Covenant Logistics Group, Inc. (NASDAQ:CVLG) Short Interest Up 26.1% in October

Covenant Logistics Group, Inc. (NASDAQ:CVLG) was the recipient of a large increase in short interest in the month of October. As of October 15th, there was short interest totalling 94,100 shares, an increase of 26.1% from the September 30th total of 74,600 shares. Currently, 1.2% of the shares of the company are sold short. Based on an average daily volume of 51,500 shares, the days-to-cover ratio is presently 1.8 days.

Hedge Funds Weigh In On Covenant Logistics Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in CVLG. Foundry Partners LLC increased its position in Covenant Logistics Group by 125.9% in the 2nd quarter. Foundry Partners LLC now owns 184,844 shares of the company’s stock valued at $9,111,000 after buying an additional 103,014 shares in the last quarter. American Century Companies Inc. grew its position in Covenant Logistics Group by 29.4% during the second quarter. American Century Companies Inc. now owns 114,117 shares of the company’s stock valued at $5,625,000 after buying an additional 25,913 shares during the period. Russell Investments Group Ltd. raised its holdings in shares of Covenant Logistics Group by 252.6% in the 1st quarter. Russell Investments Group Ltd. now owns 29,041 shares of the company’s stock worth $1,346,000 after purchasing an additional 20,805 shares during the period. Boston Partners purchased a new position in shares of Covenant Logistics Group during the 1st quarter valued at $894,000. Finally, Oliver Luxxe Assets LLC boosted its position in Covenant Logistics Group by 109.7% during the third quarter. Oliver Luxxe Assets LLC now owns 34,734 shares of the company’s stock worth $1,835,000 after purchasing an additional 18,168 shares during the period. Institutional investors own 83.72% of the company’s stock.

Wall Street Analyst Weigh In

Separately, TD Cowen dropped their price objective on Covenant Logistics Group from $70.00 to $69.00 and set a “buy” rating for the company in a research note on Friday, October 25th.

Covenant Logistics Group Stock Up 0.3 %

NASDAQ CVLG traded up $0.15 during trading hours on Wednesday, reaching $51.51. 187 shares of the company’s stock were exchanged, compared to its average volume of 60,706. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.05 and a current ratio of 1.08. The company has a market capitalization of $678.44 million, a price-to-earnings ratio of 16.87 and a beta of 1.34. The company’s 50-day moving average is $52.27 and its two-hundred day moving average is $49.82. Covenant Logistics Group has a one year low of $38.25 and a one year high of $56.96.

Covenant Logistics Group (NASDAQ:CVLG) last released its quarterly earnings data on Wednesday, October 23rd. The company reported $1.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.08 by $0.01. The firm had revenue of $287.89 million for the quarter. Covenant Logistics Group had a return on equity of 13.78% and a net margin of 3.76%. During the same quarter in the prior year, the company earned $1.13 EPS. On average, analysts forecast that Covenant Logistics Group will post 4.07 EPS for the current fiscal year.

Covenant Logistics Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 6th were given a dividend of $0.11 per share. The ex-dividend date of this dividend was Friday, September 6th. This represents a $0.44 annualized dividend and a yield of 0.85%. Covenant Logistics Group’s dividend payout ratio is currently 14.47%.

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.