Hudson Bay Capital Management LP Reduces Stake in Covenant Logistics Group, Inc. $CVLG

Hudson Bay Capital Management LP lessened its stake in shares of Covenant Logistics Group, Inc. (NYSE:CVLG) by 62.1% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 50,205 shares of the company’s stock after selling 82,254 shares during the quarter. Hudson Bay Capital Management LP’s holdings in Covenant Logistics Group were worth $1,087,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of CVLG. American Century Companies Inc. increased its holdings in Covenant Logistics Group by 10.1% during the 2nd quarter. American Century Companies Inc. now owns 529,304 shares of the company’s stock worth $12,762,000 after acquiring an additional 48,582 shares during the period. LSV Asset Management lifted its position in Covenant Logistics Group by 4.5% during the third quarter. LSV Asset Management now owns 452,290 shares of the company’s stock valued at $9,797,000 after purchasing an additional 19,464 shares during the last quarter. CSM Advisors LLC lifted its holdings in shares of Covenant Logistics Group by 2.9% during the 3rd quarter. CSM Advisors LLC now owns 403,484 shares of the company’s stock worth $8,744,000 after acquiring an additional 11,217 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Covenant Logistics Group by 0.9% during the 2nd quarter. Geode Capital Management LLC now owns 378,422 shares of the company’s stock valued at $9,125,000 after purchasing an additional 3,504 shares during the last quarter. Finally, Russell Investments Group Ltd. boosted its stake in Covenant Logistics Group by 19.2% in the third quarter. Russell Investments Group Ltd. now owns 363,022 shares of the company’s stock worth $7,863,000 after buying an additional 58,577 shares in the last quarter. 83.72% of the stock is currently owned by institutional investors.

Covenant Logistics Group Stock Up 0.4%

Shares of NYSE:CVLG opened at $25.32 on Monday. The company has a current ratio of 1.11, a quick ratio of 1.08 and a debt-to-equity ratio of 0.59. The stock has a fifty day simple moving average of $27.23 and a two-hundred day simple moving average of $23.56. Covenant Logistics Group, Inc. has a 12-month low of $17.46 and a 12-month high of $30.43. The stock has a market capitalization of $634.19 million, a price-to-earnings ratio of 115.10 and a beta of 1.16.

Covenant Logistics Group (NYSE:CVLG) last released its earnings results on Thursday, January 29th. The company reported $0.31 EPS for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.01). The company had revenue of $295.37 million during the quarter. Covenant Logistics Group had a return on equity of 9.70% and a net margin of 0.62%.

Analyst Ratings Changes

CVLG has been the subject of several recent research reports. Wall Street Zen downgraded shares of Covenant Logistics Group from a “buy” rating to a “hold” rating in a research note on Sunday, March 8th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Covenant Logistics Group in a research note on Friday, January 9th. Finally, Zacks Research cut Covenant Logistics Group from a “hold” rating to a “strong sell” rating in a research note on Wednesday, January 21st. One investment analyst has rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $30.00.

Insider Activity at Covenant Logistics Group

In other news, CEO David Ray Parker sold 30,400 shares of the business’s stock in a transaction on Friday, February 20th. The stock was sold at an average price of $29.18, for a total value of $887,072.00. Following the completion of the transaction, the chief executive officer owned 2,047,544 shares in the company, valued at $59,747,333.92. The trade was a 1.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Over the last three months, insiders sold 438,800 shares of company stock valued at $12,826,748. 35.10% of the stock is currently owned by company insiders.

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.