Covenant Logistics Group (NASDAQ:CVLG) Shares Gap Up on Strong Earnings

Shares of Covenant Logistics Group, Inc. (NASDAQ:CVLG) gapped up prior to trading on Thursday after the company announced better than expected quarterly earnings. The stock had previously closed at $50.76, but opened at $52.62. Covenant Logistics Group shares last traded at $53.15, with a volume of 739 shares changing hands.

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 net margin of 3.82% and a return on equity of 14.16%. The company had revenue of $287.50 million for the quarter. During the same quarter in the previous year, the firm posted $1.07 EPS.

Covenant Logistics Group Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 7th were given a $0.11 dividend. The ex-dividend date was Friday, June 7th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 0.82%. Covenant Logistics Group’s dividend payout ratio is currently 14.10%.

Insider Activity

In related news, Director D Michael Kramer sold 3,725 shares of the firm’s stock in a transaction on Tuesday, May 14th. The stock was sold at an average price of $46.64, for a total value of $173,734.00. Following the completion of the transaction, the director now directly owns 11,285 shares of the company’s stock, valued at $526,332.40. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 36.50% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. CWM LLC boosted its stake in Covenant Logistics Group by 2,336.4% in the 2nd quarter. CWM LLC now owns 536 shares of the company’s stock valued at $26,000 after buying an additional 514 shares in the last quarter. EMC Capital Management acquired a new stake in shares of Covenant Logistics Group in the 1st quarter valued at $149,000. SG Americas Securities LLC acquired a new stake in shares of Covenant Logistics Group in the 2nd quarter valued at $176,000. Allspring Global Investments Holdings LLC grew its holdings in shares of Covenant Logistics Group by 132.1% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 4,161 shares of the company’s stock worth $193,000 after purchasing an additional 2,368 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD increased its position in shares of Covenant Logistics Group by 7.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 6,491 shares of the company’s stock worth $301,000 after purchasing an additional 442 shares in the last quarter. Institutional investors own 83.72% of the company’s stock.

Covenant Logistics Group Stock Up 5.4 %

The stock has a market capitalization of $699.51 million, a P/E ratio of 16.27 and a beta of 1.38. 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 firm’s fifty day moving average is $48.37 and its 200-day moving average is $47.65.

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.