Covenant Logistics Group (NASDAQ:CVLG) Shares to Split on Thursday, January 2nd

Covenant Logistics Group, Inc. (NASDAQ:CVLG)’s stock is scheduled to split on the morning of Thursday, January 2nd. The 2-1 split was announced on Friday, December 6th. The newly created shares will be issued to shareholders after the closing bell on Tuesday, December 31st.

Covenant Logistics Group Stock Down 3.8 %

Covenant Logistics Group stock opened at $54.56 on Thursday. 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 $719.10 million, a PE ratio of 17.95 and a beta of 1.39. The company’s 50-day moving average is $55.71 and its 200-day moving average is $52.60. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.10 and a quick ratio of 1.07.

Covenant Logistics Group (NASDAQ:CVLG) last announced its quarterly earnings results 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 firm 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 period last year, the firm earned $1.13 EPS. Sell-side analysts anticipate that Covenant Logistics Group will post 4 earnings per share for the current year.

Covenant Logistics Group Announces Dividend

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

Wall Street Analyst Weigh In

Separately, TD Cowen reduced their target price on shares of 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 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 sale, the director now directly owns 46,992 shares of the company’s stock, valued at approximately $2,802,602.88. This represents a 12.96 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 36.50% of the stock is owned by company insiders.

Institutional Investors Weigh In On Covenant Logistics Group

Several institutional investors and hedge funds have recently bought and sold shares of the company. State Street Corp increased its holdings in Covenant Logistics Group by 6.2% in the 3rd quarter. State Street Corp now owns 208,517 shares of the company’s stock valued at $11,018,000 after buying an additional 12,138 shares during the period. Foundry Partners LLC increased its stake in Covenant Logistics Group by 6.2% in the third quarter. Foundry Partners LLC now owns 196,303 shares of the company’s stock valued at $10,373,000 after acquiring an additional 11,459 shares during the last quarter. American Century Companies Inc. increased its stake in Covenant Logistics Group by 29.4% in the second quarter. American Century Companies Inc. now owns 114,117 shares of the company’s stock valued at $5,625,000 after acquiring an additional 25,913 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Covenant Logistics Group by 24.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 109,639 shares of the company’s stock worth $5,793,000 after purchasing an additional 21,401 shares during the last quarter. Finally, Empowered Funds LLC lifted its stake in Covenant Logistics Group by 5.3% during the third quarter. Empowered Funds LLC now owns 89,890 shares of the company’s stock worth $4,750,000 after purchasing an additional 4,556 shares during the last quarter. Institutional investors 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.