Victory Capital Management Inc. Buys 15,128 Shares of Covenant Logistics Group, Inc. (NASDAQ:CVLG)

Victory Capital Management Inc. increased its position in Covenant Logistics Group, Inc. (NASDAQ:CVLG) by 74.9% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 35,314 shares of the company’s stock after acquiring an additional 15,128 shares during the quarter. Victory Capital Management Inc. owned about 0.27% of Covenant Logistics Group worth $1,866,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. GSA Capital Partners LLP bought a new position in Covenant Logistics Group in the 3rd quarter valued at $215,000. EMC Capital Management boosted its stake in Covenant Logistics Group by 374.9% during the third quarter. EMC Capital Management now owns 15,312 shares of the company’s stock valued at $809,000 after buying an additional 12,088 shares during the period. Stephens Inc. AR bought a new position in Covenant Logistics Group in the 3rd quarter worth about $468,000. nVerses Capital LLC grew 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 in the last quarter. Finally, Oliver Luxxe Assets LLC increased its position in shares of Covenant Logistics Group by 109.7% in the third quarter. Oliver Luxxe Assets LLC now owns 34,734 shares of the company’s stock worth $1,835,000 after purchasing an additional 18,168 shares during the last quarter. Hedge funds and other institutional investors own 83.72% of the company’s stock.

Covenant Logistics Group Price Performance

CVLG opened at $57.77 on Monday. The company has a current ratio of 1.10, a quick ratio of 1.07 and a debt-to-equity ratio of 0.46. The stock has a market capitalization of $761.41 million, a P/E ratio of 19.00 and a beta of 1.35. The stock has a 50-day moving average price of $53.74 and a 200-day moving average price of $51.26. Covenant Logistics Group, Inc. has a 12-month low of $41.38 and a 12-month high of $61.54.

Covenant Logistics Group (NASDAQ:CVLG) last issued its quarterly earnings results on Wednesday, October 23rd. The company reported $1.09 EPS for the quarter, beating analysts’ consensus estimates of $1.08 by $0.01. Covenant Logistics Group had a net margin of 3.72% and a return on equity of 13.43%. The business had revenue of $287.89 million for the quarter. During the same quarter in the previous year, the business earned $1.13 earnings per share. Equities analysts predict that Covenant Logistics Group, Inc. will post 4 earnings per share for the current fiscal year.

Insiders Place Their Bets

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 stock was sold at an average price of $59.64, for a total transaction of $417,480.00. Following the transaction, the director now directly owns 46,992 shares in the company, valued at $2,802,602.88. This trade represents a 12.96 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 36.50% of the stock is currently owned by insiders.

Analyst Ratings Changes

Separately, TD Cowen decreased their price target on shares of Covenant Logistics Group from $70.00 to $69.00 and set a “buy” rating on the stock in a 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.