Millrace Asset Group Inc. Has $795,000 Stake in Covenant Logistics Group, Inc. (NASDAQ:CVLG)

Millrace Asset Group Inc. cut its holdings in Covenant Logistics Group, Inc. (NASDAQ:CVLG) by 9.9% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 15,044 shares of the company’s stock after selling 1,645 shares during the period. Millrace Asset Group Inc.’s holdings in Covenant Logistics Group were worth $795,000 at the end of the most recent reporting period.

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

Analysts Set New Price Targets

Separately, TD Cowen decreased their price objective 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.

Insider Activity at Covenant Logistics Group

In other Covenant Logistics Group news, Director Bradley A. Moline sold 7,000 shares of the business’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 value of $417,480.00. Following the sale, the director now owns 46,992 shares in the company, valued at approximately $2,802,602.88. The trade was a 12.96 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 36.50% of the stock is currently owned by insiders.

Covenant Logistics Group Stock Performance

Shares of Covenant Logistics Group stock opened at $58.22 on Tuesday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.07 and a current ratio of 1.10. 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 capitalization of $767.34 million, a price-to-earnings ratio of 19.15 and a beta of 1.35. The firm has a fifty day moving average of $53.86 and a two-hundred day moving average of $51.34.

Covenant Logistics Group (NASDAQ:CVLG) last posted its earnings results on Wednesday, October 23rd. The company reported $1.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.08 by $0.01. The firm 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 period in the previous year, the firm posted $1.13 earnings per share. As a group, equities research analysts predict that Covenant Logistics Group, Inc. will post 4 EPS for the current year.

About Covenant Logistics Group

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.