Royce & Associates LP Buys 37,008 Shares of Covenant Logistics Group, Inc. (NASDAQ:CVLG)

Royce & Associates LP raised its stake in Covenant Logistics Group, Inc. (NASDAQ:CVLG) by 43.8% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 121,544 shares of the company’s stock after acquiring an additional 37,008 shares during the period. Royce & Associates LP’s holdings in Covenant Logistics Group were worth $6,625,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. State Street Corp lifted its stake in shares of Covenant Logistics Group by 6.2% in the 3rd quarter. State Street Corp now owns 208,517 shares of the company’s stock valued at $11,018,000 after purchasing an additional 12,138 shares during the period. Foundry Partners LLC boosted its holdings in shares of Covenant Logistics Group by 6.2% during the 3rd quarter. Foundry Partners LLC now owns 196,303 shares of the company’s stock worth $10,373,000 after buying an additional 11,459 shares in the last quarter. Empowered Funds LLC increased its stake in shares of Covenant Logistics Group by 110.2% in the 4th quarter. Empowered Funds LLC now owns 188,916 shares of the company’s stock valued at $10,298,000 after acquiring an additional 99,026 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in Covenant Logistics Group by 24.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 109,639 shares of the company’s stock valued at $5,793,000 after purchasing an additional 21,401 shares in the last quarter. Finally, Franklin Resources Inc. raised its holdings in shares of Covenant Logistics Group by 1,226.7% during the third quarter. Franklin Resources Inc. now owns 70,063 shares of the company’s stock valued at $3,711,000 after purchasing an additional 64,782 shares during the period. Institutional investors and hedge funds own 83.72% of the company’s stock.

Covenant Logistics Group Stock Down 0.4 %

Covenant Logistics Group stock opened at $23.01 on Wednesday. The firm has a market capitalization of $610.92 million, a price-to-earnings ratio of 17.77 and a beta of 1.45. The firm’s fifty day moving average price is $26.28 and its two-hundred day moving average price is $27.07. Covenant Logistics Group, Inc. has a 1-year low of $21.52 and a 1-year high of $30.77. The company has a current ratio of 1.10, a quick ratio of 1.07 and a debt-to-equity ratio of 0.46.

Covenant Logistics Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be issued a dividend of $0.07 per share. This is a positive change from Covenant Logistics Group’s previous quarterly dividend of $0.06. This represents a $0.28 dividend on an annualized basis and a yield of 1.22%. The ex-dividend date of this dividend is Friday, March 7th. Covenant Logistics Group’s payout ratio is currently 21.71%.

Insider Transactions at Covenant Logistics Group

In other Covenant Logistics Group news, CAO Matisse Long sold 2,114 shares of the firm’s stock in a transaction 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 transaction, the chief accounting officer now directly owns 15,434 shares in the company, valued at approximately $446,814.30. This trade represents a 12.05 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 36.50% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Covenant Logistics Group 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.