Huntington National Bank Takes Position in Covenant Logistics Group, Inc. (NASDAQ:CVLG)

Huntington National Bank bought a new position in shares of Covenant Logistics Group, Inc. (NASDAQ:CVLG) during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 503 shares of the company’s stock, valued at approximately $27,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. CWM LLC increased its stake in shares of Covenant Logistics Group by 2,336.4% during the 2nd quarter. CWM LLC now owns 536 shares of the company’s stock worth $26,000 after purchasing an additional 514 shares during the last quarter. Innealta Capital LLC acquired a new position in Covenant Logistics Group during the second quarter worth approximately $27,000. nVerses Capital LLC increased its position in 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. Quest Partners LLC raised its stake in Covenant Logistics Group by 172.1% in the second quarter. Quest Partners LLC now owns 1,978 shares of the company’s stock valued at $97,000 after buying an additional 1,251 shares during the period. Finally, EMC Capital Management acquired a new stake in shares of Covenant Logistics Group in the first quarter valued at approximately $149,000. 83.72% of the stock is owned by institutional investors.

Insider Activity

In other Covenant Logistics Group news, Director Bradley A. Moline sold 7,000 shares of Covenant Logistics Group stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $59.64, for a total value of $417,480.00. Following the completion of the sale, the director now owns 46,992 shares in the company, valued at $2,802,602.88. The trade was a 12.96 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 36.50% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Separately, TD Cowen dropped their price target on Covenant Logistics Group from $70.00 to $69.00 and set a “buy” rating on the stock in a research note on Friday, October 25th.

Covenant Logistics Group Stock Performance

Shares of CVLG stock opened at $57.33 on Wednesday. The company has a market capitalization of $755.61 million, a price-to-earnings ratio of 18.86 and a beta of 1.35. 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 $40.84 and a 52 week high of $61.54. The company has a 50-day simple moving average of $53.41 and a 200 day simple moving average of $51.02.

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

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.