Hudson Bay Capital Management LP Raises Stock Holdings in Covenant Logistics Group, Inc. (NASDAQ:CVLG)
Hudson Bay Capital Management LP increased its stake in Covenant Logistics Group, Inc. (NASDAQ:CVLG) by 108.3% in Q4, owning 102,623 shares valued at $5.6 million. Other investors also raised their positions. The stock opened at $23.10, with a market cap of $613.2 million and a PE ratio of 17.83. Covenant Logistics recently declared a quarterly dividend of $0.07 per share, up from $0.06, with a yield of 1.21%. Analysts have set target prices ranging from $30 to $36 for the stock.
Hudson Bay Capital Management LP boosted its position in shares of Covenant Logistics Group, Inc. (NASDAQ:CVLG - Free Report) by 108.3% in the fourth quarter, according to the company in its most recent filing with the SEC. The firm owned 102,623 shares of the company's stock after acquiring an additional 53,345 shares during the quarter. Hudson Bay Capital Management LP owned about 0.39% of Covenant Logistics Group worth $5,594,000 at the end of the most recent reporting period.
Several other large investors have also added to or reduced their stakes in the company. Huntington National Bank lifted its holdings in shares of Covenant Logistics Group by 91.5% during the fourth quarter. Huntington National Bank now owns 963 shares of the company's stock worth $52,000 after purchasing an additional 460 shares during the period. Price T Rowe Associates Inc. MD raised its position in Covenant Logistics Group by 7.0% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 7,164 shares of the company's stock worth $391,000 after buying an additional 467 shares during the last quarter. Private Advisor Group LLC lifted its stake in Covenant Logistics Group by 11.8% during the 4th quarter. Private Advisor Group LLC now owns 4,567 shares of the company's stock valued at $249,000 after acquiring an additional 481 shares during the period. Summit Investment Advisors Inc. boosted its holdings in shares of Covenant Logistics Group by 100.0% in the 4th quarter. Summit Investment Advisors Inc. now owns 1,406 shares of the company's stock valued at $77,000 after acquiring an additional 703 shares during the last quarter. Finally, Townsquare Capital LLC increased its stake in shares of Covenant Logistics Group by 18.5% in the fourth quarter. Townsquare Capital LLC now owns 5,831 shares of the company's stock worth $318,000 after acquiring an additional 910 shares during the period. Hedge funds and other institutional investors own 83.72% of the company's stock.
Covenant Logistics Group Trading Up 10.1%
Covenant Logistics Group stock opened at $23.10 on Tuesday. The company has a current ratio of 1.10, a quick ratio of 1.07 and a debt-to-equity ratio of 0.46. The firm has a market cap of $613.20 million, a PE ratio of 17.83 and a beta of 1.53. The stock's 50 day simple moving average is $21.10 and its two-hundred day simple moving average is $25.47. Covenant Logistics Group, Inc. has a 12 month low of $17.46 and a 12 month high of $30.77.
Covenant Logistics Group Increases Dividend
The company also recently declared a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 7th were given a dividend of $0.07 per share. This represents a $0.28 annualized dividend and a yield of 1.21%. The ex-dividend date of this dividend was Friday, March 7th. This is a positive change from Covenant Logistics Group's previous quarterly dividend of $0.06. Covenant Logistics Group's dividend payout ratio (DPR) is currently 20.14%.
Wall Street Analysts Forecast Growth
Several brokerages recently issued reports on CVLG. Stephens reissued an "overweight" rating and set a $36.00 target price on shares of Covenant Logistics Group in a report on Friday, January 24th. TD Cowen reduced their price objective on Covenant Logistics Group from $31.00 to $30.00 and set a "buy" rating for the company in a research note on Friday, April 25th.
View Our Latest Stock Analysis on Covenant Logistics Group
Covenant Logistics Group Company Profile
(Free Report)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.
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