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

Covenant Logistics Group, Inc. (NASDAQ:CVLG)’s share price 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 analysts have recently weighed in on the company. TD Cowen reduced their target price on Covenant Logistics Group from $35.00 to $34.50 and set a “buy” rating for the company in a research note on Friday, October 25th. Stephens reissued an “overweight” rating and set a $36.00 target price on shares of Covenant Logistics Group in a research note on Friday.

Covenant Logistics Group Price Performance

The firm has a market cap of $723.05 million, a price-to-earnings ratio of 18.05 and a beta of 1.41. 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’s 50-day moving average price is $28.61 and its 200-day moving average price is $27.07.

Covenant Logistics Group (NASDAQ:CVLG) last announced its earnings results on Wednesday, October 23rd. The company reported $0.55 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 business had revenue of $287.89 million for the quarter. During the same quarter last year, the business posted $0.57 earnings per share. On average, equities research analysts forecast that Covenant Logistics Group, Inc. will post 1.99 EPS for the current year.

Covenant Logistics Group Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 27th. Investors of record on Friday, December 6th were issued a dividend of $0.055 per share. This represents a $0.22 dividend on an annualized basis and a yield of 0.80%. The ex-dividend date of this dividend was Friday, December 6th. Covenant Logistics Group’s dividend payout ratio is currently 14.47%.

Insider Transactions at Covenant Logistics Group

In other news, Director Bradley A. Moline sold 14,000 shares of the business’s stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $29.82, for a total value of $417,480.00. Following the completion of the transaction, the director now owns 93,984 shares of the company’s stock, 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 filing with the SEC, which is available at the SEC website. Corporate insiders own 36.50% of the company’s stock.

Institutional Trading of Covenant Logistics Group

A number of institutional investors and hedge funds have recently made changes to their positions in CVLG. Huntington National Bank acquired a new stake in shares of Covenant Logistics Group in the third quarter worth $27,000. Quantbot Technologies LP acquired a new position in shares of Covenant Logistics Group during the third quarter worth about $64,000. nVerses Capital LLC grew its stake in shares of Covenant Logistics Group by 550.0% in the third quarter. nVerses Capital LLC now owns 1,300 shares of the company’s stock valued at $69,000 after buying an additional 1,100 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Covenant Logistics Group by 110.3% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,872 shares of the company’s stock worth $205,000 after acquiring an additional 2,031 shares during the period. Finally, GSA Capital Partners LLP acquired a new stake in Covenant Logistics Group in the third quarter valued at approximately $215,000. 83.72% of the stock is currently owned by institutional investors and hedge funds.

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.