Covenant Logistics Group (NYSE:CVLG) CEO David Ray Parker Sells 15,000 Shares

Covenant Logistics Group, Inc. (NYSE:CVLG) CEO David Ray Parker sold 15,000 shares of the company’s stock in a transaction that occurred on Friday, February 13th. The shares were sold at an average price of $28.46, for a total value of $426,900.00. Following the sale, the chief executive officer directly owned 2,297,944 shares in the company, valued at approximately $65,399,486.24. This represents a 0.65% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink.

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 stock was sold at an average price of $29.67, for a total transaction of $2,967,000.00.
• On Thursday, February 12th, David Ray Parker sold 20,000 shares of Covenant Logistics Group stock. The shares were sold at an average price of $29.02, for a total transaction 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 shares were 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

CVLG stock traded up $1.06 during midday trading on Tuesday, reaching $29.63. The company had a trading volume of 312,185 shares, compared to its average volume of 183,780. The firm has a market capitalization of $742.14 million, a PE ratio of 134.69 and a beta of 1.21. The stock has a 50 day moving average price of $25.07 and a 200 day moving average price of $22.95. Covenant Logistics Group, Inc. has a fifty-two week low of $17.46 and a fifty-two week high of $30.18. 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 (NYSE:CVLG) last announced its quarterly earnings results on Thursday, January 29th. The company reported $0.31 earnings per share (EPS) for the quarter, missing the consensus estimate 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 company had revenue of $295.37 million during the quarter.

Analyst Ratings Changes

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

Hedge Funds Weigh In On Covenant Logistics Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. AlphaQuest LLC bought a new stake in Covenant Logistics Group in the second quarter worth about $380,000. American Century Companies Inc. grew its stake in shares of Covenant Logistics Group by 10.1% in the 2nd quarter. American Century Companies Inc. now owns 529,304 shares of the company’s stock worth $12,762,000 after purchasing an additional 48,582 shares during the last quarter. Boston Partners raised its holdings in shares of Covenant Logistics Group by 21.8% in the 2nd quarter. Boston Partners now owns 31,012 shares of the company’s stock worth $748,000 after purchasing an additional 5,551 shares in the last quarter. CSM Advisors LLC bought a new stake in shares of Covenant Logistics Group in the 2nd quarter worth approximately $9,458,000. Finally, Ranger Investment Management L.P. acquired a new stake in Covenant Logistics Group during the second quarter valued at approximately $4,450,000. 83.72% of the stock is owned by institutional investors.

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.