Covenant Logistics Group, Inc. (NASDAQ:CVLG) Director Herbert J. Schmidt Sells 21,000 Shares

Covenant Logistics Group, Inc. (NASDAQ:CVLG) Director Herbert J. Schmidt sold 21,000 shares of the stock in a transaction on Monday, July 29th. The shares were sold at an average price of $55.24, for a total value of $1,160,040.00. Following the completion of the transaction, the director now owns 12,134 shares in the company, valued at $670,282.16. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Covenant Logistics Group Stock Down 3.4 %

NASDAQ:CVLG opened at $52.06 on Friday. Covenant Logistics Group, Inc. has a 12-month low of $38.25 and a 12-month high of $57.57. The company has a quick ratio of 1.01, a current ratio of 1.04 and a debt-to-equity ratio of 0.47. The firm has a market capitalization of $680.42 million, a P/E ratio of 16.69 and a beta of 1.37. The stock’s fifty day simple moving average is $49.50 and its 200-day simple moving average is $48.07.

Covenant Logistics Group (NASDAQ:CVLG) last posted its quarterly earnings results on Wednesday, July 24th. The company reported $1.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.95 by $0.09. Covenant Logistics Group had a return on equity of 13.93% and a net margin of 3.76%. The business had revenue of $287.50 million for the quarter. During the same quarter in the prior year, the business earned $1.07 earnings per share. Equities research analysts expect that Covenant Logistics Group, Inc. will post 4.12 earnings per share for the current year.

Covenant Logistics Group Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 7th were given a $0.11 dividend. The ex-dividend date of this dividend was Friday, June 7th. This represents a $0.44 annualized dividend and a dividend yield of 0.85%. Covenant Logistics Group’s dividend payout ratio is currently 14.10%.

Wall Street Analyst Weigh In

Separately, TD Cowen increased their price objective on Covenant Logistics Group from $65.00 to $70.00 and gave the company a “buy” rating in a research report on Friday, July 26th.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its holdings in Covenant Logistics Group by 0.9% during the third quarter. Vanguard Group Inc. now owns 434,458 shares of the company’s stock worth $19,051,000 after acquiring an additional 4,004 shares in the last quarter. SG Americas Securities LLC bought a new position in Covenant Logistics Group during the fourth quarter worth about $221,000. Strs Ohio lifted its holdings in Covenant Logistics Group by 2.4% during the fourth quarter. Strs Ohio now owns 13,000 shares of the company’s stock worth $598,000 after acquiring an additional 300 shares in the last quarter. Foundry Partners LLC lifted its holdings in Covenant Logistics Group by 9.3% during the fourth quarter. Foundry Partners LLC now owns 73,551 shares of the company’s stock worth $3,386,000 after acquiring an additional 6,256 shares in the last quarter. Finally, Summit Global Investments bought a new position in Covenant Logistics Group during the fourth quarter worth about $302,000. 83.72% of the stock is currently owned by institutional investors.

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.