Insider Selling: Covenant Logistics Group (NYSE:CVLG) CEO Sells $2,967,000.00 in Stock

Covenant Logistics Group, Inc. (NYSE:CVLG) CEO David Ray Parker sold 100,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 17th. The stock was sold at an average price of $29.67, for a total transaction of $2,967,000.00. Following the completion of the transaction, the chief executive officer owned 2,197,944 shares in the company, valued at $65,212,998.48. This represents a 4.35% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

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

• On Friday, February 13th, David Ray Parker sold 15,000 shares of Covenant Logistics Group stock. The shares were sold at an average price of $28.46, for a total transaction 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 transaction 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 transaction of $803,916.00.
• On Tuesday, February 10th, David Ray Parker sold 70,000 shares of Covenant Logistics Group stock. The stock was 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 value of $1,604,960.00.

Covenant Logistics Group Stock Down 0.5%

Shares of NYSE:CVLG opened at $29.49 on Friday. The stock’s 50-day moving average is $25.49 and its 200 day moving average is $23.08. The company has a market cap of $738.72 million, a PE ratio of 134.05 and a beta of 1.21. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.01 and a quick ratio of 0.98. Covenant Logistics Group, Inc. has a 1 year low of $17.46 and a 1 year high of $30.18.

Covenant Logistics Group (NYSE:CVLG) last released its quarterly earnings data 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 return on equity of 9.57% and a net margin of 0.62%.The business had revenue of $295.37 million during the quarter.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. Quarry LP bought a new stake in Covenant Logistics Group during the third quarter worth about $33,000. BNP Paribas Financial Markets boosted its position in shares of Covenant Logistics Group by 45.3% in the 2nd quarter. BNP Paribas Financial Markets now owns 1,562 shares of the company’s stock worth $38,000 after purchasing an additional 487 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Covenant Logistics Group in the 2nd quarter worth approximately $39,000. Tower Research Capital LLC TRC increased its position in Covenant Logistics Group by 127.1% during the 2nd 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 valued at $77,000 after buying an additional 2,361 shares during the last quarter. 83.72% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

CVLG has been the subject of several research reports. 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 investment analyst has rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $30.00.

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.