Covenant Logistics Group (NYSE:CVLG) CEO David Ray Parker Sells 20,000 Shares of Stock

Covenant Logistics Group, Inc. (NYSE:CVLG) CEO David Ray Parker sold 20,000 shares of the business’s stock in a transaction dated Thursday, February 12th. The stock was sold at an average price of $29.02, for a total transaction of $580,400.00. Following the completion of the sale, the chief executive officer owned 2,312,944 shares in the company, valued at $67,121,634.88. This represents a 0.86% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

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

• 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 transaction 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 transaction of $426,900.00.
• 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 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 value of $1,604,960.00.

Covenant Logistics Group Trading Up 3.7%

Shares of CVLG stock opened at $29.63 on Wednesday. The firm has a 50-day moving average price of $25.23 and a 200 day moving average price of $22.99. Covenant Logistics Group, Inc. has a twelve month low of $17.46 and a twelve month high of $30.18. The company has a market capitalization of $742.23 million, a price-to-earnings ratio of 134.69 and a beta of 1.21. The company has a current ratio of 1.01, a quick ratio of 0.98 and a debt-to-equity ratio of 0.49.

Covenant Logistics Group (NYSE:CVLG) last issued 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 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 Analysts Forecast Growth

A number of research firms have recently issued reports on CVLG. Zacks Research lowered shares of Covenant Logistics Group from a “hold” rating to a “strong sell” rating in a research note on Wednesday, January 21st. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Covenant Logistics Group in a report on Friday, January 9th. One investment 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 data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $30.00.

Institutional Trading of Covenant Logistics Group

A number of large investors have recently modified their holdings of CVLG. Price T Rowe Associates Inc. MD raised its stake in Covenant Logistics Group by 6.4% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 17,705 shares of the company’s stock valued at $391,000 after acquiring an additional 1,072 shares in the last quarter. Russell Investments Group Ltd. raised its stake in shares of Covenant Logistics Group by 15.6% during the fourth quarter. Russell Investments Group Ltd. now owns 419,773 shares of the company’s stock valued at $9,252,000 after purchasing an additional 56,751 shares in the last quarter. State of Wisconsin Investment Board lifted its holdings in Covenant Logistics Group by 6.7% in the fourth quarter. State of Wisconsin Investment Board now owns 92,073 shares of the company’s stock worth $2,029,000 after purchasing an additional 5,794 shares during the period. ExodusPoint Capital Management LP bought a new position in Covenant Logistics Group in the 4th quarter valued at about $521,000. Finally, Mangrove Partners IM LLC acquired a new position in Covenant Logistics Group during the 4th quarter valued at about $225,000. 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.