Covenant Logistics Group (NASDAQ:CVLG) Sets New 12-Month Low – Time to Sell?

Covenant Logistics Group, Inc. (NASDAQ:CVLG) reached a new 52-week low during trading on Thursday . The stock traded as low as $20.20 and last traded at $21.99, with a volume of 256 shares changing hands. The stock had previously closed at $23.12.

Wall Street Analysts Forecast Growth

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

Covenant Logistics Group Stock Down 6.3 %

The firm has a market cap of $575.34 million, a price-to-earnings ratio of 16.82 and a beta of 1.45. The stock has a 50-day moving average of $25.24 and a 200-day moving average of $26.82. 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 company also recently declared a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, March 7th were given a dividend of $0.07 per share. The ex-dividend date was Friday, March 7th. This represents a $0.28 annualized dividend and a dividend yield of 1.29%. This is a positive change from Covenant Logistics Group’s previous quarterly dividend of $0.06. Covenant Logistics Group’s dividend payout ratio is currently 21.71%.

Insider Activity at Covenant Logistics Group

In other Covenant Logistics Group news, CAO Matisse Long sold 2,114 shares of the company’s stock in a transaction dated 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 in the company, valued at approximately $446,814.30. This represents a 12.05 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 36.50% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Covenant Logistics Group

Hedge funds and other institutional investors have recently made changes to their positions in the business. Huntington National Bank grew its holdings in Covenant Logistics Group by 91.5% in the 4th quarter. Huntington National Bank now owns 963 shares of the company’s stock worth $52,000 after buying an additional 460 shares in the last quarter. Quantbot Technologies LP acquired a new position in shares of Covenant Logistics Group during the third quarter valued at $64,000. KLP Kapitalforvaltning AS bought a new stake in shares of Covenant Logistics Group during the fourth quarter valued at about $71,000. Summit Investment Advisors Inc. grew its position in Covenant Logistics Group by 100.0% in the 4th quarter. Summit Investment Advisors Inc. now owns 1,406 shares of the company’s stock valued at $77,000 after buying an additional 703 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its stake in 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 buying an additional 2,031 shares during the period. 83.72% of the stock is currently owned by institutional investors and hedge funds.

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.