Covenant Logistics Group, Inc. (NASDAQ:CVLG) Short Interest Up 6.0% in May

Posted by Defense World Staff on Jun 1st, 2023

Covenant Logistics Group, Inc. (NASDAQ:CVLG – Get Rating) saw a large growth in short interest in May. As of May 15th, there was short interest totalling 447,700 shares, a growth of 6.0% from the April 30th total of 422,400 shares. Currently, 6.2% of the shares of the company are sold short. Based on an average daily volume of 76,200 shares, the short-interest ratio is currently 5.9 days.

Insider Buying and Selling

In other news, EVP Joey B. Hogan sold 2,028 shares of the business’s stock in a transaction on Monday, May 22nd. The shares were sold at an average price of $40.28, for a total transaction of $81,687.84. Following the sale, the executive vice president now directly owns 66,461 shares of the company’s stock, valued at $2,677,049.08. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 29.10% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Scopus Asset Management L.P. purchased a new stake in Covenant Logistics Group in the first quarter valued at $10,020,000. Millennium Management LLC boosted its stake in shares of Covenant Logistics Group by 435.5% in the fourth quarter. Millennium Management LLC now owns 167,509 shares of the company’s stock worth $5,791,000 after buying an additional 136,226 shares during the last quarter. State Street Corp grew its holdings in Covenant Logistics Group by 46.9% during the first quarter. State Street Corp now owns 341,090 shares of the company’s stock worth $7,344,000 after acquiring an additional 108,870 shares during the period. Foundry Partners LLC purchased a new position in Covenant Logistics Group during the first quarter valued at approximately $2,847,000. Finally, LSV Asset Management lifted its holdings in Covenant Logistics Group by 19.9% in the third quarter. LSV Asset Management now owns 473,876 shares of the company’s stock valued at $13,600,000 after acquiring an additional 78,776 shares during the period. Hedge funds and other institutional investors own 85.68% of the company’s stock.

Covenant Logistics Group Price Performance

Shares of NASDAQ CVLG opened at $38.17 on Thursday. Covenant Logistics Group has a 52 week low of $21.32 and a 52 week high of $43.06. The company has a quick ratio of 1.45, a current ratio of 1.47 and a debt-to-equity ratio of 0.26. The firm has a market cap of $493.04 million, a P/E ratio of 5.48 and a beta of 1.42. The business’s 50 day moving average price is $36.95 and its 200 day moving average price is $36.15.

Covenant Logistics Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 30th. Stockholders of record on Friday, June 2nd will be issued a $0.11 dividend. This represents a $0.44 annualized dividend and a dividend yield of 1.15%. The ex-dividend date is Thursday, June 1st. 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.