Covenant Logistics Group (NYSE:CVLG) CEO Sells $2,967,000.00 in Stock

Covenant Logistics Group, Inc. (NYSE:CVLG) CEO David Ray Parker sold 100,000 shares of the stock in a transaction that occurred on Tuesday, February 17th. The stock was sold at an average price of $29.67, for a total transaction of $2,967,000.00. Following the transaction, the chief executive officer directly owned 2,197,944 shares in the company, valued at approximately $65,212,998.48. This represents a 4.35% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

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

• 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 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 value of $580,400.00.
• On Wednesday, February 11th, David Ray Parker sold 27,400 shares of Covenant Logistics Group stock. The shares were 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.
• 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 value of $1,604,960.00.

Covenant Logistics Group Trading Up 3.7%

Shares of NYSE:CVLG traded up $1.06 during trading on Tuesday, reaching $29.63. 312,185 shares of the stock were exchanged, compared to its average volume of 183,780. 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 12-month low of $17.46 and a 12-month high of $30.18. The firm has a market cap of $742.14 million, a price-to-earnings ratio of 134.69 and a beta of 1.21. The firm’s 50-day moving average price is $25.07 and its 200 day moving average price is $22.95.

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

Wall Street Analysts Forecast Growth

Several research analysts have commented on CVLG shares. Weiss Ratings reissued a “hold (c)” rating on shares of Covenant Logistics Group in a research report on Friday, January 9th. Zacks Research lowered 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 issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $30.00.

Hedge Funds Weigh In On Covenant Logistics Group

A number of institutional investors have recently added to or reduced their stakes in CVLG. Royal Bank of Canada increased its position in shares of Covenant Logistics Group by 90.5% during the first quarter. Royal Bank of Canada now owns 24,108 shares of the company’s stock worth $535,000 after acquiring an additional 11,454 shares during the last quarter. AQR Capital Management LLC increased its holdings in Covenant Logistics Group by 97.5% during the 1st quarter. AQR Capital Management LLC now owns 88,761 shares of the company’s stock worth $1,970,000 after purchasing an additional 43,816 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Covenant Logistics Group by 108.3% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,586 shares of the company’s stock valued at $213,000 after purchasing an additional 4,985 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of Covenant Logistics Group by 161.8% during the 1st 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 during the last quarter. Finally, Jane Street Group LLC grew its position in shares of Covenant Logistics Group by 27.6% during the first quarter. Jane Street Group LLC now owns 21,937 shares of the company’s stock worth $487,000 after buying an additional 4,743 shares in the last quarter. Institutional investors and hedge funds own 83.72% of the company’s stock.

About Covenant Logistics Group

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.