Covenant Logistics Group, Inc. (NASDAQ:CVLG) Shares Sold by AlphaQuest LLC

AlphaQuest LLC decreased its position in Covenant Logistics Group, Inc. (NASDAQ:CVLG) by 64.3% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,506 shares of the company’s stock after selling 4,522 shares during the quarter. AlphaQuest LLC’s holdings in Covenant Logistics Group were worth $137,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CVLG. GSA Capital Partners LLP acquired a new stake in Covenant Logistics Group during the third quarter worth approximately $215,000. Victory Capital Management Inc. raised its holdings in Covenant Logistics Group by 74.9% during the third quarter. Victory Capital Management Inc. now owns 35,314 shares of the company’s stock worth $1,866,000 after purchasing an additional 15,128 shares in the last quarter. Huntington National Bank acquired a new stake in Covenant Logistics Group during the third quarter worth approximately $27,000. Royce & Associates LP raised its holdings in Covenant Logistics Group by 7.0% during the third quarter. Royce & Associates LP now owns 84,536 shares of the company’s stock worth $4,467,000 after purchasing an additional 5,537 shares in the last quarter. Finally, Empowered Funds LLC raised its holdings in Covenant Logistics Group by 5.3% during the third quarter. Empowered Funds LLC now owns 89,890 shares of the company’s stock worth $4,750,000 after purchasing an additional 4,556 shares in the last quarter. Institutional investors and hedge funds own 83.72% of the company’s stock.

Insider Activity at Covenant Logistics Group

In related news, CAO Matisse Long sold 2,114 shares of Covenant Logistics Group 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 transaction, the chief accounting officer now directly owns 15,434 shares in the company, valued at $446,814.30. This trade represents a 12.05 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 36.50% of the stock is currently owned by insiders.

Covenant Logistics Group Stock Performance

Shares of CVLG opened at $23.16 on Tuesday. 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 firm has a market cap of $614.90 million, a PE ratio of 17.88 and a beta of 1.45. The company’s 50 day simple moving average is $26.36 and its 200-day simple moving average is $27.10. Covenant Logistics Group, Inc. has a 12-month low of $21.52 and a 12-month high of $30.77.

Covenant Logistics Group Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 7th will be given a dividend of $0.07 per share. The ex-dividend date of this dividend is Friday, March 7th. This is a positive change from Covenant Logistics Group’s previous quarterly dividend of $0.06. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.21%. Covenant Logistics Group’s dividend payout ratio (DPR) is 21.71%.

Analyst Upgrades and Downgrades

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

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.