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

Shares of Covenant Logistics Group, Inc. (NASDAQ:CVLG) are scheduled 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 market closes on Friday, December 20th.

Covenant Logistics Group Stock Performance

CVLG stock traded down $0.56 during mid-day trading on Thursday, reaching $54.00. The company had a trading volume of 33,199 shares, compared to its average volume of 60,016. Covenant Logistics Group has a one year low of $43.00 and a one year high of $61.54. The stock has a market capitalization of $711.72 million, a P/E ratio of 17.76 and a beta of 1.39. The company has a quick ratio of 1.07, a current ratio of 1.10 and a debt-to-equity ratio of 0.46. The stock’s 50-day simple moving average is $55.71 and its two-hundred day simple moving average is $52.60.

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

Covenant Logistics Group Dividend Announcement

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

Analyst Ratings Changes

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

Insider Activity

In other news, Director Bradley A. Moline sold 7,000 shares of the stock in a transaction on Monday, November 11th. The stock was sold at an average price of $59.64, for a total transaction of $417,480.00. Following the completion of the sale, the director now owns 46,992 shares in the company, valued at approximately $2,802,602.88. This represents a 12.96 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 36.50% of the company’s stock.

Institutional Investors Weigh In On Covenant Logistics Group

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