Insider Selling: Covenant Logistics Group (NYSE:CVLG) CEO Sells 30,400 Shares of Stock

Covenant Logistics Group, Inc. (NYSE:CVLG) CEO David Ray Parker sold 30,400 shares of the business’s stock in a transaction dated Friday, February 20th. The stock was sold at an average price of $29.18, for a total transaction of $887,072.00. Following the transaction, the chief executive officer owned 2,047,544 shares in the company, valued at $59,747,333.92. This represents a 1.46% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

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

• On Thursday, February 19th, David Ray Parker sold 55,000 shares of Covenant Logistics Group stock. The shares were sold at an average price of $29.38, for a total transaction of $1,615,900.00.
• 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 stock was 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 shares were 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 shares were sold at an average price of $29.34, for a total value 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 shares were sold at an average price of $28.66, for a total transaction of $1,604,960.00.

Covenant Logistics Group Stock Performance

Shares of NYSE CVLG traded up $0.13 during mid-day trading on Friday, reaching $29.53. 183,176 shares of the company were exchanged, compared to its average volume of 187,696. Covenant Logistics Group, Inc. has a twelve month low of $17.46 and a twelve month high of $30.38. The stock has a market capitalization of $739.64 million, a P/E ratio of 134.23 and a beta of 1.21. The company’s 50-day simple moving average is $25.49 and its 200-day simple moving average is $23.08. 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 released its quarterly earnings results on Thursday, January 29th. The company reported $0.31 earnings per share for the quarter, missing the consensus estimate of $0.32 by ($0.01). Covenant Logistics Group had a net margin of 0.62% and a return on equity of 9.57%. The company had revenue of $295.37 million during the quarter.

Analyst Ratings Changes

Several research analysts have weighed in on the company. Zacks Research cut Covenant Logistics Group from a “hold” rating to a “strong sell” rating in a research report on Wednesday, January 21st. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Covenant Logistics Group in a research 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 given a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $30.00.

Institutional Trading of Covenant Logistics Group

Several large investors have recently made changes to their positions in the company. Quarry LP bought a new position in Covenant Logistics Group in the third quarter valued at approximately $33,000. BNP Paribas Financial Markets raised its holdings 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 worth $38,000 after buying an additional 487 shares in the last quarter. Raymond James Financial Inc. acquired a new position in shares of Covenant Logistics Group during the 2nd quarter worth $39,000. Tower Research Capital LLC TRC boosted its stake in Covenant Logistics Group by 127.1% in the second quarter. Tower Research Capital LLC TRC now owns 1,971 shares of the company’s stock valued at $48,000 after buying an additional 1,103 shares in the last quarter. Finally, State of Alaska Department of Revenue raised its stake in Covenant Logistics Group by 204.6% during 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 in the last quarter. 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.