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

Covenant Logistics Group, Inc. (NASDAQ:CVLG) shares are scheduled to split on Monday, December 23rd. The 2-1 split was announced on Friday, December 6th. The newly created shares will be distributed to shareholders after the closing bell on Friday, December 20th.

Covenant Logistics Group Stock Performance

CVLG traded down $0.56 during trading on Thursday, reaching $54.00. 33,199 shares of the company’s stock were exchanged, compared to its average volume of 60,016. The company has a market capitalization of $711.72 million, a P/E ratio of 17.76 and a beta of 1.39. The business has a 50 day moving average price of $55.71 and a 200 day moving average price of $52.60. Covenant Logistics Group has a fifty-two week low of $43.00 and a fifty-two week high of $61.54. The company has a quick ratio of 1.07, a current ratio of 1.10 and a debt-to-equity ratio of 0.46.

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

Covenant Logistics Group Announces Dividend

The company 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 dividend of $0.11 per share. 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 is currently 14.47%.

Analyst Ratings Changes

Separately, TD Cowen dropped their price objective on shares of Covenant Logistics Group from $70.00 to $69.00 and set a “buy” rating for the company in a report on Friday, October 25th.

Insider Transactions at Covenant Logistics Group

In other news, Director Bradley A. Moline sold 7,000 shares of the stock in a transaction that occurred on Monday, November 11th. The shares were 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 $2,802,602.88. This represents a 12.96 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 36.50% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. Foundry Partners LLC raised its position in shares of Covenant Logistics Group by 125.9% during the second quarter. Foundry Partners LLC now owns 184,844 shares of the company’s stock worth $9,111,000 after acquiring an additional 103,014 shares during the last quarter. Franklin Resources Inc. lifted its position in Covenant Logistics Group by 1,226.7% during the 3rd 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 during the period. FMR LLC boosted its stake in shares of Covenant Logistics Group by 3,423.0% in the 3rd quarter. FMR LLC now owns 46,151 shares of the company’s stock valued at $2,439,000 after purchasing an additional 44,841 shares during the last quarter. American Century Companies Inc. grew its position in shares of Covenant Logistics Group by 29.4% during the 2nd quarter. American Century Companies Inc. now owns 114,117 shares of the company’s stock worth $5,625,000 after buying an additional 25,913 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of 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 buying an additional 21,401 shares during the last quarter. Institutional investors 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.