Covenant Logistics Group (NASDAQ:CVLG) Shares Gap Down – Here’s What Happened

Covenant Logistics Group, Inc. (NASDAQ:CVLG) shares gapped down prior to trading on Friday . The stock had previously closed at $28.95, but opened at $27.30. Covenant Logistics Group shares last traded at $27.31, with a volume of 39,425 shares.

Analyst Ratings Changes

CVLG has been the subject of several research analyst reports. Stephens reissued an “overweight” rating and issued a $36.00 price objective on shares of Covenant Logistics Group in a report on Friday. TD Cowen dropped their target price on shares of Covenant Logistics Group from $35.00 to $34.50 and set a “buy” rating on the stock in a report on Friday, October 25th.

Covenant Logistics Group Price Performance

The company has a market capitalization of $723.05 million, a price-to-earnings ratio of 18.05 and a beta of 1.41. The business has a fifty day moving average price of $28.61 and a 200 day moving average price of $27.07. 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 earnings results on Wednesday, October 23rd. The company reported $0.55 EPS for the quarter, topping the consensus estimate of $0.54 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 period in the previous year, the firm earned $0.57 EPS. On average, research analysts expect that Covenant Logistics Group, Inc. will post 1.99 earnings per share for the current fiscal year.

Covenant Logistics Group Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, December 27th. Investors of record on Friday, December 6th were issued a dividend of $0.055 per share. This represents a $0.22 dividend on an annualized basis and a yield of 0.80%. The ex-dividend date of this dividend was Friday, December 6th. Covenant Logistics Group’s payout ratio is currently 14.47%.

Insider Transactions at Covenant Logistics Group

In related news, Director Bradley A. Moline sold 14,000 shares of the firm’s stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $29.82, for a total transaction of $417,480.00. Following the completion of the sale, the director now directly owns 93,984 shares in the company, valued at approximately $2,802,602.88. This trade represents a 12.96 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 36.50% of the company’s stock.

Institutional Investors Weigh In On Covenant Logistics Group

Several large investors have recently modified their holdings of the stock. Franklin Resources Inc. lifted its holdings in shares of Covenant Logistics Group by 1,226.7% in the third quarter. Franklin Resources Inc. now owns 70,063 shares of the company’s stock valued at $3,711,000 after purchasing an additional 64,782 shares in the last quarter. FMR LLC boosted its holdings in shares of Covenant Logistics Group by 3,423.0% during the third quarter. FMR LLC now owns 46,151 shares of the company’s stock worth $2,439,000 after purchasing an additional 44,841 shares during the period. Charles Schwab Investment Management Inc. grew its position 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 valued at $5,793,000 after purchasing an additional 21,401 shares in the last quarter. Oliver Luxxe Assets LLC lifted its position in Covenant Logistics Group by 109.7% in the 3rd quarter. Oliver Luxxe Assets LLC now owns 34,734 shares of the company’s stock worth $1,835,000 after buying an additional 18,168 shares in the last quarter. Finally, Victory Capital Management Inc. grew its holdings in shares of Covenant Logistics Group by 74.9% during the 3rd quarter. Victory Capital Management Inc. now owns 35,314 shares of the company’s stock valued at $1,866,000 after acquiring an additional 15,128 shares in 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.