Balyasny Asset Management L.P. Lowers Stock Holdings in Covenant Logistics Group, Inc. (NASDAQ:CVLG)

Balyasny Asset Management L.P. lowered its stake in shares of Covenant Logistics Group, Inc. (NASDAQ:CVLG) by 24.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 5,208 shares of the company’s stock after selling 1,678 shares during the quarter. Balyasny Asset Management L.P.’s holdings in Covenant Logistics Group were worth $284,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in CVLG. T. Rowe Price Investment Management Inc. purchased a new position in shares of Covenant Logistics Group during the fourth quarter worth about $8,878,000. Empowered Funds LLC grew its holdings in shares of Covenant Logistics Group by 110.2% during the fourth quarter. Empowered Funds LLC now owns 188,916 shares of the company’s stock worth $10,298,000 after buying an additional 99,026 shares during the last quarter. American Century Companies Inc. grew its holdings in shares of Covenant Logistics Group by 21.7% during the fourth quarter. American Century Companies Inc. now owns 210,350 shares of the company’s stock worth $11,466,000 after buying an additional 37,501 shares during the last quarter. Royce & Associates LP grew its holdings in shares of Covenant Logistics Group by 43.8% during the fourth quarter. Royce & Associates LP now owns 121,544 shares of the company’s stock worth $6,625,000 after buying an additional 37,008 shares during the last quarter. Finally, Foundry Partners LLC boosted its holdings in Covenant Logistics Group by 10.1% in the 4th quarter. Foundry Partners LLC now owns 216,080 shares of the company’s stock valued at $11,779,000 after purchasing an additional 19,777 shares in the last quarter. Hedge funds and other institutional investors own 83.72% of the company’s stock.

Covenant Logistics Group Price Performance

Shares of CVLG opened at $23.35 on Friday. Covenant Logistics Group, Inc. has a twelve month low of $17.46 and a twelve month high of $30.77. The stock’s 50 day moving average is $21.02 and its two-hundred day moving average is $25.40. The firm has a market capitalization of $620.02 million, a PE ratio of 18.03 and a beta of 1.53. The company has a current ratio of 1.10, a quick ratio of 1.07 and a debt-to-equity ratio of 0.46.

Covenant Logistics Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be issued a $0.07 dividend. This represents a $0.28 dividend on an annualized basis and a yield of 1.20%. Covenant Logistics Group’s dividend payout ratio is presently 20.14%.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. TD Cowen lowered their price objective on Covenant Logistics Group from $31.00 to $30.00 and set a “buy” rating on the stock in a report on Friday, April 25th. Stephens reaffirmed an “overweight” rating and issued a $36.00 price objective on shares of Covenant Logistics Group in a report on Friday, January 24th.

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.