Covenant Logistics Group (NASDAQ:CVLG) Issues Quarterly Earnings Results

Covenant Logistics Group (NASDAQ:CVLG - Get Free Report) posted its quarterly earnings results on Wednesday. The company reported $1.09 earnings per share for the quarter, beating the consensus estimate of $1.08 by $0.01, Yahoo Finance reports. The firm had revenue of $287.89 million during the quarter. Covenant Logistics Group had a net margin of 3.76% and a return on equity of 13.78%. During the same period last year, the firm posted $1.13 earnings per share.

Covenant Logistics Group Stock Down 0.7 %

CVLG traded down $0.38 during midday trading on Friday, reaching $50.98. 65,870 shares of the company were exchanged, compared to its average volume of 61,205. The company has a market cap of $666.41 million, a price-to-earnings ratio of 16.54 and a beta of 1.34. Covenant Logistics Group has a one year low of $38.25 and a one year high of $56.96. The company's fifty day moving average price is $52.33 and its 200 day moving average price is $49.66. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.05 and a current ratio of 1.08.

Covenant Logistics Group Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 6th were given a $0.11 dividend. The ex-dividend date was Friday, September 6th. This represents a $0.44 annualized dividend and a yield of 0.86%. Covenant Logistics Group's payout ratio is 14.10%.

Insider Activity

In other Covenant Logistics Group news, Director Herbert J. Schmidt sold 21,000 shares of Covenant Logistics Group stock in a transaction on Monday, July 29th. The shares were sold at an average price of $55.24, for a total transaction of $1,160,040.00. Following the transaction, the director now directly owns 12,134 shares of the company's stock, valued at $670,282.16. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 36.50% of the company's stock.

Analyst Ratings Changes

Separately, TD Cowen cut their target price on Covenant Logistics Group from $70.00 to $69.00 and set a "buy" rating on the stock in a report on Friday.

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.