake in Covenant Logistics Group by 51.0% during the fourth quarter. JPMorgan Chase & Co. now owns 48,038 shares of the company’s stock worth $2,619,000 after buying an additional 16,233 shares during the period. Institutional investors and hedge funds own 83.72% of the company’s stock.

Wall Street Analyst Weigh In

CVLG has been the subject of several research reports. TD Cowen decreased their price objective on shares of 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. Wall Street Zen upgraded shares of Covenant Logistics Group from a “hold” rating to a “buy” rating in a research note on Wednesday, July 30th.

Covenant Logistics Group Price Performance

Shares of CVLG stock opened at $23.54 on Tuesday. The company has a market capitalization of $624.99 million, a PE ratio of 17.97 and a beta of 1.41. The firm has a fifty day simple moving average of $24.00 and a 200-day simple moving average of $23.55. The company has a current ratio of 1.09, a quick ratio of 1.06 and a debt-to-equity ratio of 0.42. Covenant Logistics Group, Inc. has a twelve month low of $17.46 and a twelve month high of $30.77.

Covenant Logistics Group Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Friday, June 6th were paid a $0.07 dividend. The ex-dividend date was Friday, June 6th. This represents a $0.28 annualized dividend and a dividend yield of 1.2%. Covenant Logistics Group’s dividend payout ratio is 21.37%.

Insider Buying and Selling at Covenant Logistics Group

In other news, Director D Michael Kramer sold 2,200 shares of the company’s stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $22.80, for a total value of $50,160.00. Following the completion of the transaction, the director directly owned 24,736 shares in the company, valued at approximately $563,980.80. This represents a 8.17% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 35.10% of the company’s stock.

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.