Covenant Logistics Group (NYSE:CVLG) CEO David Ray Parker Sells 56,000 Shares

Covenant Logistics Group, Inc. (NYSE:CVLG) CEO David Ray Parker sold 56,000 shares of the company’s stock in a transaction that occurred on Monday, February 9th. The stock was sold at an average price of $28.66, for a total value of $1,604,960.00. Following the completion of the sale, the chief executive officer owned 293,074 shares in the company, valued at approximately $8,399,500.84. This represents a 16.04% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

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

• 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 value of $803,916.00.
• On Tuesday, February 10th, David Ray Parker sold 70,000 shares of Covenant Logistics Group stock. The stock was sold at an average price of $29.05, for a total value of $2,033,500.00.

Covenant Logistics Group Price Performance

Covenant Logistics Group stock traded up $0.09 during trading hours on Wednesday, hitting $29.33. The stock had a trading volume of 150,683 shares, compared to its average volume of 175,617. Covenant Logistics Group, Inc. has a 1-year low of $17.46 and a 1-year high of $30.19. The stock has a market capitalization of $734.63 million, a price-to-earnings ratio of 133.32 and a beta of 1.21. The stock’s fifty day moving average is $24.51 and its two-hundred day moving average is $22.84. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.01 and a quick ratio of 0.98.

Covenant Logistics Group (NYSE:CVLG) last released its quarterly earnings data on Thursday, January 29th. The company reported $0.31 EPS for the quarter, missing the consensus estimate 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 business had revenue of $295.37 million during the quarter.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. Empowered Funds LLC grew its position in shares of Covenant Logistics Group by 6.0% in the fourth 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 period. Metis Global Partners LLC acquired a new stake in Covenant Logistics Group in the 4th quarter worth about $245,000. Franklin Resources Inc. grew its holdings in Covenant Logistics Group by 22.2% in the 4th quarter. Franklin Resources Inc. now owns 183,839 shares of the company’s stock valued at $4,052,000 after buying an additional 33,389 shares during the period. State of Wyoming acquired a new position in shares of Covenant Logistics Group during the 4th quarter valued at about $148,000. Finally, Penn Capital Management Company LLC lifted its holdings in shares of Covenant Logistics Group by 14.2% during the 4th quarter. Penn Capital Management Company LLC now owns 27,871 shares of the company’s stock worth $614,000 after acquiring an additional 3,464 shares during the period. Hedge funds and other institutional investors own 83.72% of the company’s stock.

Analyst Ratings Changes

CVLG has been the subject of several research reports. Zacks Research downgraded Covenant Logistics Group from a “hold” rating to a “strong sell” rating in a research report on Wednesday, January 21st. Weiss Ratings reissued a “hold (c)” rating on shares of Covenant Logistics Group in a report on Friday, January 9th. One investment analyst has rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average 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.