Covenant Logistics Group (NYSE:CVLG) EVP Joey Ballard Sells 4,000 Shares

Covenant Logistics Group, Inc. (NYSE:CVLG) EVP Joey Ballard sold 4,000 shares of the company’s stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $40.15, for a total value of $160,600.00. Following the completion of the transaction, the executive vice president directly owned 13,149 shares of the company’s stock, valued at approximately $527,932.35. This represents a 23.32% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

Joey Ballard also recently made the following trade(s):

• On Tuesday, May 26th, Joey Ballard sold 3,718 shares of Covenant Logistics Group stock. The shares were sold at an average price of $38.00, for a total value of $141,284.00.
• On Friday, May 22nd, Joey Ballard sold 4,282 shares of Covenant Logistics Group stock. The shares were sold at an average price of $37.40, for a total value of $160,146.80.

Covenant Logistics Group Stock Performance

CVLG stock opened at $41.14 on Tuesday. The firm has a market cap of $1.04 billion, a PE ratio of 274.27 and a beta of 1.30. The company has a quick ratio of 1.01, a current ratio of 1.04 and a debt-to-equity ratio of 0.50. The business has a 50 day moving average of $31.95 and a 200-day moving average of $27.21. Covenant Logistics Group, Inc. has a 12-month low of $18.00 and a 12-month high of $41.22.

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

Wall Street Analysts Forecast Growth

CVLG has been the subject of several recent analyst reports. TD Cowen upped their target price on Covenant Logistics Group from $30.00 to $35.00 and gave the company a “buy” rating in a report on Monday, April 27th. Zacks Research upgraded Covenant Logistics Group from a “strong sell” rating to a “hold” rating in a research note on Friday, April 3rd. Weiss Ratings reiterated a “hold (c-)” rating on shares of Covenant Logistics Group in a research note on Friday. Finally, Wall Street Zen downgraded Covenant Logistics Group from a “buy” rating to a “hold” rating in a research note on Sunday, March 8th. One investment analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $35.00.

Institutional Investors Weigh In On Covenant Logistics Group

A number of institutional investors and hedge funds have recently made changes to their positions in CVLG. Janus Henderson Group PLC bought a new stake in shares of Covenant Logistics Group in the first quarter worth about $245,000. Quantinno Capital Management LP grew its position in Covenant Logistics Group by 61.1% in the 1st quarter. Quantinno Capital Management LP now owns 38,453 shares of the company’s stock worth $1,044,000 after purchasing an additional 14,590 shares during the period. Sei Investments Co. grew its position in shares of Covenant Logistics Group by 95.8% during the 1st quarter. Sei Investments Co. now owns 51,766 shares of the company’s stock valued at $1,405,000 after acquiring an additional 25,331 shares during the period. DGS Capital Management LLC boosted its holdings in Covenant Logistics Group by 8.1% in the 1st quarter. DGS Capital Management LLC now owns 14,613 shares of the company’s stock worth $397,000 after buying an additional 1,092 shares during the period. Finally, 1492 Capital Management LLC bought a new position in Covenant Logistics Group in the 1st quarter worth $241,000. Hedge funds and other 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.