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

Covenant Logistics Group, Inc. (NASDAQ:CVLG) 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 traded.

Analysts Set New Price Targets

Several research firms have weighed in on CVLG. TD Cowen cut their price objective on Covenant Logistics Group from $35.00 to $34.50 and set a “buy” rating on the stock in a research report on Friday, October 25th. Stephens reiterated an “overweight” rating and issued a $36.00 price target on shares of Covenant Logistics Group in a research note on Friday.

Covenant Logistics Group Stock Performance

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 company has a market cap of $745.33 million, a P/E ratio of 18.60 and a beta of 1.41. The business’s 50 day simple moving average is $28.60 and its 200 day simple moving average is $27.10.

Covenant Logistics Group (NASDAQ:CVLG) last announced its quarterly earnings data on Wednesday, October 23rd. The company reported $0.55 EPS for the quarter, beating the consensus estimate of $0.54 by $0.01. Covenant Logistics Group had a net margin of 3.72% and a return on equity of 13.43%. The firm had revenue of $287.89 million for the quarter. During the same quarter in the previous year, the business earned $0.57 earnings per share. Sell-side analysts predict that Covenant Logistics Group, Inc. will post 1.99 earnings per share for the current fiscal year.

Covenant Logistics Group Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, December 27th. Shareholders of record on Friday, December 6th were issued a dividend of $0.055 per share. The ex-dividend date was Friday, December 6th. This represents a $0.22 dividend on an annualized basis and a yield of 0.78%. Covenant Logistics Group’s dividend payout ratio is presently 14.47%.

Insider Activity

In other Covenant Logistics Group news, Director Bradley A. Moline sold 14,000 shares of the 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 of the company’s stock, valued at $2,802,602.88. This trade represents a 12.96 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 36.50% of the company’s stock.

Hedge Funds Weigh In On Covenant Logistics Group

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Renaissance Technologies LLC lifted its stake in Covenant Logistics Group by 27.2% in the 2nd quarter. Renaissance Technologies LLC now owns 43,000 shares of the company’s stock worth $2,119,000 after purchasing an additional 9,200 shares in the last quarter. Marshall Wace LLP increased its holdings in shares of Covenant Logistics Group by 15.8% in the second quarter. Marshall Wace LLP now owns 18,908 shares of the company’s stock worth $932,000 after purchasing an additional 2,573 shares during the last quarter. Cubist Systematic Strategies LLC lifted its position in shares of Covenant Logistics Group by 115.3% in the second quarter. Cubist Systematic Strategies LLC now owns 18,583 shares of the company’s stock worth $916,000 after buying an additional 9,950 shares in the last quarter. AQR Capital Management LLC boosted its stake in Covenant Logistics Group by 0.3% during the second quarter. AQR Capital Management LLC now owns 74,704 shares of the company’s stock valued at $3,682,000 after buying an additional 236 shares during the last quarter. Finally, Algert Global LLC purchased a new position in Covenant Logistics Group during the 2nd quarter valued at approximately $275,000. 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.