Inspire Investing LLC Makes New $409,000 Investment in Covenant Logistics Group, Inc. (NASDAQ:CVLG)

Inspire Investing LLC purchased a new position in Covenant Logistics Group, Inc. (NASDAQ:CVLG) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 7,747 shares of the company’s stock, valued at approximately $409,000. Inspire Investing LLC owned about 0.06% of Covenant Logistics Group at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. AQR Capital Management LLC raised its stake in Covenant Logistics Group by 0.3% in the 2nd quarter. AQR Capital Management LLC now owns 74,704 shares of the company’s stock worth $3,682,000 after acquiring an additional 236 shares during the last quarter. Price T Rowe Associates Inc. MD increased its holdings 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 purchasing an additional 442 shares during the period. CWM LLC raised its stake in shares of Covenant Logistics Group by 2,336.4% in the second quarter. CWM LLC now owns 536 shares of the company’s stock worth $26,000 after purchasing an additional 514 shares during the last quarter. Innealta Capital LLC acquired a new stake in shares of Covenant Logistics Group during the second quarter worth about $27,000. Finally, Victory Capital Management Inc. boosted its position in Covenant Logistics Group by 3.9% in the second quarter. Victory Capital Management Inc. now owns 20,186 shares of the company’s stock valued at $995,000 after buying an additional 755 shares during the last quarter. 83.72% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

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 research note on Friday, July 26th.

Covenant Logistics Group Stock Down 1.6 %

Shares of CVLG opened at $53.18 on Friday. The company has a market capitalization of $695.17 million, a price-to-earnings ratio of 17.04 and a beta of 1.34. Covenant Logistics Group, Inc. has a 52 week low of $38.25 and a 52 week high of $56.96. The stock’s 50-day moving average price is $52.29 and its 200-day moving average price is $49.49. The company has a quick ratio of 1.05, a current ratio of 1.08 and a debt-to-equity ratio of 0.48.

Covenant Logistics Group (NASDAQ:CVLG) last released its quarterly earnings data on Wednesday, July 24th. The company reported $1.04 EPS for the quarter, topping the consensus estimate of $0.95 by $0.09. The business had revenue of $287.50 million for the quarter. Covenant Logistics Group had a return on equity of 13.78% and a net margin of 3.76%. During the same quarter in the prior year, the company posted $1.07 EPS. On average, sell-side analysts predict that Covenant Logistics Group, Inc. will post 4.07 EPS for the current year.

Covenant Logistics Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 6th were issued a $0.11 dividend. The ex-dividend date of this dividend was Friday, September 6th. This represents a $0.44 dividend on an annualized basis and a yield of 0.83%. Covenant Logistics Group’s payout ratio is 14.10%.

Insiders Place Their Bets

In other news, Director Herbert J. Schmidt sold 21,000 shares of the firm’s stock in a transaction dated Monday, July 29th. The stock was 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 $670,282.16. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 36.50% of the company’s stock.

Covenant Logistics Group Company 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.