Essex Investment Management Co. LLC Sells 7,930 Shares of Covenant Logistics Group, Inc. (NASDAQ:CVLG)

Essex Investment Management Co. LLC lessened its stake in Covenant Logistics Group, Inc. (NASDAQ:CVLG) by 13.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 52,674 shares of the company’s stock after selling 7,930 shares during the period. Essex Investment Management Co. LLC’s holdings in Covenant Logistics Group were worth $2,871,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in CVLG. Huntington National Bank bought a new stake in Covenant Logistics Group in the 3rd quarter worth approximately $27,000. Quantbot Technologies LP bought a new stake in Covenant Logistics Group in the 3rd quarter worth approximately $64,000. Zurcher Kantonalbank Zurich Cantonalbank grew its position 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 period. GSA Capital Partners LLP bought a new stake in shares of Covenant Logistics Group during the 3rd quarter valued at $215,000. Finally, Private Advisor Group LLC grew its position 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 period. Institutional investors own 83.72% of the company’s stock.

Analysts Set New Price Targets

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

Covenant Logistics Group Trading Up 0.0 %

Shares of Covenant Logistics Group stock opened at $24.75 on Monday. The company has a market capitalization of $652.31 million, a P/E ratio of 19.11 and a beta of 1.45. 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 company has a fifty day moving average of $27.39 and a 200 day moving average of $27.23. Covenant Logistics Group, Inc. has a fifty-two week low of $21.51 and a fifty-two week high of $30.77.

Covenant Logistics Group Increases Dividend

The company also recently announced 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. The ex-dividend date of this dividend is Friday, March 7th. This represents a $0.28 annualized dividend and a yield of 1.13%. This is an increase from Covenant Logistics Group’s previous quarterly dividend of $0.06. Covenant Logistics Group’s dividend payout ratio is currently 21.71%.

Insider Buying and Selling

In related news, CAO Matisse Long sold 2,114 shares of the company’s 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 completion of the transaction, the chief accounting officer now owns 15,434 shares of the company’s stock, valued at approximately $446,814.30. This represents a 12.05 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. 36.50% of the stock is currently owned by insiders.

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.