Covenant Logistics Group, Inc. $CVLG Position Raised by Martingale Asset Management L P

Martingale Asset Management L P lifted its position in Covenant Logistics Group, Inc. (NYSE:CVLG) by 108.1% during the first quarter, Holdings Channel reports. The institutional investor owned 31,452 shares of the company’s stock after buying an additional 16,341 shares during the quarter. Martingale Asset Management L P’s holdings in Covenant Logistics Group were worth $698,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in CVLG. Wells Fargo & Company MN lifted its position in shares of Covenant Logistics Group by 28.1% during the 4th quarter. Wells Fargo & Company MN now owns 4,921 shares of the company’s stock valued at $268,000 after acquiring an additional 1,079 shares during the last quarter. Marshall Wace LLP boosted its holdings in shares of Covenant Logistics Group by 86.3% in the fourth quarter. Marshall Wace LLP now owns 9,420 shares of the company’s stock worth $513,000 after buying an additional 4,364 shares during the period. Price T Rowe Associates Inc. MD increased its position in shares of Covenant Logistics Group by 7.0% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 7,164 shares of the company’s stock worth $391,000 after acquiring an additional 467 shares in the last quarter. T. Rowe Price Investment Management Inc. purchased a new position in Covenant Logistics Group during the 4th quarter worth approximately $8,878,000. Finally, Tudor Investment Corp ET AL purchased a new position in shares of Covenant Logistics Group during the fourth quarter valued at $920,000. 83.72% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Separately, 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. Two equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $33.00.

Covenant Logistics Group Trading Up 5.5%

NYSE:CVLG opened at $25.03 on Monday. The company has a market capitalization of $626.25 million, a P/E ratio of 19.11 and a beta of 1.41. The stock’s 50 day moving average price is $24.25 and its 200 day moving average price is $23.14. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.06 and a current ratio of 1.09. Covenant Logistics Group, Inc. has a 52 week low of $17.46 and a 52 week high of $30.77.

Covenant Logistics Group Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Friday, September 5th will be issued a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.1%. Covenant Logistics Group’s dividend payout ratio is currently 21.37%.

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.