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

Shares of Covenant Logistics Group, Inc. (NASDAQ:CVLG) are set to split on the morning of 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 Down 1.0 %

Shares of NASDAQ CVLG traded down $0.56 during midday trading on Thursday, hitting $54.00. 33,199 shares of the company’s stock were exchanged, compared to its average volume of 60,016. The firm’s fifty day simple moving average is $55.71 and its 200-day simple moving average is $52.60. The company has a market cap of $711.72 million, a PE ratio of 17.76 and a beta of 1.39. Covenant Logistics Group has a twelve month low of $43.00 and a twelve month high of $61.54. 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 EPS for the quarter, beating the consensus estimate of $1.08 by $0.01. The company had revenue of $287.89 million for 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. Research analysts predict that Covenant Logistics Group will post 4 EPS for the current fiscal year.

Covenant Logistics Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Shareholders 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 14.47%.

Wall Street Analyst Weigh In

Separately, TD Cowen decreased their target price on 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 Transactions at Covenant Logistics Group

In other Covenant Logistics Group news, Director Bradley A. Moline sold 7,000 shares of the business’s stock in a transaction that occurred 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 transaction, the director now owns 46,992 shares in the company, valued at approximately $2,802,602.88. The trade was a 12.96 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 36.50% of the company’s stock.

Institutional Investors Weigh In On Covenant Logistics Group

A number of large investors have recently added to or reduced their stakes in CVLG. FMR LLC increased its stake in shares of Covenant Logistics Group by 3,423.0% during the 3rd quarter. FMR LLC now owns 46,151 shares of the company’s stock worth $2,439,000 after purchasing an additional 44,841 shares in the last quarter. Victory Capital Management Inc. boosted its stake in shares of Covenant Logistics Group by 74.9% during the third 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 during the last quarter. Foundry Partners LLC increased its position in Covenant Logistics Group by 125.9% during the 2nd quarter. Foundry Partners LLC now owns 184,844 shares of the company’s stock worth $9,111,000 after purchasing an additional 103,014 shares in the last quarter. EMC Capital Management increased its position in Covenant Logistics Group by 374.9% during the 3rd quarter. EMC Capital Management now owns 15,312 shares of the company’s stock worth $809,000 after purchasing an additional 12,088 shares in the last quarter. Finally, Koss Olinger Consulting LLC acquired a new position in Covenant Logistics Group in the 2nd quarter valued at about $498,000. 83.72% of the stock is owned by institutional investors and hedge funds.

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.