State Board of Administration of Florida Retirement System Invests $228,000 in Covenant Logistics Group, Inc. (NASDAQ:CVLG)

State Board of Administration of Florida Retirement System bought a new position in shares of Covenant Logistics Group, Inc. (NASDAQ:CVLGGet Rating) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 9,089 shares of the company’s stock, valued at approximately $228,000. State Board of Administration of Florida Retirement System owned 0.06% of Covenant Logistics Group as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also modified their holdings of the stock. Dimensional Fund Advisors LP boosted its stake in shares of Covenant Logistics Group by 1.1% during the first quarter. Dimensional Fund Advisors LP now owns 1,141,635 shares of the company’s stock valued at $24,580,000 after purchasing an additional 12,726 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of Covenant Logistics Group by 3.4% during the first quarter. Vanguard Group Inc. now owns 568,041 shares of the company’s stock valued at $12,231,000 after purchasing an additional 18,602 shares in the last quarter. LSV Asset Management boosted its stake in shares of Covenant Logistics Group by 3.5% during the first quarter. LSV Asset Management now owns 408,200 shares of the company’s stock valued at $8,789,000 after purchasing an additional 13,800 shares in the last quarter. State Street Corp boosted its stake in shares of Covenant Logistics Group by 46.9% during the first quarter. State Street Corp now owns 341,090 shares of the company’s stock valued at $7,344,000 after purchasing an additional 108,870 shares in the last quarter. Finally, Acadian Asset Management LLC boosted its stake in shares of Covenant Logistics Group by 11.3% during the first quarter. Acadian Asset Management LLC now owns 290,625 shares of the company’s stock valued at $6,253,000 after purchasing an additional 29,475 shares in the last quarter. 47.17% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, Director Bradley A. Moline sold 20,000 shares of the firm’s stock in a transaction on Wednesday, October 26th. The shares were sold at an average price of $36.24, for a total transaction of $724,800.00. Following the completion of the transaction, the director now owns 49,399 shares of the company’s stock, valued at $1,790,219.76. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, President Joey B. Hogan sold 4,597 shares of the firm’s stock in a transaction on Wednesday, August 31st. The shares were sold at an average price of $28.39, for a total transaction of $130,508.83. Following the completion of the transaction, the president now owns 80,351 shares of the company’s stock, valued at $2,281,164.89. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Bradley A. Moline sold 20,000 shares of Covenant Logistics Group stock in a transaction on Wednesday, October 26th. The shares were sold at an average price of $36.24, for a total transaction of $724,800.00. Following the completion of the transaction, the director now directly owns 49,399 shares of the company’s stock, valued at approximately $1,790,219.76. The disclosure for this sale can be found here. Over the last quarter, insiders sold 65,478 shares of company stock valued at $2,100,106. Insiders own 29.10% of the company’s stock.

Covenant Logistics Group Trading Down 2.8 %

NASDAQ CVLG opened at $38.79 on Tuesday. The company has a fifty day simple moving average of $32.92 and a two-hundred day simple moving average of $28.90. The stock has a market cap of $523.43 million, a P/E ratio of 5.30 and a beta of 1.45. Covenant Logistics Group, Inc. has a 12-month low of $17.23 and a 12-month high of $40.37. The company has a current ratio of 1.33, a quick ratio of 1.30 and a debt-to-equity ratio of 0.19.

Covenant Logistics Group Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 30th. Shareholders of record on Friday, December 2nd will be issued a $0.08 dividend. The ex-dividend date of this dividend is Thursday, December 1st. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.82%. Covenant Logistics Group’s dividend payout ratio is currently 4.37%.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on CVLG shares. Stephens raised their target price on shares of Covenant Logistics Group from $35.00 to $40.00 and gave the company an “equal weight” rating in a research note on Monday, October 24th. Cowen raised their target price on shares of Covenant Logistics Group to $38.00 in a research note on Thursday, October 27th.

Covenant Logistics Group Company Profile

(Get Rating)

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.

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Institutional Ownership by Quarter for Covenant Logistics Group (NASDAQ:CVLG)

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