Joey Hogan Sells 14,700 Shares of Covenant Logistics Group (NYSE:CVLG) Stock

Covenant Logistics Group, Inc. (NYSE:CVLG) Director Joey Hogan sold 14,700 shares of the stock in a transaction on Tuesday, April 28th. The stock was sold at an average price of $34.76, for a total value of $510,972.00. Following the completion of the sale, the director directly owned 104,094 shares in the company, valued at approximately $3,618,307.44. This represents a 12.37% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link.

Covenant Logistics Group Stock Performance

Shares of CVLG stock opened at $33.84 on Friday. The company has a market capitalization of $848.71 million, a price-to-earnings ratio of 225.60 and a beta of 1.28. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.08 and a current ratio of 1.11. Covenant Logistics Group, Inc. has a one year low of $18.00 and a one year high of $35.91. The company’s 50-day moving average is $28.57 and its 200 day moving average is $24.99.

Covenant Logistics Group (NYSE:CVLG) last issued its earnings results 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). The firm had revenue of $307.16 million during the quarter. Covenant Logistics Group had a return on equity of 9.37% and a net margin of 0.42%. Sell-side analysts expect that Covenant Logistics Group, Inc. will post 1.6 EPS for the current fiscal year.

Hedge Funds Weigh In On Covenant Logistics Group

Institutional investors and hedge funds have recently bought and sold shares of the stock. Quarry LP bought a new position in shares of Covenant Logistics Group in the third quarter worth approximately $33,000. BNP Paribas Financial Markets raised its position in shares of Covenant Logistics Group by 45.3% during the 2nd quarter. BNP Paribas Financial Markets now owns 1,562 shares of the company’s stock valued at $38,000 after purchasing an additional 487 shares during the period. Raymond James Financial Inc. purchased a new position in shares of Covenant Logistics Group during the 2nd quarter valued at $39,000. Tower Research Capital LLC TRC lifted its stake in shares of Covenant Logistics Group by 127.1% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,971 shares of the company’s stock valued at $48,000 after buying an additional 1,103 shares in the last quarter. Finally, State of Alaska Department of Revenue boosted its holdings in Covenant Logistics Group by 204.6% in the 4th quarter. State of Alaska Department of Revenue now owns 3,515 shares of the company’s stock worth $77,000 after buying an additional 2,361 shares during the period. 83.72% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on CVLG. Wall Street Zen downgraded shares of Covenant Logistics Group from a “buy” rating to a “hold” rating in a report on Sunday, March 8th. Zacks Research upgraded shares of Covenant Logistics Group from a “strong sell” rating to a “hold” rating in a report on Friday, April 3rd. Weiss Ratings reiterated a “hold (c)” rating on shares of Covenant Logistics Group in a research note on Friday, January 9th. Finally, TD Cowen raised their price target on Covenant Logistics Group from $30.00 to $35.00 and gave the stock a “buy” rating in a research note on Monday, April 27th. One analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $35.00.

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.