Insider Selling: Covenant Logistics Group (NYSE:CVLG) CEO Sells 30,400 Shares of Stock

Covenant Logistics Group, Inc. (NYSE:CVLG) CEO David Ray Parker sold 30,400 shares of the stock in a transaction on Friday, February 20th. The shares were 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 directly owned 2,047,544 shares in the company, valued at approximately $59,747,333.92. This trade represents a 1.46% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

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

• On Thursday, February 19th, David Ray Parker sold 55,000 shares of Covenant Logistics Group stock. The shares were sold at an average price of $29.38, for a total value of $1,615,900.00.
• 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 shares were 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 shares were 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 Trading Up 0.4%

Shares of CVLG stock traded up $0.13 on Friday, hitting $29.53. The stock had a trading volume of 183,176 shares, compared to its average volume of 187,696. The firm has a market cap of $739.64 million, a P/E ratio of 134.23 and a beta of 1.21. Covenant Logistics Group, Inc. has a twelve month low of $17.46 and a twelve month high of $30.38. The company has a current ratio of 1.01, a quick ratio of 0.98 and a debt-to-equity ratio of 0.49. The company has a fifty day moving average price of $25.49 and a two-hundred day moving average price of $23.08.

Covenant Logistics Group (NYSE:CVLG) last posted its earnings results 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). 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 for the quarter.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. Zacks Research cut Covenant Logistics Group from a “hold” rating to a “strong sell” rating in a research note on Wednesday, January 21st. Weiss Ratings reiterated a “hold (c)” rating on shares of Covenant Logistics Group in a report on Friday, January 9th. One research 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. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $30.00.

Hedge Funds Weigh In On Covenant Logistics Group

Large investors have recently modified their holdings of the business. Quarry LP acquired a new stake in shares of Covenant Logistics Group in the third quarter valued at about $33,000. BNP Paribas Financial Markets boosted its position in Covenant Logistics Group by 45.3% during the second quarter. BNP Paribas Financial Markets now owns 1,562 shares of the company’s stock valued at $38,000 after purchasing an additional 487 shares during the last quarter. Raymond James Financial Inc. bought a new position in Covenant Logistics Group in the second quarter valued at approximately $39,000. Tower Research Capital LLC TRC increased its position in shares of Covenant Logistics Group by 127.1% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,971 shares of the company’s stock worth $48,000 after purchasing an additional 1,103 shares during the last quarter. Finally, State of Alaska Department of Revenue raised its stake in shares of Covenant Logistics Group by 204.6% during the 4th quarter. State of Alaska Department of Revenue now owns 3,515 shares of the company’s stock worth $77,000 after purchasing an additional 2,361 shares in the last quarter. 83.72% of the stock is currently owned by institutional investors and hedge funds.

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.