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

Covenant Logistics Group, Inc. (NASDAQ:CVLG) saw a large growth in short interest during the month of June. As of June 15th, there was short interest totalling 94,700 shares, a growth of 13.8% from the May 31st total of 83,200 shares. Approximately 1.2% of the company’s stock are short sold. Based on an average daily volume of 63,200 shares, the short-interest ratio is currently 1.5 days.

Covenant Logistics Group Stock Performance

Shares of CVLG stock traded up $0.07 on Wednesday, hitting $49.12. 9,449 shares of the stock traded hands, compared to its average volume of 67,518. The company’s fifty day moving average is $47.00 and its 200 day moving average is $47.10. Covenant Logistics Group has a 1-year low of $38.25 and a 1-year high of $57.57. The company has a market capitalization of $642.00 million, a PE ratio of 15.72 and a beta of 1.38. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.04 and a quick ratio of 1.01.

Covenant Logistics Group (NASDAQ:CVLG) last issued its earnings results on Wednesday, April 24th. The company reported $0.84 earnings per share for the quarter, topping analysts’ consensus estimates of $0.81 by $0.03. Covenant Logistics Group had a net margin of 3.82% and a return on equity of 14.16%. The company had revenue of $278.76 million for the quarter. On average, equities research analysts predict that Covenant Logistics Group will post 4.12 earnings per share for the current fiscal year.

Covenant Logistics Group Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 7th were issued a $0.11 dividend. The ex-dividend date was Friday, June 7th. This represents a $0.44 dividend on an annualized basis and a yield of 0.90%. Covenant Logistics Group’s dividend payout ratio is currently 14.10%.

Insider Transactions at Covenant Logistics Group

In other news, Director D Michael Kramer sold 3,725 shares of the stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $46.64, for a total transaction of $173,734.00. Following the transaction, the director now owns 11,285 shares of the company’s stock, valued at $526,332.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 36.50% of the company’s stock.

Hedge Funds Weigh In On Covenant Logistics Group

Several institutional investors have recently made changes to their positions in CVLG. Boston Partners acquired a new position in Covenant Logistics Group during the 1st quarter valued at approximately $894,000. EMC Capital Management acquired a new stake in Covenant Logistics Group in the first quarter worth $149,000. Price T Rowe Associates Inc. MD lifted its stake in Covenant Logistics Group by 7.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 6,491 shares of the company’s stock valued at $301,000 after buying an additional 442 shares during the last quarter. Foundry Partners LLC boosted its holdings in shares of Covenant Logistics Group by 11.3% during the first quarter. Foundry Partners LLC now owns 81,830 shares of the company’s stock valued at $3,794,000 after acquiring an additional 8,279 shares during the period. Finally, State Board of Administration of Florida Retirement System bought a new position in shares of Covenant Logistics Group during the first quarter worth about $304,000. 83.72% of the stock is owned by institutional investors.

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.