DekaBank Deutsche Girozentrale Decreases Holdings in Covenant Logistics Group, Inc. (NASDAQ:CVLG)

DekaBank Deutsche Girozentrale cut its holdings in shares of Covenant Logistics Group, Inc. (NASDAQ:CVLG) by 28.3% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,121 shares of the company’s stock after selling 838 shares during the quarter. DekaBank Deutsche Girozentrale’s holdings in Covenant Logistics Group were worth $98,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in CVLG. Tudor Investment Corp Et Al increased its holdings in Covenant Logistics Group by 3.8% in the 3rd quarter. Tudor Investment Corp Et Al now owns 7,580 shares of the company’s stock worth $332,000 after acquiring an additional 277 shares during the last quarter. Quadrature Capital Ltd increased its holdings in Covenant Logistics Group by 5.2% in the 3rd quarter. Quadrature Capital Ltd now owns 6,824 shares of the company’s stock worth $299,000 after acquiring an additional 339 shares during the last quarter. Public Employees Retirement System of Ohio increased its holdings in Covenant Logistics Group by 1.2% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 29,068 shares of the company’s stock worth $834,000 after acquiring an additional 347 shares during the last quarter. Wells Fargo & Company MN increased its holdings in Covenant Logistics Group by 8.9% in the 2nd quarter. Wells Fargo & Company MN now owns 4,513 shares of the company’s stock worth $198,000 after acquiring an additional 368 shares during the last quarter. Finally, Royal Bank of Canada increased its holdings in Covenant Logistics Group by 3.5% in the 3rd quarter. Royal Bank of Canada now owns 12,099 shares of the company’s stock worth $530,000 after acquiring an additional 412 shares during the last quarter. 83.72% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on CVLG shares. TD Cowen raised Covenant Logistics Group from a “market perform” rating to an “outperform” rating and lifted their price objective for the stock from $51.00 to $66.00 in a report on Thursday, January 25th. Vertical Research assumed coverage on Covenant Logistics Group in a research note on Tuesday, January 23rd. They issued a “buy” rating and a $70.00 target price for the company.

Covenant Logistics Group Stock Down 2.7 %

Shares of NASDAQ CVLG opened at $43.69 on Thursday. Covenant Logistics Group, Inc. has a 52 week low of $33.58 and a 52 week high of $57.57. The business has a 50-day simple moving average of $47.60 and a two-hundred day simple moving average of $45.42. The company has a quick ratio of 1.06, a current ratio of 1.09 and a debt-to-equity ratio of 0.50. The company has a market cap of $571.12 million, a P/E ratio of 10.84 and a beta of 1.41.

Covenant Logistics Group (NASDAQ:CVLG) last issued its earnings results on Tuesday, January 23rd. The company reported $1.07 EPS for the quarter, topping the consensus estimate of $1.05 by $0.02. Covenant Logistics Group had a return on equity of 14.85% and a net margin of 4.98%. The business had revenue of $273.99 million during the quarter. Research analysts anticipate that Covenant Logistics Group, Inc. will post 4.2 earnings per share for the current fiscal year.

Covenant Logistics Group Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 1st were given a dividend of $0.11 per share. The ex-dividend date of this dividend was Thursday, February 29th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 1.01%. Covenant Logistics Group’s dividend payout ratio (DPR) is presently 10.92%.

Insider Activity

In other news, CEO David Ray Parker sold 5,000 shares of Covenant Logistics Group stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $54.43, for a total transaction of $272,150.00. Following the completion of the sale, the chief executive officer now owns 325,737 shares in the company, valued at approximately $17,729,864.91. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, EVP Samuel F. Hough sold 4,000 shares of Covenant Logistics Group stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $51.55, for a total transaction of $206,200.00. Following the completion of the sale, the executive vice president now owns 25,125 shares in the company, valued at approximately $1,295,193.75. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO David Ray Parker sold 5,000 shares of the firm’s stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $54.43, for a total value of $272,150.00. Following the transaction, the chief executive officer now directly owns 325,737 shares in the company, valued at $17,729,864.91. The disclosure for this sale can be found here. In the last 90 days, insiders sold 117,667 shares of company stock worth $6,078,403. 29.10% of the stock is currently owned by insiders.

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.