Covenant Logistics Group, Inc. (NASDAQ:CVLG) Short Interest Down 6.8% in October

Covenant Logistics Group, Inc. (NASDAQ:CVLG) was the target of a significant drop in short interest during the month of October. As of October 31st, there was short interest totalling 142,200 shares, a drop of 6.8% from the October 15th total of 152,500 shares. Currently, 2.0% of the shares of the stock are sold short. Based on an average daily volume of 56,400 shares, the days-to-cover ratio is presently 2.5 days.

Analyst Upgrades and Downgrades

Separately, Stephens increased their price objective on shares of Covenant Logistics Group from $63.00 to $70.00 and gave the company an “overweight” rating in a research report on Friday, July 28th.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP boosted its holdings in shares of Covenant Logistics Group by 1.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,141,635 shares of the company’s stock valued at $24,580,000 after buying an additional 12,726 shares in the last quarter. LSV Asset Management boosted its holdings in shares of Covenant Logistics Group by 6.7% in the 3rd quarter. LSV Asset Management now owns 579,390 shares of the company’s stock valued at $25,406,000 after buying an additional 36,214 shares in the last quarter. Vanguard Group Inc. boosted its holdings in shares of Covenant Logistics Group by 3.4% in the 1st quarter. Vanguard Group Inc. now owns 568,041 shares of the company’s stock valued at $12,231,000 after buying an additional 18,602 shares in the last quarter. Scopus Asset Management L.P. boosted its holdings in shares of Covenant Logistics Group by 53.5% in the 3rd quarter. Scopus Asset Management L.P. now owns 407,934 shares of the company’s stock valued at $17,888,000 after buying an additional 142,153 shares in the last quarter. Finally, Acadian Asset Management LLC boosted its holdings in shares of Covenant Logistics Group by 1.1% in the 1st quarter. Acadian Asset Management LLC now owns 346,772 shares of the company’s stock valued at $12,279,000 after buying an additional 3,644 shares in the last quarter. Hedge funds and other institutional investors own 56.48% of the company’s stock.

Covenant Logistics Group Trading Up 0.2 %

Shares of CVLG traded up $0.07 during midday trading on Friday, hitting $41.24. The stock had a trading volume of 59,553 shares, compared to its average volume of 77,154. Covenant Logistics Group has a 1 year low of $29.34 and a 1 year high of $57.57. The firm has a market cap of $534.06 million, a PE ratio of 10.53 and a beta of 1.50. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.18 and a quick ratio of 1.15. The stock’s 50 day moving average is $42.95 and its 200 day moving average is $44.31.

Covenant Logistics Group (NASDAQ:CVLG) last posted its quarterly earnings results on Wednesday, October 25th. The company reported $1.13 EPS for the quarter, topping the consensus estimate of $1.12 by $0.01. The company had revenue of $288.72 million for the quarter. Covenant Logistics Group had a net margin of 4.77% and a return on equity of 16.35%. As a group, analysts forecast that Covenant Logistics Group will post 4.18 EPS for the current fiscal year.

Covenant Logistics Group Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, September 29th. Shareholders of record on Friday, September 1st were given a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a yield of 1.07%. The ex-dividend date was Thursday, August 31st. Covenant Logistics Group’s dividend payout ratio (DPR) is 11.25%.

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.