Covenant Logistics Group (NYSE:CVLG) Stock Price Down 6.1% on Insider Selling

Key Points

• Stock fell 6.1% after insider sales: Director D. Michael Kramer sold 2,650 shares and Director Joey B. Hogan sold 14,700 shares, with intraday volume about 51% below its average.
• The company missed on the quarter — EPS $0.26 vs. $0.35 consensus — and reported slim profitability (net margin 0.42%) alongside a high P/E of 211.07 and $794M market cap.
• Analyst sentiment is mixed with an average rating of “Hold” and an average price target of $35.00 (one Buy, two Holds), while institutional investors own roughly 83.7% of the shares.

Covenant Logistics Group, Inc. (NYSE:CVLG - Get Free Report)'s stock price fell 6.1% on Monday after an insider sold shares in the company. The company traded as low as $31.64 and last traded at $31.64. 81,631 shares were traded during mid-day trading, a decline of 51% from the average session volume of 165,045 shares. The stock had previously closed at $33.68.

Specifically, Director D Michael Kramer sold 2,650 shares of the stock in a transaction on Wednesday, April 29th. The shares were sold at an average price of $34.72, for a total value of $92,008.00. Following the completion of the sale, the director owned 22,086 shares of the company's stock, valued at $766,825.92. This represents a 10.71% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Joey B. Hogan sold 14,700 shares of the firm's stock in a transaction on Tuesday, April 28th. The shares were sold at an average price of $34.76, for a total transaction of $510,972.00. Following the sale, the director directly owned 104,094 shares of the company's stock, valued at approximately $3,618,307.44. The trade was a 12.37% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. Zacks Research raised shares of Covenant Logistics Group from a "strong sell" rating to a "hold" rating in a report on Friday, April 3rd. Wall Street Zen downgraded shares of Covenant Logistics Group from a "buy" rating to a "hold" rating in a research note on Sunday, March 8th. TD Cowen increased their price objective on shares of Covenant Logistics Group from $30.00 to $35.00 and gave the company a "buy" rating in a research note on Monday, April 27th. Finally, Weiss Ratings reiterated a "hold (c)" rating on shares of Covenant Logistics Group in a research note on Friday, January 9th. One equities research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, Covenant Logistics Group has an average rating of "Hold" and an average price target of $35.00.

Covenant Logistics Group Stock Performance

The company has a current ratio of 1.11, a quick ratio of 1.08 and a debt-to-equity ratio of 0.59. The stock has a market capitalization of $794.13 million, a P/E ratio of 211.07 and a beta of 1.28. The company's 50-day moving average is $28.57 and its two-hundred day moving average is $25.05.

Covenant Logistics Group (NYSE:CVLG - Get Free Report) last released its quarterly earnings results on Thursday, April 23rd. The company reported $0.26 earnings per share for the quarter, missing analysts' consensus estimates of $0.35 by ($0.09). The business had revenue of $307.16 million for the quarter. Covenant Logistics Group had a net margin of 0.42% and a return on equity of 9.37%. As a group, sell-side analysts anticipate 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 hedge funds have recently made changes to their positions in CVLG. Polaris Capital Management LLC raised its position in shares of Covenant Logistics Group by 1,061.0% during the 4th quarter. Polaris Capital Management LLC now owns 56,682 shares of the company's stock worth $1,249,000 after buying an additional 51,800 shares in the last quarter. LSV Asset Management raised its position 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 worth $9,797,000 after buying an additional 19,464 shares in the last quarter. Royce & Associates LP raised its position in shares of Covenant Logistics Group by 8.4% during the 3rd quarter. Royce & Associates LP now owns 298,648 shares of the company's stock worth $6,469,000 after buying an additional 23,060 shares in the last quarter. SG Americas Securities LLC raised its position in shares of Covenant Logistics Group by 4.2% during the 4th quarter. SG Americas Securities LLC now owns 11,926 shares of the company's stock worth $263,000 after buying an additional 478 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its position in shares of Covenant Logistics Group by 52.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 31,853 shares of the company's stock worth $690,000 after buying an additional 10,947 shares in the last quarter. Institutional investors 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.

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