Hudson Bay Capital Management LP Sells 82,254 Shares of Covenant Logistics Group, Inc. $CVLG

Hudson Bay Capital Management LP reduced its stake in Covenant Logistics Group, Inc. (NYSE:CVLG) by 62.1% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 50,205 shares of the company’s stock after selling 82,254 shares during the period. Hudson Bay Capital Management LP owned 0.20% of Covenant Logistics Group worth $1,087,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. American Century Companies Inc. boosted its position in Covenant Logistics Group by 10.1% during the second quarter. American Century Companies Inc. now owns 529,304 shares of the company’s stock valued at $12,762,000 after purchasing an additional 48,582 shares during the last quarter. Boston Partners grew its position in shares of Covenant Logistics Group by 21.8% during 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. Ranger Investment Management L.P. acquired a new stake in shares of Covenant Logistics Group during the 2nd quarter worth $4,450,000. Russell Investments Group Ltd. increased its stake in shares of Covenant Logistics Group by 97.8% in 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 during the last quarter. Finally, LSV Asset Management grew its holdings in shares of Covenant Logistics Group by 4.5% during the 3rd quarter. LSV Asset Management now owns 452,290 shares of the company’s stock valued at $9,797,000 after purchasing an additional 19,464 shares during the last quarter. Institutional investors own 83.72% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on CVLG shares. 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 restated a “hold (c)” rating on shares of Covenant Logistics Group in a report on Friday, January 9th. Finally, Wall Street Zen lowered shares of Covenant Logistics Group from a “buy” rating to a “hold” rating in a report on Sunday, March 8th. 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 company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $30.00.

Insider Buying and Selling at Covenant Logistics Group

In related news, CEO David Ray Parker sold 100,000 shares of Covenant Logistics Group stock in a transaction dated Tuesday, February 17th. The stock was sold at an average price of $29.67, for a total value of $2,967,000.00. Following the completion of the sale, the chief executive officer owned 2,197,944 shares of the company’s stock, valued at approximately $65,212,998.48. This trade represents a 4.35% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In the last ninety days, insiders sold 438,800 shares of company stock worth $12,826,748. 35.10% of the stock is currently owned by corporate insiders.

Covenant Logistics Group Stock Up 0.4%

Shares of NYSE:CVLG opened at $25.32 on Monday. Covenant Logistics Group, Inc. has a 1 year low of $17.46 and a 1 year high of $30.43. The company has a market capitalization of $634.19 million, a PE ratio of 115.10 and a beta of 1.16. The business has a fifty day moving average price of $27.23 and a two-hundred day moving average price of $23.56. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.11 and a quick ratio of 1.08.

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 9.70% and a net margin of 0.62%.The company had revenue of $295.37 million during the quarter.

Covenant Logistics Group Company Profile

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.