Joey Hogan Sells 12,800 Shares of Covenant Logistics Group (NYSE:CVLG) Stock

Covenant Logistics Group, Inc. (NYSE:CVLG) Director Joey Hogan sold 12,800 shares of the company’s stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of $39.18, for a total value of $501,504.00. Following the completion of the sale, the director directly owned 91,294 shares in the company, valued at approximately $3,576,898.92. The trade was a 12.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Covenant Logistics Group Price Performance

Shares of CVLG stock opened at $39.50 on Friday. The stock has a market cap of $994.22 million, a price-to-earnings ratio of 263.33 and a beta of 1.28. The business’s fifty day moving average is $31.34 and its 200 day moving average is $26.91. Covenant Logistics Group, Inc. has a twelve month low of $18.00 and a twelve month high of $40.00. The company has a quick ratio of 1.01, a current ratio of 1.04 and a debt-to-equity ratio of 0.50.

Covenant Logistics Group (NYSE:CVLG) last issued its quarterly earnings results on Thursday, April 23rd. The company reported $0.26 earnings per share for the quarter, missing the consensus estimate of $0.35 by ($0.09). The firm had revenue of $307.16 million during the quarter. Covenant Logistics Group had a return on equity of 9.41% and a net margin of 0.42%. Research analysts expect that Covenant Logistics Group, Inc. will post 1.6 EPS for the current fiscal year.

Institutional Investors Weigh In On Covenant Logistics Group

A number of institutional investors have recently modified their holdings of CVLG. T. Rowe Price Investment Management Inc. grew its stake in shares of Covenant Logistics Group by 46.6% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 714,516 shares of the company’s stock worth $15,748,000 after acquiring an additional 227,216 shares during the last quarter. Goldman Sachs Group Inc. grew its stake in shares of Covenant Logistics Group by 161.8% in the first quarter. Goldman Sachs Group Inc. now owns 179,304 shares of the company’s stock worth $3,981,000 after acquiring an additional 110,810 shares during the last quarter. Algert Global LLC boosted its position in shares of Covenant Logistics Group by 655.0% during the third quarter. Algert Global LLC now owns 110,144 shares of the company’s stock valued at $2,386,000 after buying an additional 95,556 shares during the last quarter. Russell Investments Group Ltd. boosted its position in shares of Covenant Logistics Group by 19.2% during the third quarter. Russell Investments Group Ltd. now owns 363,022 shares of the company’s stock valued at $7,863,000 after buying an additional 58,577 shares during the last quarter. Finally, Polaris Capital Management LLC boosted its position in shares of Covenant Logistics Group by 1,061.0% during the fourth quarter. Polaris Capital Management LLC now owns 56,682 shares of the company’s stock valued at $1,249,000 after buying an additional 51,800 shares during the last quarter. 83.72% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on CVLG. TD Cowen upped their price target on Covenant Logistics Group from $30.00 to $35.00 and gave the stock a “buy” rating in a research note on Monday, April 27th. Wall Street Zen cut Covenant Logistics Group from a “buy” rating to a “hold” rating in a research note on Sunday, March 8th. Finally, Zacks Research raised Covenant Logistics Group from a “strong sell” rating to a “hold” rating in a research note on Friday, April 3rd. One research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $35.00.

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.