Victory Capital Management Inc. Has $1.87 Million Position in Covenant Logistics Group, Inc. (NASDAQ:CVLG)

Victory Capital Management Inc. increased its stake in Covenant Logistics Group, Inc. (NASDAQ:CVLG - Free Report) by 74.9% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 35,314 shares of the company's stock after purchasing an additional 15,128 shares during the quarter. Victory Capital Management Inc. owned approximately 0.27% of Covenant Logistics Group worth $1,866,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently bought and sold shares of the company. GSA Capital Partners LLP acquired a new position in shares of Covenant Logistics Group during the third quarter worth approximately $215,000. EMC Capital Management lifted its holdings in shares of Covenant Logistics Group by 374.9% during the third quarter. EMC Capital Management now owns 15,312 shares of the company's stock worth $809,000 after buying an additional 12,088 shares during the last quarter. Stephens Inc. AR acquired a new position in shares of Covenant Logistics Group during the third quarter worth approximately $468,000. nVerses Capital LLC lifted 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 buying an additional 1,100 shares during the last quarter. Finally, Oliver Luxxe Assets LLC raised its stake 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 valued at $1,835,000 after purchasing an additional 18,168 shares in the last quarter. Hedge funds and other institutional investors own 83.72% of the company's stock.

Covenant Logistics Group Price Performance

NASDAQ:CVLG traded up $1.00 during trading hours on Monday, reaching $58.77. The company had a trading volume of 14,476 shares, compared to its average volume of 61,478. The stock has a 50-day moving average of $53.74 and a two-hundred day moving average of $51.26. Covenant Logistics Group, Inc. has a one year low of $41.38 and a one year high of $61.54. The firm has a market capitalization of $774.59 million, a PE ratio of 14.30 and a beta of 1.35. The company has a quick ratio of 1.07, a current ratio of 1.10 and a debt-to-equity ratio of 0.46.

Covenant Logistics Group (NASDAQ:CVLG - Get Free Report) last announced its quarterly earnings results on Wednesday, October 23rd. The company reported $1.09 earnings per share for the quarter, beating analysts' consensus estimates of $1.08 by $0.01. The firm had revenue of $287.89 million for the quarter. Covenant Logistics Group had a return on equity of 13.43% and a net margin of 3.72%. During the same quarter last year, the company earned $1.13 earnings per share. Analysts forecast that Covenant Logistics Group, Inc. will post 4 earnings per share for the current year.

Insider Activity

In other news, Director Bradley A. Moline sold 7,000 shares of the firm's stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $59.64, for a total transaction of $417,480.00. Following the sale, the director now owns 46,992 shares of the company's stock, valued at $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 is available through this hyperlink. 36.50% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Separately, TD Cowen cut their target price on Covenant Logistics Group from $70.00 to $69.00 and set a "buy" rating for the company in a research note on Friday, October 25th.

Covenant Logistics Group Company 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.