Covenant Logistics Group, Inc. (NASDAQ:CVLG) Director Sells $1,160,040.00 in Stock

Covenant Logistics Group, Inc. (NASDAQ:CVLG) Director Herbert J. Schmidt sold 21,000 shares of the business’s stock in a transaction on Monday, July 29th. The stock was sold at an average price of $55.24, for a total value of $1,160,040.00. Following the sale, the director now directly owns 12,134 shares in the company, valued at $670,282.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Covenant Logistics Group Stock Down 3.4 %

NASDAQ:CVLG opened at $52.06 on Friday. The firm has a market capitalization of $680.42 million, a price-to-earnings ratio of 16.69 and a beta of 1.37. Covenant Logistics Group, Inc. has a 1-year low of $38.25 and a 1-year high of $57.57. The company has a current ratio of 1.04, a quick ratio of 1.01 and a debt-to-equity ratio of 0.47. The business’s fifty day moving average price is $49.50 and its 200 day moving average price 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 for the quarter, beating the consensus estimate of $0.95 by $0.09. The firm had revenue of $287.50 million for the quarter. Covenant Logistics Group had a return on equity of 13.93% and a net margin of 3.76%. During the same period in the previous year, the firm posted $1.07 earnings per share. On average, sell-side analysts forecast that Covenant Logistics Group, Inc. will post 4.12 earnings per share for the current fiscal year.

Covenant Logistics Group Announces Dividend

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

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of CVLG. Vanguard Group Inc. increased its position in Covenant Logistics Group by 0.9% in the 3rd quarter. Vanguard Group Inc. now owns 434,458 shares of the company’s stock worth $19,051,000 after purchasing an additional 4,004 shares during the last quarter. SG Americas Securities LLC acquired a new position in Covenant Logistics Group in the 4th quarter worth about $221,000. Strs Ohio increased its position in Covenant Logistics Group by 2.4% in the 4th quarter. Strs Ohio now owns 13,000 shares of the company’s stock worth $598,000 after purchasing an additional 300 shares during the last quarter. Foundry Partners LLC increased its position in Covenant Logistics Group by 9.3% in the 4th quarter. Foundry Partners LLC now owns 73,551 shares of the company’s stock worth $3,386,000 after purchasing an additional 6,256 shares during the last quarter. Finally, Summit Global Investments acquired a new position in Covenant Logistics Group in the 4th quarter worth about $302,000. 83.72% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

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.