David Ray Parker Sells 70,000 Shares of Covenant Logistics Group (NYSE:CVLG) Stock

Covenant Logistics Group, Inc. (NYSE:CVLG) CEO David Ray Parker sold 70,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 10th. The shares were sold at an average price of $29.05, for a total transaction of $2,033,500.00. Following the completion of the sale, the chief executive officer owned 227,872 shares in the company, valued at approximately $6,619,681.60. The trade was a 23.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.

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

Covenant Logistics Group Trading Up 0.3%

Covenant Logistics Group stock traded up $0.09 during mid-day trading on Wednesday, hitting $29.33. 150,683 shares of the stock were exchanged, compared to its average volume of 175,617. The stock has a market capitalization of $734.63 million, a price-to-earnings ratio of 133.32 and a beta of 1.21. 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 12 month low of $17.46 and a 12 month high of $30.19. The firm’s fifty day simple moving average is $24.51 and its two-hundred day simple moving average is $22.84.

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). 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.

Analyst Ratings Changes

A number of brokerages have issued reports on CVLG. Weiss Ratings restated a “hold (c)” rating on shares of Covenant Logistics Group in a research note on Friday, January 9th. Zacks Research downgraded Covenant Logistics Group from a “hold” rating to a “strong sell” rating in a research report on Wednesday, January 21st. One equities research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Covenant Logistics Group presently has a consensus rating of “Hold” and a consensus price target of $30.00.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Quarry LP bought a new position in shares of Covenant Logistics Group during the third quarter valued at approximately $33,000. BNP Paribas Financial Markets increased its position in shares of Covenant Logistics Group by 45.3% during the 2nd quarter. BNP Paribas Financial Markets now owns 1,562 shares of the company’s stock valued at $38,000 after purchasing an additional 487 shares during the last quarter. Raymond James Financial Inc. bought a new position in Covenant Logistics Group in the 2nd quarter worth $39,000. Tower Research Capital LLC TRC lifted its holdings in Covenant Logistics Group by 127.1% during the second quarter. Tower Research Capital LLC TRC now owns 1,971 shares of the company’s stock valued at $48,000 after purchasing an additional 1,103 shares in the last quarter. Finally, State of Alaska Department of Revenue boosted its stake in shares of Covenant Logistics Group by 204.6% in the fourth quarter. State of Alaska Department of Revenue now owns 3,515 shares of the company’s stock worth $77,000 after acquiring an additional 2,361 shares during the period. Hedge funds and other institutional investors 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.