Covenant Logistics Group, Inc. (NASDAQ:CVLG - Get Free Report) hit a new 52-week high during mid-day trading on Monday . The company traded as high as $54.40 and last traded at $54.40, with a volume of 462 shares changing hands. The stock had previously closed at $27.19.
Analyst Ratings Changes
Separately, TD Cowen lowered their price target 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.
Read Our Latest Report on Covenant Logistics Group
Covenant Logistics Group Price Performance
The company has a market capitalization of $709.35 million, a PE ratio of 17.70 and a beta of 1.39. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.10 and a quick ratio of 1.07. The stock's 50 day simple moving average is $55.79 and its 200-day simple moving average is $52.74.
Covenant Logistics Group's stock is scheduled to split on Wednesday, January 1st. The 2-1 split was announced on Friday, December 6th. The newly minted shares will be payable to shareholders after the market closes on Tuesday, December 31st.
Covenant Logistics Group (NASDAQ:CVLG - Get Free Report) last issued its quarterly earnings results on Wednesday, October 23rd. The company reported $1.09 earnings per share for the quarter, topping 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 return on equity of 13.43% and a net margin of 3.72%. During the same quarter last year, the company earned $1.13 EPS. As a group, equities analysts forecast that Covenant Logistics Group, Inc. will post 4 earnings per share for the current fiscal year.
Covenant Logistics Group Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 6th will be issued 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 0.82%. Covenant Logistics Group's dividend payout ratio (DPR) is 14.47%.
Insiders Place Their Bets
In other news, Director Bradley A. Moline sold 7,000 shares of the company's stock in a transaction dated 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 represents a 12.96 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 36.50% of the stock is currently owned by company insiders.
Institutional Investors Weigh In On Covenant Logistics Group
Several hedge funds and other institutional investors have recently made changes to their positions in CVLG. Huntington National Bank purchased a new position in Covenant Logistics Group in the third quarter valued at approximately $27,000. Innealta Capital LLC purchased a new position in shares of Covenant Logistics Group in the 2nd quarter valued at $27,000. Quantbot Technologies LP purchased a new position in shares of Covenant Logistics Group in the 3rd quarter valued at $64,000. nVerses Capital LLC raised its stake in Covenant Logistics Group by 550.0% during the 3rd quarter. nVerses Capital LLC now owns 1,300 shares of the company's stock worth $69,000 after acquiring an additional 1,100 shares in the last quarter. Finally, Quest Partners LLC lifted its position in Covenant Logistics Group by 172.1% in the second quarter. Quest Partners LLC now owns 1,978 shares of the company's stock valued at $97,000 after acquiring an additional 1,251 shares during the last quarter. Institutional investors and hedge funds own 83.72% of the company's stock.
Covenant Logistics Group Company Profile
(
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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.
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