Covenant Logistics Group, Inc. (NASDAQ:CVLG) Shares Sold by Millrace Asset Group Inc.

Millrace Asset Group Inc. cut its holdings in shares of Covenant Logistics Group, Inc. (NASDAQ:CVLG) by 9.9% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 15,044 shares of the company’s stock after selling 1,645 shares during the quarter. Millrace Asset Group Inc. owned approximately 0.11% of Covenant Logistics Group worth $795,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the business. CWM LLC raised its holdings in Covenant Logistics Group by 2,336.4% in the second quarter. CWM LLC now owns 536 shares of the company’s stock valued at $26,000 after acquiring an additional 514 shares in the last quarter. Innealta Capital LLC acquired a new stake in shares of Covenant Logistics Group in the 2nd quarter valued at about $27,000. Huntington National Bank acquired a new stake in shares of Covenant Logistics Group in the 3rd quarter valued at about $27,000. Quantbot Technologies LP acquired a new position in shares of Covenant Logistics Group in the 3rd quarter worth approximately $64,000. Finally, nVerses Capital LLC raised its holdings in shares of Covenant Logistics Group by 550.0% during the third quarter. nVerses Capital LLC now owns 1,300 shares of the company’s stock worth $69,000 after purchasing an additional 1,100 shares during the period. 83.72% of the stock is owned by institutional investors and hedge funds.

Covenant Logistics Group Stock Up 0.8 %

Covenant Logistics Group stock opened at $58.22 on Tuesday. Covenant Logistics Group, Inc. has a 52 week low of $41.38 and a 52 week high of $61.54. The stock has a market cap of $767.34 million, a price-to-earnings ratio of 19.15 and a beta of 1.35. The company’s 50-day moving average price is $53.86 and its two-hundred day moving average price is $51.34. The company has a current ratio of 1.10, a quick ratio of 1.07 and a debt-to-equity ratio of 0.46.

Covenant Logistics Group (NASDAQ:CVLG) last announced its quarterly earnings data on Wednesday, October 23rd. The company reported $1.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.08 by $0.01. The company had revenue of $287.89 million for the quarter. Covenant Logistics Group had a net margin of 3.72% and a return on equity of 13.43%. During the same period in the prior year, the firm earned $1.13 EPS. On average, analysts expect that Covenant Logistics Group, Inc. will post 4 EPS for the current fiscal year.

Insider Activity

In related news, Director Bradley A. Moline sold 7,000 shares of the firm’s stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $59.64, for a total transaction of $417,480.00. Following the completion of the sale, the director now directly owns 46,992 shares in the company, valued at approximately $2,802,602.88. This trade represents a 12.96 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 36.50% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Separately, TD Cowen reduced their price objective on Covenant Logistics Group from $70.00 to $69.00 and set a “buy” rating for the company in a research report on Friday, October 25th.

Covenant Logistics Group Profile

Covenant Logistics Group, Inc, together with its subsidiaries, provides transportation and logistics services in the United States. It operates through four segments: Expedited, Dedicated, Managed Freight, and Warehousing. The Expedited segment primarily provides truckload services with high service freight and delivery standards, such as 1,000 miles in 22 hours or 15-minute delivery windows.