Covenant Logistics Group (NASDAQ:CVLG) Reaches New 1-Year Low – Should You Sell?

Shares of Covenant Logistics Group, Inc. (NASDAQ:CVLG) reached a new 52-week low during mid-day trading on Thursday . The company traded as low as $20.20 and last traded at $21.99, with a volume of 256 shares trading hands. The stock had previously closed at $23.12.

Analyst Ratings Changes

Separately, Stephens reiterated an “overweight” rating and set a $36.00 target price on shares of Covenant Logistics Group in a report on Friday, January 24th.

Covenant Logistics Group Trading Down 6.3 %

The business’s 50-day simple moving average is $25.24 and its two-hundred day simple moving average is $26.82. The company has a current ratio of 1.10, a quick ratio of 1.07 and a debt-to-equity ratio of 0.46. The company has a market capitalization of $575.34 million, a PE ratio of 16.82 and a beta of 1.45.

Covenant Logistics Group Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 7th were issued a $0.07 dividend. The ex-dividend date of this dividend was Friday, March 7th. This represents a $0.28 dividend on an annualized basis and a yield of 1.29%. This is an increase from Covenant Logistics Group’s previous quarterly dividend of $0.06. Covenant Logistics Group’s dividend payout ratio is currently 21.71%.

Insider Buying and Selling at Covenant Logistics Group

In related news, CAO Matisse Long sold 2,114 shares of the company’s stock in a transaction on Tuesday, January 28th. The shares were sold at an average price of $28.95, for a total value of $61,200.30. Following the sale, the chief accounting officer now directly owns 15,434 shares of the company’s stock, valued at $446,814.30. This represents a 12.05 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 36.50% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. Townsquare Capital LLC grew its stake in Covenant Logistics Group by 7.8% in the third quarter. Townsquare Capital LLC now owns 4,921 shares of the company’s stock worth $260,000 after purchasing an additional 357 shares in the last quarter. Huntington National Bank grew its position in shares of Covenant Logistics Group by 91.5% in the 4th quarter. Huntington National Bank now owns 963 shares of the company’s stock worth $52,000 after acquiring an additional 460 shares in the last quarter. Price T Rowe Associates Inc. MD increased its holdings in shares of Covenant Logistics Group by 7.0% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 7,164 shares of the company’s stock valued at $391,000 after acquiring an additional 467 shares during the last quarter. Private Advisor Group LLC raised its position in shares of Covenant Logistics Group by 11.8% during the 4th quarter. Private Advisor Group LLC now owns 4,567 shares of the company’s stock valued at $249,000 after acquiring an additional 481 shares in the last quarter. Finally, Summit Investment Advisors Inc. lifted its stake in Covenant Logistics Group by 100.0% during the fourth quarter. Summit Investment Advisors Inc. now owns 1,406 shares of the company’s stock worth $77,000 after purchasing an additional 703 shares during the last quarter. 83.72% of the stock is owned by institutional investors and hedge funds.

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.