Insider Selling: Covenant Logistics Group (NYSE:CVLG) Director Sells 14,700 Shares of Stock

Key Points

• Director Joey Hogan sold 14,700 shares on April 28 at an average price of $34.76 for about $510,972, reducing his stake by 12.37% to 104,094 shares (worth roughly $3.62M).
• Covenant missed quarterly earnings, reporting EPS of $0.26 versus the $0.35 consensus, while the stock trades near $34.8 with a high P/E (~232) and market cap of about $873M.
• Institutional ownership is high (83.7%) and analysts give a consensus "Hold" with an average price target of $35, though TD Cowen upgraded to a "Buy" and raised its target to $35.

Covenant Logistics Group, Inc. (NYSE:CVLG - Get Free Report) Director Joey Hogan sold 14,700 shares of the stock in a transaction that occurred on Tuesday, April 28th. The stock was sold at an average price of $34.76, for a total value of $510,972.00. Following the sale, the director owned 104,094 shares in the company, valued at $3,618,307.44. The trade was a 12.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link.

Covenant Logistics Group Stock Performance

NYSE:CVLG traded down $0.03 during mid-day trading on Thursday, hitting $34.81. The stock had a trading volume of 194,481 shares, compared to its average volume of 166,136. 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 company has a 50 day simple moving average of $28.47 and a 200-day simple moving average of $24.93. The stock has a market capitalization of $873.03 million, a price-to-earnings ratio of 232.07 and a beta of 1.15. Covenant Logistics Group, Inc. has a 52 week low of $18.00 and a 52 week high of $35.91.

Covenant Logistics Group (NYSE:CVLG - Get Free Report) last posted its earnings results on Thursday, April 23rd. The company reported $0.26 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.35 by ($0.09). The firm 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%. On average, research analysts expect that Covenant Logistics Group, Inc. will post 1.6 earnings per share for the current fiscal year.

Institutional Trading of Covenant Logistics Group

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Man Group plc raised its position in shares of Covenant Logistics Group by 3.5% during the 4th quarter. Man Group plc now owns 10,780 shares of the company's stock worth $238,000 after buying an additional 365 shares in the last quarter. Corient Private Wealth LLC lifted its holdings in shares of Covenant Logistics Group by 1.1% in the fourth quarter. Corient Private Wealth LLC now owns 41,740 shares of the company's stock valued at $920,000 after buying an additional 446 shares during the period. SG Americas Securities LLC boosted its stake in Covenant Logistics Group by 4.2% during the fourth quarter. SG Americas Securities LLC now owns 11,926 shares of the company's stock valued at $263,000 after buying an additional 478 shares in the last quarter. BNP Paribas Financial Markets boosted its stake in Covenant Logistics Group by 45.3% during the second quarter. BNP Paribas Financial Markets now owns 1,562 shares of the company's stock valued at $38,000 after buying an additional 487 shares in the last quarter. Finally, Two Sigma Investments LP boosted its stake in Covenant Logistics Group by 2.7% during the third quarter. Two Sigma Investments LP now owns 40,982 shares of the company's stock valued at $888,000 after buying an additional 1,068 shares in the last quarter. 83.72% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

CVLG has been the topic of several recent analyst reports. TD Cowen lifted their target price on Covenant Logistics Group from $30.00 to $35.00 and gave the company a "buy" rating in a research note on Monday. Zacks Research raised Covenant Logistics Group from a "strong sell" rating to a "hold" rating in a report on Friday, April 3rd. Weiss Ratings restated a "hold (c)" rating on shares of Covenant Logistics Group in a research note on Friday, January 9th. Finally, Wall Street Zen downgraded shares of Covenant Logistics Group from a "buy" rating to a "hold" rating in a report on Sunday, March 8th. One equities research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $35.00.

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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