David Ray Parker Sells 56,000 Shares of Covenant Logistics Group (NYSE:CVLG) Stock

Covenant Logistics Group, Inc. (NYSE:CVLG) CEO David Ray Parker sold 56,000 shares of the stock in a transaction that occurred on Monday, February 9th. The stock was sold at an average price of $28.66, for a total transaction of $1,604,960.00. Following the transaction, the chief executive officer directly owned 293,074 shares in the company, valued at approximately $8,399,500.84. This represents a 16.04% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through 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 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.

Covenant Logistics Group Trading Up 0.3%

Shares of CVLG stock traded up $0.09 on Wednesday, reaching $29.33. 150,683 shares of the stock were exchanged, compared to its average volume of 175,617. The company has a quick ratio of 0.98, a current ratio of 1.01 and a debt-to-equity ratio of 0.49. The stock has a market cap of $734.63 million, a P/E ratio of 133.32 and a beta of 1.21. The firm has a 50 day moving average of $24.51 and a two-hundred day moving average of $22.84. Covenant Logistics Group, Inc. has a 1-year low of $17.46 and a 1-year high of $30.19.

Covenant Logistics Group (NYSE:CVLG) last posted its quarterly earnings results on Thursday, January 29th. The company reported $0.31 earnings per share (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 net margin of 0.62% and a return on equity of 9.57%.

Institutional Trading of Covenant Logistics Group

Several large investors have recently bought and sold shares of the company. CSM Advisors LLC purchased a new stake in shares of Covenant Logistics Group during the second quarter valued at approximately $9,458,000. Ranger Investment Management L.P. purchased a new position in shares of Covenant Logistics Group in the second quarter valued at $4,450,000. Russell Investments Group Ltd. grew its holdings in Covenant Logistics Group by 97.8% during the 2nd 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 in the last quarter. Goldman Sachs Group Inc. increased its stake in Covenant Logistics Group by 161.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 179,304 shares of the company’s stock worth $3,981,000 after buying an additional 110,810 shares during the period. Finally, Algert Global LLC lifted its holdings in Covenant Logistics Group by 655.0% in the 3rd quarter. Algert Global LLC now owns 110,144 shares of the company’s stock worth $2,386,000 after buying an additional 95,556 shares in the last quarter. Institutional investors and hedge funds own 83.72% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently commented on CVLG. Weiss Ratings restated a “hold (c)” rating on shares of Covenant Logistics Group in a report on Friday, January 9th. Zacks Research downgraded shares of Covenant Logistics Group from a “hold” rating to a “strong sell” rating in a research note on Wednesday, January 21st. One analyst has rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Covenant Logistics Group currently has an average rating of “Hold” and an average target price of $30.00.

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.