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

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

Covenant Logistics Group Price Performance

Shares of CVLG stock opened at $54.56 on Thursday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.07 and a current ratio of 1.10. The stock has a 50 day moving average price of $55.71 and a 200 day moving average price of $52.60. Covenant Logistics Group has a 52-week low of $43.00 and a 52-week high of $61.54. The firm has a market capitalization of $719.10 million, a P/E ratio of 17.95 and a beta of 1.39.

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

Covenant Logistics Group Dividend Announcement

The firm 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 (DPR) is 14.47%.

Analyst Ratings Changes

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

Insider Activity at Covenant Logistics Group

In related news, Director Bradley A. Moline sold 7,000 shares of the firm’s stock in a transaction on Monday, November 11th. The stock was sold at an average price of $59.64, for a total value of $417,480.00. Following the completion of the transaction, the director now owns 46,992 shares in the company, valued at $2,802,602.88. This trade represents a 12.96 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 36.50% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of CVLG. Huntington National Bank acquired a new position in shares of Covenant Logistics Group in the third quarter worth about $27,000. CWM LLC grew its stake in Covenant Logistics Group by 2,336.4% in the 2nd quarter. CWM LLC now owns 536 shares of the company’s stock valued at $26,000 after acquiring an additional 514 shares during the period. Innealta Capital LLC acquired a new position in shares of Covenant Logistics Group during the 2nd quarter worth about $27,000. Quantbot Technologies LP purchased a new position in shares of Covenant Logistics Group in the third quarter valued at approximately $64,000. Finally, nVerses Capital LLC raised its stake in Covenant Logistics Group by 550.0% in the 3rd quarter. nVerses Capital LLC now owns 1,300 shares of the company’s stock valued at $69,000 after purchasing an additional 1,100 shares during the last quarter. 83.72% of the stock is currently owned by hedge funds and other institutional investors.

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.