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

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 issued shares will be payable to shareholders after the market closes on Friday, December 20th.

Covenant Logistics Group Stock Performance

NASDAQ:CVLG traded down $0.56 during trading hours on Thursday, hitting $54.00. 33,199 shares of the company traded hands, compared to its average volume of 60,016. The company has a current ratio of 1.10, a quick ratio of 1.07 and a debt-to-equity ratio of 0.46. The stock has a market capitalization of $711.72 million, a price-to-earnings ratio of 17.76 and a beta of 1.39. The firm has a 50-day moving average of $55.71 and a 200 day moving average of $52.60. Covenant Logistics Group has a twelve month low of $43.00 and a twelve month high of $61.54.

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

Covenant Logistics Group Dividend Announcement

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

Analyst Ratings Changes

Separately, TD Cowen cut their target price 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

In other Covenant Logistics Group news, Director Bradley A. Moline sold 7,000 shares of Covenant Logistics Group 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 transaction, the director now directly owns 46,992 shares of the company’s stock, 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 legal filing with the Securities & Exchange Commission, which can be accessed through this link. 36.50% of the stock is owned by company insiders.

Institutional Investors Weigh In On Covenant Logistics Group

A number of hedge funds have recently made changes to their positions in the company. AQR Capital Management LLC raised its position in Covenant Logistics Group by 0.3% in the 2nd quarter. AQR Capital Management LLC now owns 74,704 shares of the company’s stock valued at $3,682,000 after purchasing an additional 236 shares during the last quarter. Townsquare Capital LLC raised its holdings in shares of Covenant Logistics Group by 7.8% in the third quarter. Townsquare Capital LLC now owns 4,921 shares of the company’s stock valued at $260,000 after buying an additional 357 shares during the last quarter. Huntington National Bank acquired a new position in Covenant Logistics Group during the 3rd quarter worth about $27,000. CWM LLC grew its holdings in Covenant Logistics Group by 2,336.4% during the 2nd quarter. CWM LLC now owns 536 shares of the company’s stock worth $26,000 after acquiring an additional 514 shares during the last quarter. Finally, Innealta Capital LLC acquired a new stake in Covenant Logistics Group in the 2nd quarter valued at about $27,000. Institutional investors and hedge funds own 83.72% of the company’s stock.

About Covenant Logistics Group

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.