Covenant Logistics Group, Inc. (NASDAQ:CVLG - Get Free Report) shares 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 changing hands.
Analyst Ratings Changes
A number of brokerages have issued reports on CVLG. Stephens restated an "overweight" rating and set a $36.00 target price on shares of Covenant Logistics Group in a research report on Friday. TD Cowen cut their price target on shares of Covenant Logistics Group from $35.00 to $34.50 and set a "buy" rating for the company in a report on Friday, October 25th.
Check Out Our Latest Report on Covenant Logistics Group
Covenant Logistics Group Stock Performance
The firm has a market cap of $745.33 million, a P/E ratio of 18.60 and a beta of 1.41. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.07 and a current ratio of 1.10. The company's 50 day moving average is $28.60 and its 200 day moving average is $27.10.
Covenant Logistics Group (NASDAQ:CVLG - Get Free Report) last released its quarterly earnings results on Wednesday, October 23rd. The company reported $0.55 earnings per share (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 during the quarter. During the same period in the previous year, the business posted $0.57 EPS. As a group, equities 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 company also recently disclosed a quarterly dividend, which was paid on Friday, December 27th. Stockholders of record on Friday, December 6th were given a dividend of $0.055 per share. This represents a $0.22 annualized dividend and a dividend yield of 0.78%. The ex-dividend date was Friday, December 6th. Covenant Logistics Group's dividend payout ratio (DPR) is presently 14.47%.
Insider Transactions at Covenant Logistics Group
In related news, Director Bradley A. Moline sold 14,000 shares of the firm's stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $29.82, for a total transaction of $417,480.00. Following the transaction, 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 36.50% of the stock is currently owned by corporate insiders.
Institutional Trading of Covenant Logistics Group
A number of large investors have recently added to or reduced their stakes in CVLG. Renaissance Technologies LLC increased its holdings in Covenant Logistics Group by 27.2% during the second quarter. Renaissance Technologies LLC now owns 43,000 shares of the company's stock worth $2,119,000 after buying an additional 9,200 shares during the last quarter. Marshall Wace LLP increased its holdings in Covenant Logistics Group by 15.8% during the second quarter. Marshall Wace LLP now owns 18,908 shares of the company's stock worth $932,000 after buying an additional 2,573 shares during the last quarter. Cubist Systematic Strategies LLC increased its holdings in Covenant Logistics Group by 115.3% during 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 during the last quarter. AQR Capital Management LLC increased its holdings 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 worth $3,682,000 after buying an additional 236 shares during the last quarter. Finally, Algert Global LLC purchased a new stake in Covenant Logistics Group during the second quarter worth about $275,000. Hedge funds and other institutional investors own 83.72% of the company's stock.
About Covenant Logistics Group
(
Get Free Report)
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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