Covenant Logistics Group, Inc. (NASDAQ:CVLG) Short Interest Up 26.1% in October

Covenant Logistics Group, Inc. (NASDAQ:CVLG) was the recipient of a large increase in short interest in October. As of October 15th, there was short interest totalling 94,100 shares, an increase of 26.1% from the September 30th total of 74,600 shares. Based on an average daily volume of 51,500 shares, the days-to-cover ratio is currently 1.8 days. Approximately 1.2% of the shares of the company are short sold.

Covenant Logistics Group Trading Up 0.6 %

Shares of CVLG stock traded up $0.32 on Wednesday, hitting $51.68. 11,334 shares of the stock traded hands, compared to its average volume of 60,759. The firm’s 50-day moving average price is $52.27 and its two-hundred day moving average price is $49.82. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.05 and a current ratio of 1.08. The stock has a market capitalization of $680.68 million, a PE ratio of 16.94 and a beta of 1.34. Covenant Logistics Group has a twelve month low of $38.25 and a twelve month high of $56.96.

Covenant Logistics Group (NASDAQ:CVLG) last announced its quarterly earnings results on Wednesday, October 23rd. The company reported $1.09 earnings per share for the quarter, beating the consensus estimate of $1.08 by $0.01. The firm had revenue of $287.89 million for the quarter. Covenant Logistics Group had a net margin of 3.76% and a return on equity of 13.78%. During the same period in the previous year, the firm posted $1.13 EPS. As a group, analysts anticipate that Covenant Logistics Group will post 4.07 EPS for the current year.

Covenant Logistics Group Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 6th were issued a $0.11 dividend. The ex-dividend date of this dividend was Friday, September 6th. This represents a $0.44 annualized dividend and a yield of 0.85%. Covenant Logistics Group’s dividend payout ratio (DPR) is currently 14.47%.

Institutional Trading of Covenant Logistics Group

Several institutional investors and hedge funds have recently bought and sold shares of CVLG. CWM LLC increased its stake in Covenant Logistics Group by 2,336.4% during the second quarter. CWM LLC now owns 536 shares of the company’s stock worth $26,000 after purchasing an additional 514 shares during the period. Innealta Capital LLC acquired a new position in shares of Covenant Logistics Group during the second quarter worth about $27,000. nVerses Capital LLC grew its position in shares of Covenant Logistics Group by 550.0% during the third quarter. nVerses Capital LLC now owns 1,300 shares of the company’s stock worth $69,000 after buying an additional 1,100 shares in the last quarter. Quest Partners LLC grew its position in shares of Covenant Logistics Group by 172.1% during the second quarter. Quest Partners LLC now owns 1,978 shares of the company’s stock worth $97,000 after buying an additional 1,251 shares in the last quarter. Finally, EMC Capital Management acquired a new position in Covenant Logistics Group in the first quarter valued at approximately $149,000. 83.72% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Separately, TD Cowen dropped their price target on shares of Covenant Logistics Group from $70.00 to $69.00 and set a “buy” rating on the stock in a research note on Friday, October 25th.

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.