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

Covenant Logistics Group, Inc. (NASDAQ:CVLG) saw a significant growth in short interest in the month of December. As of December 15th, there was short interest totalling 47,200 shares, a growth of 7.8% from the November 30th total of 43,800 shares. Based on an average daily volume of 53,900 shares, the days-to-cover ratio is presently 0.9 days. Currently, 0.6% of the company’s stock are sold short.

Covenant Logistics Group Stock Up 2.4 %

Shares of NASDAQ CVLG opened at $27.91 on Thursday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.07 and a current ratio of 1.10. Covenant Logistics Group has a 1 year low of $21.50 and a 1 year high of $30.77. The stock’s 50-day simple moving average is $27.98 and its 200-day simple moving average is $26.53. The firm has a market cap of $367.85 million, a price-to-earnings ratio of 9.18 and a beta of 1.39.

Covenant Logistics Group (NASDAQ:CVLG) last posted its quarterly earnings data on Wednesday, October 23rd. The company reported $0.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.54 by $0.01. The company had revenue of $287.89 million for the quarter. Covenant Logistics Group had a return on equity of 13.43% and a net margin of 3.72%. During the same quarter in the prior year, the firm earned $0.57 earnings per share. As a group, equities analysts anticipate that Covenant Logistics Group will post 4 earnings per share for the current fiscal year.

Covenant Logistics Group Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, December 27th. Investors of record on Friday, December 6th were issued a $0.055 dividend. The ex-dividend date was Friday, December 6th. This represents a $0.22 annualized dividend and a yield of 0.79%. Covenant Logistics Group’s dividend payout ratio is presently 14.47%.

Insiders Place Their Bets

In other Covenant Logistics Group news, Director Bradley A. Moline sold 14,000 shares of the stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $29.82, for a total value of $417,480.00. Following the completion of the sale, the director now owns 93,984 shares of the company’s stock, valued at $2,802,602.88. This trade represents a 12.96 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 36.50% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. AQR Capital Management LLC lifted its position in shares of Covenant Logistics Group by 0.3% during the second quarter. AQR Capital Management LLC now owns 74,704 shares of the company’s stock worth $3,682,000 after purchasing an additional 236 shares during the last quarter. Townsquare Capital LLC raised its stake in Covenant Logistics Group by 7.8% during the third quarter. Townsquare Capital LLC now owns 4,921 shares of the company’s stock valued at $260,000 after buying an additional 357 shares in the last quarter. Huntington National Bank bought a new position in Covenant Logistics Group during the 3rd quarter worth approximately $27,000. Victory Capital Management Inc. grew its position in shares of Covenant Logistics Group by 3.9% in the 2nd quarter. Victory Capital Management Inc. now owns 20,186 shares of the company’s stock worth $995,000 after acquiring an additional 755 shares in the last quarter. Finally, nVerses Capital LLC increased its holdings in shares of Covenant Logistics Group by 550.0% in the 3rd quarter. nVerses Capital LLC now owns 1,300 shares of the company’s stock valued at $69,000 after acquiring an additional 1,100 shares during the last quarter. 83.72% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Separately, TD Cowen lowered their price target on shares of Covenant Logistics Group from $35.00 to $34.50 and set a “buy” rating for the company in a report 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.