Strs Ohio Has $598,000 Stake in Covenant Logistics Group, Inc. (NASDAQ:CVLG)

Strs Ohio increased its holdings in Covenant Logistics Group, Inc. (NASDAQ:CVLG) by 2.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 13,000 shares of the company’s stock after buying an additional 300 shares during the period. Strs Ohio owned 0.10% of Covenant Logistics Group worth $598,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Legato Capital Management LLC acquired a new stake in shares of Covenant Logistics Group in the fourth quarter valued at approximately $510,000. SG Americas Securities LLC acquired a new stake in shares of Covenant Logistics Group in the fourth quarter valued at approximately $221,000. Ziegler Capital Management LLC raised its position in Covenant Logistics Group by 3.0% during the fourth quarter. Ziegler Capital Management LLC now owns 18,669 shares of the company’s stock valued at $860,000 after purchasing an additional 535 shares in the last quarter. Vanguard Group Inc. raised its position in Covenant Logistics Group by 0.9% during the third quarter. Vanguard Group Inc. now owns 434,458 shares of the company’s stock valued at $19,051,000 after purchasing an additional 4,004 shares in the last quarter. Finally, American Century Companies Inc. raised its position in Covenant Logistics Group by 7.3% during the third quarter. American Century Companies Inc. now owns 132,131 shares of the company’s stock valued at $5,794,000 after purchasing an additional 8,955 shares in the last quarter. 83.72% of the stock is currently owned by institutional investors and hedge funds.

Covenant Logistics Group Stock Performance

NASDAQ CVLG opened at $44.90 on Friday. The firm’s fifty day moving average price is $46.38 and its two-hundred day moving average price is $45.42. The stock has a market cap of $586.93 million, a PE ratio of 14.39 and a beta of 1.41. Covenant Logistics Group, Inc. has a fifty-two week low of $34.68 and a fifty-two week high of $57.57. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.06 and a current ratio of 1.09.

Covenant Logistics Group (NASDAQ:CVLG) last posted its earnings results on Tuesday, January 23rd. The company reported $1.07 earnings per share for the quarter, topping analysts’ consensus estimates of $1.05 by $0.02. The firm had revenue of $273.99 million for the quarter. Covenant Logistics Group had a net margin of 3.82% and a return on equity of 14.30%. On average, equities analysts expect that Covenant Logistics Group, Inc. will post 4.2 EPS for the current fiscal year.

Covenant Logistics Group Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 1st were paid a dividend of $0.11 per share. The ex-dividend date was Thursday, February 29th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 0.98%. Covenant Logistics Group’s payout ratio is presently 14.10%.

Insiders Place Their Bets

In other Covenant Logistics Group news, CEO David Ray Parker sold 55,000 shares of the business’s stock in a transaction on Monday, February 26th. The shares were sold at an average price of $51.47, for a total transaction of $2,830,850.00. Following the sale, the chief executive officer now owns 196,537 shares of the company’s stock, valued at $10,115,759.39. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, EVP Samuel F. Hough sold 4,000 shares of the business’s stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $51.55, for a total value of $206,200.00. Following the sale, the executive vice president now owns 25,125 shares of the company’s stock, valued at $1,295,193.75. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO David Ray Parker sold 55,000 shares of the business’s stock in a transaction on Monday, February 26th. The stock was sold at an average price of $51.47, for a total transaction of $2,830,850.00. Following the completion of the sale, the chief executive officer now directly owns 196,537 shares in the company, valued at approximately $10,115,759.39. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 107,000 shares of company stock valued at $5,541,240. 36.50% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several brokerages have commented on CVLG. Vertical Research began coverage on shares of Covenant Logistics Group in a research report on Tuesday, January 23rd. They set a “buy” rating and a $70.00 price objective for the company. TD Cowen upgraded shares of Covenant Logistics Group from a “market perform” rating to an “outperform” rating and boosted their price objective for the company from $51.00 to $66.00 in a research report on Thursday, January 25th.

About Covenant Logistics Group

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.