Insider Selling: Covenant Logistics Group (NYSE:CVLG) CEO Sells $2,033,500.00 in Stock

Covenant Logistics Group, Inc. (NYSE:CVLG) CEO David Ray Parker sold 70,000 shares of the company’s stock in a transaction dated Tuesday, February 10th. The stock was sold at an average price of $29.05, for a total value of $2,033,500.00. Following the completion of the sale, the chief executive officer directly owned 227,872 shares of the company’s stock, valued at $6,619,681.60. The trade was a 23.50% decrease in their position. The sale 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 shares were sold at an average price of $29.34, for a total value of $803,916.00.
• 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 Stock Up 1.6%

Shares of NYSE:CVLG opened at $28.53 on Friday. The company has a market capitalization of $714.59 million, a price-to-earnings ratio of 129.69 and a beta of 1.21. The company has a 50 day moving average of $24.93 and a two-hundred day moving average of $22.94. Covenant Logistics Group, Inc. has a 52-week low of $17.46 and a 52-week high of $30.18. The company has a quick ratio of 0.98, a current ratio of 1.01 and a debt-to-equity ratio of 0.49.

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

Institutional Trading of Covenant Logistics Group

Several hedge funds and other institutional investors have recently bought and sold shares of CVLG. AlphaQuest LLC bought a new stake in shares of Covenant Logistics Group during the 2nd quarter valued at about $380,000. American Century Companies Inc. grew its holdings in shares of Covenant Logistics Group by 10.1% during the second quarter. American Century Companies Inc. now owns 529,304 shares of the company’s stock valued at $12,762,000 after purchasing an additional 48,582 shares during the last quarter. Boston Partners grew its holdings in shares of Covenant Logistics Group by 21.8% during the second quarter. Boston Partners now owns 31,012 shares of the company’s stock valued at $748,000 after purchasing an additional 5,551 shares during the last quarter. CSM Advisors LLC bought a new stake in shares of Covenant Logistics Group in the 2nd quarter worth approximately $9,458,000. Finally, Ranger Investment Management L.P. bought a new stake in shares of Covenant Logistics Group in the 2nd quarter worth approximately $4,450,000. 83.72% of the stock is owned by institutional investors.

Analyst Ratings Changes

CVLG has been the subject of a number of analyst reports. Zacks Research downgraded Covenant Logistics Group from a “hold” rating to a “strong sell” rating in a report on Wednesday, January 21st. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Covenant Logistics Group in a research report on Friday, January 9th. One equities research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus 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.