Covenant Logistics Group (CVLG) Expected to Announce Quarterly Earnings on Wednesday

Covenant Logistics Group (NASDAQ:CVLG - Get Free Report) is expected to issue its quarterly earnings data after the market closes on Wednesday, July 23rd. Analysts expect the company to announce earnings of $0.41 per share and revenue of $285.33 million for the quarter.

Covenant Logistics Group Trading Down 2.8%

NASDAQ:CVLG traded down $0.68 during trading hours on Friday, reaching $23.56. 89,392 shares of the stock were exchanged, compared to its average volume of 116,697. 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 business has a 50-day moving average of $23.63 and a two-hundred day moving average of $23.99. Covenant Logistics Group has a twelve month low of $17.46 and a twelve month high of $30.77. The company has a market capitalization of $625.57 million, a price-to-earnings ratio of 18.19 and a beta of 1.44.

Covenant Logistics Group Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Friday, June 6th were paid a $0.07 dividend. This represents a $0.28 annualized dividend and a dividend yield of 1.19%. The ex-dividend date of this dividend was Friday, June 6th. Covenant Logistics Group's payout ratio is currently 20.14%.

Analysts Set New Price Targets

Separately, TD Cowen dropped their target price on Covenant Logistics Group from $31.00 to $30.00 and set a "buy" rating on the stock in a report on Friday, April 25th.

Insider Buying and Selling at Covenant Logistics Group

In other Covenant Logistics Group news, Director D Michael Kramer sold 2,200 shares of Covenant Logistics Group stock in a transaction that occurred on Wednesday, May 21st. The shares were sold at an average price of $22.80, for a total value of $50,160.00. Following the completion of the sale, the director directly owned 24,736 shares of the company's stock, valued at approximately $563,980.80. The trade was a 8.17% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 35.10% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Covenant Logistics Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Jane Street Group LLC raised its stake in shares of Covenant Logistics Group by 27.6% in the 1st quarter. Jane Street Group LLC now owns 21,937 shares of the company's stock valued at $487,000 after purchasing an additional 4,743 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in Covenant Logistics Group by 161.8% during the first quarter. Goldman Sachs Group Inc. now owns 179,304 shares of the company's stock worth $3,981,000 after acquiring an additional 110,810 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Covenant Logistics Group by 108.3% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,586 shares of the company's stock worth $213,000 after acquiring an additional 4,985 shares during the period. AQR Capital Management LLC raised its stake in Covenant Logistics Group by 97.5% during the first quarter. AQR Capital Management LLC now owns 88,761 shares of the company's stock worth $1,970,000 after acquiring an additional 43,816 shares during the period. Finally, Royal Bank of Canada raised its stake in Covenant Logistics Group by 90.5% during the first quarter. Royal Bank of Canada now owns 24,108 shares of the company's stock worth $535,000 after acquiring an additional 11,454 shares during the period. 83.72% of the stock is owned by hedge funds and other institutional investors.

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.