Covenant Logistics Group, Inc. (NASDAQ:CVLG) Short Interest Up 46.5% in March

Covenant Logistics Group, Inc. (NASDAQ:CVLG) was the target of a large increase in short interest in the month of March. As of March 15th, there was short interest totalling 151,800 shares, an increase of 46.5% from the February 28th total of 103,600 shares. Approximately 0.9% of the shares of the company are short sold. Based on an average trading volume of 94,900 shares, the short-interest ratio is presently 1.6 days.

Covenant Logistics Group Price Performance

Covenant Logistics Group stock traded down $0.71 during trading hours on Friday, hitting $22.20. 54,576 shares of the company traded hands, compared to its average volume of 107,434. Covenant Logistics Group has a 1-year low of $21.52 and a 1-year high of $30.77. The firm has a market cap of $589.44 million, a P/E ratio of 17.14 and a beta of 1.45. The firm’s 50-day simple moving average is $25.56 and its two-hundred day simple moving average is $26.89. The company has a quick ratio of 1.07, a current ratio of 1.10 and a debt-to-equity ratio of 0.46.

Covenant Logistics Group Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 7th were issued a dividend of $0.07 per share. This is a boost from Covenant Logistics Group’s previous quarterly dividend of $0.06. The ex-dividend date of this dividend was Friday, March 7th. This represents a $0.28 annualized dividend and a yield of 1.26%. Covenant Logistics Group’s payout ratio is presently 21.71%.

Analyst Ratings Changes

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

Insider Buying and Selling

In other news, CAO Matisse Long sold 2,114 shares of the business’s stock in a transaction that occurred on Tuesday, January 28th. The stock was sold at an average price of $28.95, for a total transaction of $61,200.30. Following the completion of the transaction, the chief accounting officer now directly owns 15,434 shares in the company, valued at approximately $446,814.30. The trade was a 12.05 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 36.50% of the company’s stock.

Hedge Funds Weigh In On Covenant Logistics Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CVLG. Huntington National Bank lifted its holdings in shares of Covenant Logistics Group by 91.5% in the fourth quarter. Huntington National Bank now owns 963 shares of the company’s stock valued at $52,000 after buying an additional 460 shares during the period. Quantbot Technologies LP bought a new stake in Covenant Logistics Group in the third quarter worth about $64,000. KLP Kapitalforvaltning AS acquired a new stake in Covenant Logistics Group in the 4th quarter valued at about $71,000. Summit Investment Advisors Inc. boosted its position in shares of Covenant Logistics Group by 100.0% during the 4th quarter. Summit Investment Advisors Inc. now owns 1,406 shares of the company’s stock valued at $77,000 after purchasing an additional 703 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Covenant Logistics Group by 110.3% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,872 shares of the company’s stock worth $205,000 after purchasing an additional 2,031 shares during the last quarter. 83.72% of the stock is owned by institutional investors.

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.