Foundry Partners LLC Boosts Stock Position in Covenant Logistics Group, Inc. (NASDAQ:CVLG)

Foundry Partners LLC lifted its position in Covenant Logistics Group, Inc. (NASDAQ:CVLG) by 100.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 434,073 shares of the company’s stock after buying an additional 217,993 shares during the quarter. Foundry Partners LLC owned approximately 1.63% of Covenant Logistics Group worth $9,636,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Patton Albertson Miller Group LLC increased its holdings in Covenant Logistics Group by 100.0% during the 1st quarter. Patton Albertson Miller Group LLC now owns 576,250 shares of the company’s stock worth $12,793,000 after purchasing an additional 288,125 shares during the period. Victory Capital Management Inc. increased its holdings in Covenant Logistics Group by 97.8% during the 1st quarter. Victory Capital Management Inc. now owns 70,271 shares of the company’s stock worth $1,560,000 after purchasing an additional 34,753 shares during the period. Stephens Inc. AR increased its holdings in Covenant Logistics Group by 100.5% during the 1st quarter. Stephens Inc. AR now owns 18,152 shares of the company’s stock worth $403,000 after purchasing an additional 9,097 shares during the period. New York State Common Retirement Fund boosted its position in shares of Covenant Logistics Group by 59.1% during the 1st quarter. New York State Common Retirement Fund now owns 5,840 shares of the company’s stock worth $130,000 after acquiring an additional 2,170 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its position in shares of Covenant Logistics Group by 95.7% during the 1st quarter. Bank of New York Mellon Corp now owns 135,250 shares of the company’s stock worth $3,003,000 after acquiring an additional 66,135 shares in the last quarter. Hedge funds and other institutional investors own 83.72% of the company’s stock.

Insiders Place Their Bets

In other Covenant Logistics Group news, Director D Michael Kramer sold 2,200 shares of the stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $22.80, for a total transaction of $50,160.00. Following the sale, the director owned 24,736 shares in the company, valued at approximately $563,980.80. This represents a 8.17% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 35.10% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

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

Covenant Logistics Group Stock Performance

Shares of CVLG stock opened at $23.56 on Friday. The company has a market cap of $625.57 million, a price-to-earnings ratio of 18.19 and a beta of 1.44. The stock has a 50 day simple moving average of $23.63 and a 200-day simple moving average of $23.99. Covenant Logistics Group, Inc. has a 12-month low of $17.46 and a 12-month high of $30.77. The company has a current ratio of 1.10, a quick ratio of 1.07 and a debt-to-equity ratio of 0.46.

Covenant Logistics Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 27th. Investors of record on Friday, June 6th were paid a $0.07 dividend. This represents a $0.28 annualized dividend and a yield of 1.19%. The ex-dividend date was Friday, June 6th. Covenant Logistics Group’s 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.