Insider Selling: Covenant Logistics Group (NYSE:CVLG) CEO Sells $803,916.00 in Stock

Covenant Logistics Group, Inc. (NYSE:CVLG) CEO David Ray Parker sold 27,400 shares of Covenant Logistics Group stock in a transaction dated Wednesday, February 11th. The stock was sold at an average price of $29.34, for a total value of $803,916.00. Following the completion of the sale, the chief executive officer owned 2,332,944 shares in the company, valued at approximately $68,448,576.96. The trade was a 1.16% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink.

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

• 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 shares were sold at an average price of $28.66, for a total value of $1,604,960.00.

Covenant Logistics Group Stock Performance

Shares of NYSE:CVLG opened at $28.53 on Friday. 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, Inc. has a 1 year low of $17.46 and a 1 year high of $30.18. The firm has a market capitalization of $714.59 million, a PE ratio of 129.69 and a beta of 1.21. The business’s 50 day moving average price is $24.93 and its 200-day moving average price is $22.94.

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

Wall Street Analyst Weigh In

Several brokerages recently issued reports on CVLG. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Covenant Logistics Group in a research note on Friday, January 9th. Zacks Research lowered Covenant Logistics Group from a “hold” rating to a “strong sell” rating in a research report on Wednesday, January 21st. One research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $30.00.

Institutional Trading of Covenant Logistics Group

Hedge funds have recently made changes to their positions in the company. Royal Bank of Canada raised its position in shares of Covenant Logistics Group by 90.5% during the 1st quarter. Royal Bank of Canada now owns 24,108 shares of the company’s stock valued at $535,000 after buying an additional 11,454 shares during the period. AQR Capital Management LLC increased its stake in Covenant Logistics Group by 97.5% during the first quarter. AQR Capital Management LLC now owns 88,761 shares of the company’s stock worth $1,970,000 after acquiring an additional 43,816 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Covenant Logistics Group by 108.3% in the first 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 during the period. Goldman Sachs Group Inc. lifted its stake in shares of Covenant Logistics Group by 161.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 179,304 shares of the company’s stock valued at $3,981,000 after purchasing an additional 110,810 shares during the last quarter. Finally, Jane Street Group LLC grew its holdings in shares of Covenant Logistics Group by 27.6% during the 1st quarter. Jane Street Group LLC now owns 21,937 shares of the company’s stock worth $487,000 after purchasing an additional 4,743 shares during the period. Hedge funds and other institutional investors own 83.72% of the company’s stock.

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.