Connor Clark & Lunn Investment Management Ltd. Grows Holdings in Covenant Logistics Group, Inc. (NASDAQ:CVLG)

Connor Clark & Lunn Investment Management Ltd. raised its position in Covenant Logistics Group, Inc. (NASDAQ:CVLG) by 82.7% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 16,485 shares of the company’s stock after purchasing an additional 7,464 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned about 0.06% of Covenant Logistics Group worth $899,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CVLG. Quantbot Technologies LP acquired a new position in shares of Covenant Logistics Group during the 3rd quarter valued at about $64,000. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Covenant Logistics Group by 110.3% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,872 shares of the company’s stock valued at $205,000 after acquiring an additional 2,031 shares during the last quarter. GSA Capital Partners LLP acquired a new position in shares of Covenant Logistics Group during the 3rd quarter valued at about $215,000. Private Advisor Group LLC increased its stake 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 during the last quarter. Finally, SG Americas Securities LLC increased its stake in shares of Covenant Logistics Group by 34.0% during the 4th quarter. SG Americas Securities LLC now owns 4,715 shares of the company’s stock valued at $257,000 after acquiring an additional 1,196 shares during the last quarter. 83.72% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

Insider Activity at Covenant Logistics Group

In other news, CAO Matisse Long sold 2,114 shares of Covenant Logistics Group stock in a transaction that occurred on Tuesday, January 28th. The shares were sold at an average price of $28.95, for a total transaction of $61,200.30. Following the sale, the chief accounting officer now owns 15,434 shares in the company, valued at $446,814.30. This trade represents a 12.05 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 36.50% of the stock is currently owned by insiders.

Covenant Logistics Group Trading Down 0.5 %

NASDAQ CVLG opened at $22.58 on Friday. Covenant Logistics Group, Inc. has a one year low of $21.52 and a one year high of $30.77. The company’s 50 day moving average price is $26.03 and its 200 day moving average price is $26.99. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.07 and a current ratio of 1.10. The firm has a market capitalization of $599.55 million, a price-to-earnings ratio of 17.44 and a beta of 1.45.

Covenant Logistics Group Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be issued a $0.07 dividend. This is a positive change from Covenant Logistics Group’s previous quarterly dividend of $0.06. The ex-dividend date is Friday, March 7th. This represents a $0.28 annualized dividend and a yield of 1.24%. Covenant Logistics Group’s dividend payout ratio (DPR) is presently 21.71%.

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.