Wedbush Securities Inc. Sells 6,336 Shares of Covenant Logistics Group, Inc. $CVLG

Wedbush Securities Inc. reduced its holdings in Covenant Logistics Group, Inc. (NYSE:CVLG) by 37.5% in the second quarter, HoldingsChannel reports. The firm owned 10,562 shares of the company’s stock after selling 6,336 shares during the period. Wedbush Securities Inc.’s holdings in Covenant Logistics Group were worth $255,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in CVLG. Inspire Investing LLC boosted its holdings in Covenant Logistics Group by 3.5% during the 2nd quarter. Inspire Investing LLC now owns 16,083 shares of the company’s stock worth $388,000 after acquiring an additional 541 shares during the last quarter. MAI Capital Management lifted its position in Covenant Logistics Group by 100.0% in the first quarter. MAI Capital Management now owns 1,500 shares of the company’s stock valued at $33,000 after purchasing an additional 750 shares during the last quarter. Oliver Luxxe Assets LLC increased its position in shares of Covenant Logistics Group by 1.3% during the second quarter. Oliver Luxxe Assets LLC now owns 73,978 shares of the company’s stock valued at $1,784,000 after buying an additional 958 shares during the period. Copeland Capital Management LLC increased its position in Covenant Logistics Group by 47.5% during the 2nd quarter. Copeland Capital Management LLC now owns 3,482 shares of the company’s stock valued at $84,000 after buying an additional 1,121 shares in the last quarter. Finally, KLP Kapitalforvaltning AS lifted its holdings in shares of Covenant Logistics Group by 100.0% during the first quarter. KLP Kapitalforvaltning AS now owns 2,600 shares of the company’s stock valued at $58,000 after purchasing an additional 1,300 shares in the last quarter. 83.72% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Covenant Logistics Group in a research note on Tuesday, October 14th. Zacks Research downgraded shares of Covenant Logistics Group from a “hold” rating to a “strong sell” rating in a research note on Friday, October 10th. Finally, Wall Street Zen lowered Covenant Logistics Group from a “buy” rating to a “hold” rating in a report on Saturday, August 30th. Two investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Covenant Logistics Group presently has a consensus rating of “Hold” and an average target price of $33.00.

Covenant Logistics Group Stock Up 0.1%

Shares of NYSE CVLG opened at $19.57 on Thursday. Covenant Logistics Group, Inc. has a 1 year low of $17.46 and a 1 year high of $30.77. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.06 and a current ratio of 1.09. The firm’s 50 day moving average price is $21.46 and its 200 day moving average price is $22.77. The firm has a market cap of $489.64 million, a P/E ratio of 16.45 and a beta of 1.32.

Covenant Logistics Group (NYSE:CVLG) last released its quarterly earnings data on Wednesday, October 22nd. The company reported $0.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.45 by ($0.01). The business had revenue of $268.84 million for the quarter. Covenant Logistics Group had a return on equity of 10.77% and a net margin of 2.81%.

Covenant Logistics Group Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, September 26th. Stockholders of record on Friday, September 5th were issued a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.4%. Covenant Logistics Group’s dividend payout ratio is currently 23.53%.

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.