Insider Selling: Covenant Logistics Group (NYSE:CVLG) Director Sells 2,650 Shares of Stock

Covenant Logistics Group, Inc. (NYSE:CVLG) Director D Michael Kramer sold 2,650 shares of the business’s stock in a transaction dated Wednesday, April 29th. The stock was sold at an average price of $34.72, for a total transaction of $92,008.00. Following the transaction, the director owned 22,086 shares in the company, valued at approximately $766,825.92. The trade was a 10.71% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Covenant Logistics Group Stock Performance

Shares of NYSE:CVLG traded down $1.02 on Friday, hitting $33.84. 185,839 shares of the company were exchanged, compared to its average volume of 166,373. The company’s 50 day moving average price is $28.57 and its two-hundred day moving average price is $24.99. Covenant Logistics Group, Inc. has a one year low of $18.00 and a one year high of $35.91. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.08 and a current ratio of 1.11. The firm has a market capitalization of $848.81 million, a price-to-earnings ratio of 225.60 and a beta of 1.15.

Covenant Logistics Group (NYSE:CVLG) last posted its quarterly earnings data on Thursday, April 23rd. The company reported $0.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.35 by ($0.09). Covenant Logistics Group had a return on equity of 9.37% and a net margin of 0.42%.The company had revenue of $307.16 million for the quarter. Research analysts expect that Covenant Logistics Group, Inc. will post 1.6 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on CVLG shares. Wall Street Zen downgraded shares of Covenant Logistics Group from a “buy” rating to a “hold” rating in a report on Sunday, March 8th. Weiss Ratings reissued a “hold (c)” rating on shares of Covenant Logistics Group in a research note on Friday, January 9th. Zacks Research raised shares of Covenant Logistics Group from a “strong sell” rating to a “hold” rating in a research note on Friday, April 3rd. Finally, TD Cowen upped their target price on shares of Covenant Logistics Group from $30.00 to $35.00 and gave the company a “buy” rating in a research note on Monday. One research analyst has rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $35.00.

Institutional Trading of Covenant Logistics Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Polaris Capital Management LLC increased its stake in Covenant Logistics Group by 1,061.0% in the fourth quarter. Polaris Capital Management LLC now owns 56,682 shares of the company’s stock valued at $1,249,000 after acquiring an additional 51,800 shares during the period. LSV Asset Management boosted its position in Covenant Logistics Group by 4.5% in the third quarter. LSV Asset Management now owns 452,290 shares of the company’s stock valued at $9,797,000 after buying an additional 19,464 shares in the last quarter. Royce & Associates LP boosted its position in Covenant Logistics Group by 8.4% in the third quarter. Royce & Associates LP now owns 298,648 shares of the company’s stock valued at $6,469,000 after buying an additional 23,060 shares in the last quarter. JPMorgan Chase & Co. boosted its position in Covenant Logistics Group by 52.4% in the third quarter. JPMorgan Chase & Co. now owns 31,853 shares of the company’s stock valued at $690,000 after buying an additional 10,947 shares in the last quarter. Finally, Penn Capital Management Company LLC boosted its position in Covenant Logistics Group by 43.4% in the third quarter. Penn Capital Management Company LLC now owns 24,407 shares of the company’s stock valued at $529,000 after buying an additional 7,382 shares in the last quarter. Institutional investors own 83.72% of the company’s stock.

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.