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

Covenant Logistics Group, Inc. (NASDAQ:CVLG) shares are set 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 payable to shareholders after the closing bell on Friday, December 20th.

Covenant Logistics Group Price Performance

CVLG opened at $54.56 on Thursday. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.10 and a quick ratio of 1.07. The stock’s 50 day simple moving average is $55.71 and its 200 day simple moving average is $52.60. The firm has a market cap of $719.10 million, a price-to-earnings ratio of 17.95 and a beta of 1.39. Covenant Logistics Group has a 1 year low of $43.00 and a 1 year high of $61.54.

Covenant Logistics Group (NASDAQ:CVLG) last posted its quarterly earnings results on Wednesday, October 23rd. The company reported $1.09 EPS for the quarter, beating analysts’ consensus estimates of $1.08 by $0.01. The company had revenue of $287.89 million during the quarter. Covenant Logistics Group had a net margin of 3.72% and a return on equity of 13.43%. During the same quarter in the prior year, the company earned $1.13 earnings per share. As a group, analysts predict that Covenant Logistics Group will post 4 earnings per share for the current year.

Covenant Logistics Group Announces Dividend

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

Analyst Ratings Changes

Separately, TD Cowen decreased their price target on shares of 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 Buying and Selling

In other Covenant Logistics Group news, Director Bradley A. Moline sold 7,000 shares of Covenant Logistics Group stock in a transaction dated Monday, November 11th. The shares were 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 directly owns 46,992 shares of the company’s stock, valued at approximately $2,802,602.88. The trade was a 12.96 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 36.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Covenant Logistics Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. CWM LLC raised its stake in shares of Covenant Logistics Group by 2,336.4% in the second 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. Innealta Capital LLC bought a new stake in Covenant Logistics Group in the 2nd quarter worth about $27,000. Huntington National Bank purchased a new position in Covenant Logistics Group in the 3rd quarter worth about $27,000. Quantbot Technologies LP bought a new position in Covenant Logistics Group during the 3rd quarter valued at about $64,000. Finally, nVerses Capital LLC boosted its holdings 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 valued at $69,000 after acquiring an additional 1,100 shares during the last quarter. 83.72% of the stock is owned by 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.