David Ray Parker Sells 55,000 Shares of Covenant Logistics Group (NYSE:CVLG) Stock

Covenant Logistics Group, Inc. (NYSE:CVLG) CEO David Ray Parker sold 55,000 shares of the stock in a transaction dated Thursday, February 19th. The shares were sold at an average price of $29.38, for a total transaction of $1,615,900.00. Following the completion of the transaction, the chief executive officer directly owned 2,077,944 shares in the company, valued at approximately $61,049,994.72. This represents a 2.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

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

• On Friday, February 20th, David Ray Parker sold 30,400 shares of Covenant Logistics Group stock. The shares were sold at an average price of $29.18, for a total value of $887,072.00.
• On Wednesday, February 18th, David Ray Parker sold 65,000 shares of Covenant Logistics Group stock. The stock was 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 shares were 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 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 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 stock was 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 Stock Performance

Shares of CVLG traded up $0.13 during mid-day trading on Friday, hitting $29.53. 183,176 shares of the company’s stock were exchanged, compared to its average volume of 187,696. 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, Inc. has a 52 week low of $17.46 and a 52 week high of $30.38. The stock’s 50-day simple moving average is $25.49 and its 200-day simple moving average is $23.08. The firm has a market cap of $739.64 million, a price-to-earnings ratio of 134.23 and a beta of 1.21.

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 analysts’ consensus estimates of $0.32 by ($0.01). The company 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

A number of hedge funds have recently added to or reduced their stakes in CVLG. CSM Advisors LLC bought a new stake in shares of Covenant Logistics Group during the second quarter worth $9,458,000. T. Rowe Price Investment Management Inc. grew its position in Covenant Logistics Group by 46.6% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 714,516 shares of the company’s stock worth $15,748,000 after acquiring an additional 227,216 shares during the last quarter. Ranger Investment Management L.P. acquired a new position in Covenant Logistics Group in the 2nd quarter worth about $4,450,000. Russell Investments Group Ltd. raised its position in Covenant Logistics Group by 97.8% in the second quarter. Russell Investments Group Ltd. now owns 304,445 shares of the company’s stock valued at $7,340,000 after purchasing an additional 150,523 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised its position in Covenant Logistics Group by 161.8% in the first 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. Institutional investors and hedge funds own 83.72% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. Weiss Ratings reiterated a “hold (c)” rating on shares of Covenant Logistics Group in a research note on Friday, January 9th. Zacks Research lowered shares of Covenant Logistics Group from a “hold” rating to a “strong sell” rating in a research report on Wednesday, January 21st. One 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 has an average 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.