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

Covenant Logistics Group, Inc. (NASDAQ:CVLG) shares 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 issued to shareholders after the market closes on Friday, December 20th.

Covenant Logistics Group Trading Down 3.8 %

NASDAQ CVLG opened at $54.56 on Thursday. The stock’s 50-day simple moving average is $55.71 and its two-hundred day simple moving average is $52.60. Covenant Logistics Group has a twelve month low of $43.00 and a twelve month 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. The company has a market capitalization of $719.10 million, a price-to-earnings ratio of 17.95 and a beta of 1.39.

Covenant Logistics Group (NASDAQ:CVLG) last issued its quarterly earnings results on Wednesday, October 23rd. The company reported $1.09 EPS for the quarter, beating analysts’ consensus estimates of $1.08 by $0.01. The business 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 previous year, the business earned $1.13 earnings per share. Research analysts forecast that Covenant Logistics Group will post 4 EPS for the current fiscal year.

Covenant Logistics Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 6th will be given a $0.11 dividend. The ex-dividend date of this dividend is Friday, December 6th. This represents a $0.44 annualized dividend and a yield of 0.81%. Covenant Logistics Group’s payout ratio is currently 14.47%.

Wall Street Analysts Forecast Growth

Separately, TD Cowen dropped their target price 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 Buying and Selling at Covenant Logistics Group

In related news, Director Bradley A. Moline sold 7,000 shares of Covenant Logistics Group 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 sale, the director now directly owns 46,992 shares in the company, valued at $2,802,602.88. The trade was a 12.96 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 36.50% of the company’s stock.

Institutional Trading of Covenant Logistics Group

A number of hedge funds and other institutional investors have recently modified their holdings of CVLG. CWM LLC increased its holdings in shares of Covenant Logistics Group by 2,336.4% during the second quarter. CWM LLC now owns 536 shares of the company’s stock valued at $26,000 after acquiring an additional 514 shares in the last quarter. SG Americas Securities LLC purchased a new position in Covenant Logistics Group in the second quarter worth about $176,000. Bailard Inc. bought a new stake in shares of Covenant Logistics Group during the 2nd quarter valued at about $276,000. Legato Capital Management LLC increased its holdings in Covenant Logistics Group by 22.2% during the second quarter. Legato Capital Management LLC now owns 20,238 shares of the company’s stock valued at $998,000 after buying an additional 3,675 shares during the last quarter. Finally, Innealta Capital LLC purchased a new stake in shares of Covenant Logistics Group in the 2nd quarter worth $27,000. 83.72% of the stock is owned by hedge funds and other institutional investors.

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.