Covenant Logistics Group (NYSE:CVLG) CEO Sells $1,615,900.00 in Stock

Covenant Logistics Group, Inc. (NYSE:CVLG) CEO David Ray Parker sold 55,000 shares of Covenant Logistics Group stock in a transaction dated Thursday, February 19th. The stock was sold at an average price of $29.38, for a total value of $1,615,900.00. Following the completion of the transaction, the chief executive officer owned 2,077,944 shares in the company, valued at $61,049,994.72. The trade was a 2.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

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

• On Friday, February 20th, David Ray Parker sold 30,400 shares of Covenant Logistics Group stock. The shares were sold at an average price of $29.18, for a total value of $887,072.00.
• On Wednesday, February 18th, David Ray Parker sold 65,000 shares of Covenant Logistics Group stock. The shares were sold at an average price of $29.34, for a total value of $1,907,100.00.
• 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 value of $2,967,000.00.
• On Friday, February 13th, David Ray Parker sold 15,000 shares of Covenant Logistics Group stock. The stock was sold at an average price of $28.46, for a total value of $426,900.00.
• 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 transaction of $580,400.00.
• 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 stock was 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 $29.53 on Monday. The firm’s 50-day moving average is $25.61 and its 200-day moving average is $23.12. The company has a market cap of $739.73 million, a price-to-earnings ratio of 134.23 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 52-week low of $17.46 and a 52-week high of $30.38.

Covenant Logistics Group (NYSE:CVLG) last released its 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). Covenant Logistics Group had a return on equity of 9.57% and a net margin of 0.62%.The firm had revenue of $295.37 million for the quarter.

Analysts Set New Price Targets

CVLG has been the subject of a number of recent research reports. Weiss Ratings restated 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 note on Wednesday, January 21st. One analyst has rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Covenant Logistics Group presently has a consensus rating of “Hold” and a consensus price target of $30.00.

Institutional Trading of Covenant Logistics Group

Several institutional investors have recently bought and sold shares of the stock. CSM Advisors LLC acquired a new position in Covenant Logistics Group during the second quarter worth $9,458,000. T. Rowe Price Investment Management Inc. grew its holdings in shares of Covenant Logistics Group by 46.6% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 714,516 shares of the company’s stock worth $15,748,000 after purchasing an additional 227,216 shares during the last quarter. Ranger Investment Management L.P. acquired a new stake in shares of Covenant Logistics Group during the 2nd quarter worth about $4,450,000. Russell Investments Group Ltd. lifted its holdings in Covenant Logistics Group by 97.8% during the 2nd quarter. Russell Investments Group Ltd. now owns 304,445 shares of the company’s stock valued at $7,340,000 after purchasing an additional 150,523 shares during the last quarter. Finally, Goldman Sachs Group Inc. boosted its position in 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 buying an additional 110,810 shares in the last quarter. Institutional investors and hedge funds 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.