Los Angeles Capital Management LLC Takes $1.04 Million Position in Covenant Logistics Group, Inc. (NASDAQ:CVLG)

Posted by on May 3rd, 2023

Los Angeles Capital Management LLC purchased a new stake in Covenant Logistics Group, Inc. (NASDAQ:CVLG – Get Rating) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 30,140 shares of the company’s stock, valued at approximately $1,042,000. Los Angeles Capital Management LLC owned 0.22% of Covenant Logistics Group as of its most recent SEC filing.

A number of other large investors also recently made changes to their positions in CVLG. UBS Group AG lifted its stake in shares of Covenant Logistics Group by 2,728.1% in the 3rd quarter. UBS Group AG now owns 1,810 shares of the company’s stock valued at $52,000 after purchasing an additional 1,746 shares during the period. C M Bidwell & Associates Ltd. acquired a new stake in Covenant Logistics Group during the 3rd quarter worth $64,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in Covenant Logistics Group during the 4th quarter worth $64,000. Truvestments Capital LLC raised its stake in Covenant Logistics Group by 71.1% during the 3rd quarter. Truvestments Capital LLC now owns 2,407 shares of the company’s stock worth $69,000 after buying an additional 1,000 shares during the period. Finally, Counterpoint Mutual Funds LLC acquired a new stake in Covenant Logistics Group during the 3rd quarter worth $128,000. Institutional investors and hedge funds own 85.68% of the company’s stock.

Analyst Ratings Changes

Separately, Wolfe Research raised Covenant Logistics Group from an “underperform” rating to a “peer perform” rating in a research note on Tuesday, January 10th.

Covenant Logistics Group Price Performance

CVLG stock opened at $41.47 on Wednesday. The stock has a 50-day moving average price of $35.20 and a two-hundred day moving average price of $35.70. Covenant Logistics Group, Inc. has a 1 year low of $19.72 and a 1 year high of $43.06. The stock has a market cap of $549.10 million, a PE ratio of 5.96 and a beta of 1.42. The company has a current ratio of 1.43, a quick ratio of 1.40 and a debt-to-equity ratio of 0.24.

Covenant Logistics Group Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 31st. Shareholders of record on Friday, March 3rd were paid a $0.11 dividend. This is an increase from Covenant Logistics Group’s previous quarterly dividend of $0.08. The ex-dividend date of this dividend was Thursday, March 2nd. This represents a $0.44 annualized dividend and a dividend yield of 1.06%. Covenant Logistics Group’s dividend payout ratio (DPR) is currently 6.32%.

Covenant Logistics Group Company Profile

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Covenant Logistics Group, Inc is a holding company, which engages in the provision of freight and logistics services. It operates through the following segments: Highway Services and Dedicated Contract Services. The Highway Services Segment includes two separate service offerings: Expedited Services (“”Expedited””) and Over-the-Road Services (“”OTR””), both of which transport one-way freight over non-routine routes.

See Also

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

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