Insider Selling: Covenant Logistics Group (NYSE:CVLG) CEO Sells 15,000 Shares of Stock

Covenant Logistics Group, Inc. (NYSE:CVLG) CEO David Ray Parker sold 15,000 shares of the firm’s stock in a transaction on Friday, February 13th. The stock was sold at an average price of $28.46, for a total value of $426,900.00. Following the sale, the chief executive officer directly owned 2,297,944 shares of the company’s stock, valued at approximately $65,399,486.24. This represents a 0.65% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

David Ray Parker also recently made the following trade(s):

• On Tuesday, February 17th, David Ray Parker sold 100,000 shares of Covenant Logistics Group stock. The shares were sold at an average price of $29.67, for a total value of $2,967,000.00.
• On Thursday, February 12th, David Ray Parker sold 20,000 shares of Covenant Logistics Group stock. The stock was sold at an average price of $29.02, for a total value of $580,400.00.
• On Wednesday, February 11th, David Ray Parker sold 27,400 shares of Covenant Logistics Group stock. The shares were sold at an average price of $29.34, for a total transaction of $803,916.00.
• On Tuesday, February 10th, David Ray Parker sold 70,000 shares of Covenant Logistics Group stock. The shares were sold at an average price of $29.05, for a total transaction of $2,033,500.00.
• On Monday, February 9th, David Ray Parker sold 56,000 shares of Covenant Logistics Group stock. The stock was sold at an average price of $28.66, for a total transaction of $1,604,960.00.

Covenant Logistics Group Trading Up 3.7%

NYSE CVLG traded up $1.06 on Tuesday, hitting $29.63. 312,185 shares of the stock were exchanged, compared to its average volume of 183,780. The company’s 50-day moving average price is $25.07 and its two-hundred day moving average price is $22.95. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.01 and a quick ratio of 0.98. Covenant Logistics Group, Inc. has a 52-week low of $17.46 and a 52-week high of $30.18. The company has a market capitalization of $742.14 million, a price-to-earnings ratio of 134.69 and a beta of 1.21.

Covenant Logistics Group (NYSE:CVLG) last issued its quarterly earnings results on Thursday, January 29th. The company reported $0.31 earnings per share for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.01). The business had revenue of $295.37 million for the quarter. Covenant Logistics Group had a net margin of 0.62% and a return on equity of 9.57%.

Hedge Funds Weigh In On Covenant Logistics Group

A number of institutional investors have recently modified their holdings of the company. CSM Advisors LLC acquired a new stake in shares of Covenant Logistics Group in the second quarter worth $9,458,000. Ranger Investment Management L.P. acquired a new position in Covenant Logistics Group during the 2nd quarter worth $4,450,000. Russell Investments Group Ltd. boosted its holdings in Covenant Logistics Group by 97.8% during the second quarter. Russell Investments Group Ltd. now owns 304,445 shares of the company’s stock valued at $7,340,000 after acquiring an additional 150,523 shares during the period. Goldman Sachs Group Inc. grew its position in shares of Covenant Logistics Group by 161.8% in the first quarter. Goldman Sachs Group Inc. now owns 179,304 shares of the company’s stock valued at $3,981,000 after purchasing an additional 110,810 shares during the last quarter. Finally, Algert Global LLC increased its stake in shares of Covenant Logistics Group by 655.0% in the third quarter. Algert Global LLC now owns 110,144 shares of the company’s stock worth $2,386,000 after purchasing an additional 95,556 shares during the period. Institutional investors own 83.72% of the company’s stock.

Analysts Set New Price Targets

CVLG has been the topic of a number of research analyst reports. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Covenant Logistics Group in a research report on Friday, January 9th. Zacks Research lowered Covenant Logistics Group from a “hold” rating to a “strong sell” rating in a report on Wednesday, January 21st. One analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $30.00.

Covenant Logistics Group Company Profile

Covenant Logistics Group provides a comprehensive suite of transportation and logistics services across North America. The company’s core offerings include less‐than‐truckload (LTL) and full truckload hauling, temperature‐controlled freight, intermodal transportation and freight brokerage. Covenant also delivers specialized solutions such as expedited “hot‐shot” deliveries, cross‐border shipping to Canada and Mexico, and dedicated contract carriage for time‐sensitive or high‐value shipments.

With a network of service centers, terminals and partner carriers strategically located throughout the United States, Covenant supports diverse industries including food and beverage, automotive, retail, energy and manufacturing.