Covenant Logistics Group (NASDAQ:CVLG) Shares Set to Split on Monday, December 23rd

Shares of Covenant Logistics Group, Inc. (NASDAQ:CVLG) are set to split on Monday, December 23rd. The 2-1 split was announced on Friday, December 6th. The newly minted shares will be payable to shareholders after the closing bell on Friday, December 20th.

Covenant Logistics Group Trading Down 1.0 %

Shares of Covenant Logistics Group stock traded down $0.56 on Thursday, reaching $54.00. 33,199 shares of the company were exchanged, compared to its average volume of 60,016. 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 has a fifty-two week low of $43.00 and a fifty-two week high of $61.54. The firm has a market capitalization of $711.72 million, a price-to-earnings ratio of 17.76 and a beta of 1.39. The stock has a fifty day moving average price of $55.71 and a 200-day moving average price of $52.60.

Covenant Logistics Group (NASDAQ:CVLG) last posted its quarterly earnings data on Wednesday, October 23rd. The company reported $1.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.08 by $0.01. Covenant Logistics Group had a return on equity of 13.43% and a net margin of 3.72%. The firm had revenue of $287.89 million for the quarter. During the same quarter in the previous year, the firm posted $1.13 EPS. On average, analysts expect that Covenant Logistics Group will post 4 EPS for the current year.

Covenant Logistics Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 6th will be paid a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a yield of 0.81%. The ex-dividend date of this dividend is Friday, December 6th. Covenant Logistics Group’s dividend payout ratio is 14.47%.

Analyst Upgrades and Downgrades

Separately, TD Cowen decreased their target price on Covenant Logistics Group from $70.00 to $69.00 and set a “buy” rating for the company in a research report on Friday, October 25th.

Insider Transactions at Covenant Logistics Group

In other Covenant Logistics Group news, Director Bradley A. Moline sold 7,000 shares of the company’s stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $59.64, for a total value of $417,480.00. Following the transaction, the director now directly owns 46,992 shares of the company’s stock, valued at $2,802,602.88. This represents a 12.96 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 36.50% of the stock is owned by insiders.

Institutional Investors Weigh In On Covenant Logistics Group

Institutional investors and hedge funds have recently modified their holdings of the business. CWM LLC lifted its holdings in Covenant Logistics Group by 2,336.4% in the 2nd 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. SG Americas Securities LLC bought a new position in Covenant Logistics Group in the 2nd quarter worth $176,000. Bailard Inc. bought a new position in Covenant Logistics Group in the 2nd quarter worth $276,000. Legato Capital Management LLC lifted its position in Covenant Logistics Group by 22.2% during the 2nd quarter. Legato Capital Management LLC now owns 20,238 shares of the company’s stock worth $998,000 after acquiring an additional 3,675 shares during the last quarter. Finally, Innealta Capital LLC bought a new stake in Covenant Logistics Group during the second quarter valued at about $27,000. Institutional investors and hedge funds own 83.72% 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.