Victory Capital Management Inc. Buys 755 Shares of Covenant Logistics Group, Inc. (NASDAQ:CVLG)

Victory Capital Management Inc. raised its stake in shares of Covenant Logistics Group, Inc. (NASDAQ:CVLG) by 3.9% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 20,186 shares of the company’s stock after acquiring an additional 755 shares during the quarter. Victory Capital Management Inc. owned approximately 0.15% of Covenant Logistics Group worth $995,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Price T Rowe Associates Inc. MD raised its stake in shares of Covenant Logistics Group by 7.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 6,491 shares of the company’s stock valued at $301,000 after acquiring an additional 442 shares during the last quarter. CWM LLC raised its position in Covenant Logistics Group by 2,336.4% in the 2nd quarter. CWM LLC now owns 536 shares of the company’s stock valued at $26,000 after purchasing an additional 514 shares during the last quarter. Innealta Capital LLC acquired a new position in Covenant Logistics Group in the second quarter worth $27,000. Allspring Global Investments Holdings LLC grew its holdings in shares of Covenant Logistics Group by 132.1% during the first quarter. Allspring Global Investments Holdings LLC now owns 4,161 shares of the company’s stock worth $193,000 after purchasing an additional 2,368 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in shares of Covenant Logistics Group by 2.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 112,472 shares of the company’s stock valued at $5,178,000 after buying an additional 2,935 shares in the last quarter. Institutional investors and hedge funds own 83.72% of the company’s stock.

Insider Activity at Covenant Logistics Group

In other Covenant Logistics Group news, Director Herbert J. Schmidt sold 21,000 shares of the firm’s stock in a transaction that occurred on Monday, July 29th. The shares were sold at an average price of $55.24, for a total transaction of $1,160,040.00. Following the sale, the director now directly owns 12,134 shares in the company, valued at approximately $670,282.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 36.50% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Separately, TD Cowen increased their price objective on shares of Covenant Logistics Group from $65.00 to $70.00 and gave the stock a “buy” rating in a report on Friday, July 26th.

Covenant Logistics Group Trading Down 2.1 %

NASDAQ CVLG opened at $52.34 on Friday. Covenant Logistics Group, Inc. has a 12 month low of $38.25 and a 12 month high of $56.96. The stock has a 50-day simple moving average of $52.24 and a 200 day simple moving average of $48.50. The company has a current ratio of 1.08, a quick ratio of 1.05 and a debt-to-equity ratio of 0.48. The company has a market capitalization of $684.19 million, a PE ratio of 16.78 and a beta of 1.34.

Covenant Logistics Group (NASDAQ:CVLG) last released its quarterly earnings data on Wednesday, July 24th. The company reported $1.04 EPS for the quarter, beating analysts’ consensus estimates of $0.95 by $0.09. The business had revenue of $287.50 million during the quarter. Covenant Logistics Group had a net margin of 3.76% and a return on equity of 13.78%. During the same quarter in the prior year, the company earned $1.07 EPS. Research analysts forecast that Covenant Logistics Group, Inc. will post 4.07 EPS for the current year.

Covenant Logistics Group Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 6th will be given a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a dividend yield of 0.84%. The ex-dividend date of this dividend is Friday, September 6th. Covenant Logistics Group’s dividend payout ratio is currently 14.10%.

Covenant Logistics Group 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.