Empowered Funds LLC Raises Stock Holdings in Covenant Logistics Group, Inc. (NASDAQ:CVLG)

Empowered Funds LLC boosted its stake in Covenant Logistics Group, Inc. (NASDAQ:CVLG) by 5.3% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 89,890 shares of the company’s stock after purchasing an additional 4,556 shares during the quarter. Empowered Funds LLC owned about 0.68% of Covenant Logistics Group worth $4,750,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of the stock. Foundry Partners LLC raised its position in shares of Covenant Logistics Group by 125.9% during the 2nd quarter. Foundry Partners LLC now owns 184,844 shares of the company’s stock valued at $9,111,000 after buying an additional 103,014 shares in the last quarter. American Century Companies Inc. lifted its stake in Covenant Logistics Group by 29.4% during the second quarter. American Century Companies Inc. now owns 114,117 shares of the company’s stock worth $5,625,000 after purchasing an additional 25,913 shares during the last quarter. Royce & Associates LP boosted its holdings in shares of Covenant Logistics Group by 7.0% in the 3rd quarter. Royce & Associates LP now owns 84,536 shares of the company’s stock worth $4,467,000 after purchasing an additional 5,537 shares in the last quarter. AQR Capital Management LLC increased its position in shares of Covenant Logistics Group by 0.3% during the 2nd quarter. AQR Capital Management LLC now owns 74,704 shares of the company’s stock valued at $3,682,000 after purchasing an additional 236 shares during the last quarter. Finally, Renaissance Technologies LLC raised its holdings in shares of Covenant Logistics Group by 27.2% during the 2nd quarter. Renaissance Technologies LLC now owns 43,000 shares of the company’s stock valued at $2,119,000 after buying an additional 9,200 shares in the last quarter. 83.72% of the stock is currently owned by institutional investors.

Covenant Logistics Group Stock Performance

NASDAQ CVLG opened at $57.84 on Monday. The company has a 50-day simple moving average of $53.17 and a two-hundred day simple moving average of $50.85. Covenant Logistics Group, Inc. has a 12-month low of $40.72 and a 12-month high of $61.54. The firm has a market cap of $762.33 million, a price-to-earnings ratio of 19.03 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) last issued its earnings results on Wednesday, October 23rd. The company reported $1.09 earnings per share for the quarter, beating the consensus estimate of $1.08 by $0.01. The company had revenue of $287.89 million during the quarter. Covenant Logistics Group had a return on equity of 13.43% and a net margin of 3.72%. During the same quarter in the prior year, the company earned $1.13 earnings per share. On average, equities analysts forecast that Covenant Logistics Group, Inc. will post 4 EPS for the current year.

Wall Street Analyst Weigh In

Separately, TD Cowen reduced 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 research report on Friday, October 25th.

Insider Transactions at Covenant Logistics Group

In other Covenant Logistics Group news, Director Bradley A. Moline sold 7,000 shares of the firm’s stock in a transaction on Monday, November 11th. The shares were sold at an average price of $59.64, for a total value 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 36.50% of the company’s stock.

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.