Insider Selling: Covenant Logistics Group (NYSE:CVLG) CEO Sells $580,400.00 in Stock

Covenant Logistics Group, Inc. (NYSE:CVLG) CEO David Ray Parker sold 20,000 shares of Covenant Logistics Group stock in a transaction dated Thursday, February 12th. The shares were sold at an average price of $29.02, for a total value of $580,400.00. Following the completion of the transaction, the chief executive officer owned 2,312,944 shares in the company, valued at approximately $67,121,634.88. This represents a 0.86% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

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 stock was sold at an average price of $29.67, for a total transaction of $2,967,000.00.
• On Friday, February 13th, David Ray Parker sold 15,000 shares of Covenant Logistics Group stock. The shares were sold at an average price of $28.46, for a total transaction of $426,900.00.
• On Wednesday, February 11th, David Ray Parker sold 27,400 shares of Covenant Logistics Group stock. The stock was 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 shares were sold at an average price of $28.66, for a total transaction of $1,604,960.00.

Covenant Logistics Group Stock Performance

NYSE CVLG opened at $29.49 on Friday. The firm’s fifty day moving average price is $25.49 and its two-hundred day moving average price is $23.08. The stock has a market cap of $738.72 million, a PE ratio of 134.05 and a beta of 1.21. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.98 and a current ratio of 1.01. Covenant Logistics Group, Inc. has a fifty-two week low of $17.46 and a fifty-two week high of $30.18.

Covenant Logistics Group (NYSE:CVLG) last released its quarterly earnings data on Thursday, January 29th. The company reported $0.31 earnings per share for the quarter, missing the consensus estimate of $0.32 by ($0.01). The firm 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 hedge funds and other institutional investors have recently made changes to their positions in CVLG. T. Rowe Price Investment Management Inc. increased its position in Covenant Logistics Group by 46.6% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 714,516 shares of the company’s stock valued at $15,748,000 after purchasing an additional 227,216 shares during the period. Corient Private Wealth LLC boosted its stake in shares of Covenant Logistics Group by 1.1% in the 4th quarter. Corient Private Wealth LLC now owns 41,740 shares of the company’s stock valued at $920,000 after purchasing an additional 446 shares during the last quarter. Empowered Funds LLC boosted its stake in shares of Covenant Logistics Group by 6.0% in the 4th quarter. Empowered Funds LLC now owns 146,678 shares of the company’s stock valued at $3,233,000 after purchasing an additional 8,280 shares during the last quarter. XTX Topco Ltd acquired a new stake in shares of Covenant Logistics Group during the fourth quarter worth $243,000. Finally, Tudor Investment Corp ET AL bought a new position in Covenant Logistics Group during the fourth quarter worth $689,000. 83.72% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the company. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Covenant Logistics Group in a research note on Friday, January 9th. Zacks Research cut shares of Covenant Logistics Group from a “hold” rating to a “strong sell” rating in a research report on Wednesday, January 21st. One investment 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. According to MarketBeat.com, Covenant Logistics Group currently has a consensus rating of “Hold” and a consensus target price 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.