Cavco Industries (NASDAQ:CVCO) Shares Down 7.7% – Here’s Why

Cavco Industries, Inc. (NASDAQ:CVCO)’s share price was down 7.7% during mid-day trading on Monday . The company traded as low as $456.60 and last traded at $454.2260. Approximately 179,088 shares changed hands during mid-day trading, a decline of 20% from the average daily volume of 222,779 shares. The stock had previously closed at $492.02.

Analyst Ratings Changes

A number of research firms have recently weighed in on CVCO. Zacks Research lowered shares of Cavco Industries from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 16th. Weiss Ratings reiterated a “buy (b)” rating on shares of Cavco Industries in a report on Monday, December 29th. Finally, CJS Securities upgraded Cavco Industries to a “strong-buy” rating in a research report on Thursday, December 11th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $550.00.

Cavco Industries Trading Up 4.7%

The stock has a market capitalization of $3.92 billion, a PE ratio of 21.96 and a beta of 1.32. The stock has a 50 day moving average price of $609.93 and a 200-day moving average price of $553.61.

Cavco Industries (NASDAQ:CVCO) last issued its quarterly earnings results on Thursday, January 29th. The construction company reported $5.58 earnings per share for the quarter, missing the consensus estimate of $6.00 by ($0.42). The business had revenue of $580.99 million for the quarter, compared to analysts’ expectations of $593.37 million. Cavco Industries had a return on equity of 17.84% and a net margin of 8.37%. Research analysts forecast that Cavco Industries, Inc. will post 21.93 earnings per share for the current year.

Insider Activity

In related news, Director Steven W. Moster purchased 300 shares of Cavco Industries stock in a transaction on Monday, February 2nd. The shares were bought at an average cost of $456.23 per share, for a total transaction of $136,869.00. Following the acquisition, the director owned 2,976 shares in the company, valued at approximately $1,357,740.48. The trade was a 11.21% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Richard A. Kerley sold 500 shares of the firm’s stock in a transaction that occurred on Friday, November 7th. The shares were sold at an average price of $568.99, for a total value of $284,495.00. Following the transaction, the director owned 6,669 shares of the company’s stock, valued at $3,794,594.31. This represents a 6.97% decrease in their position. The SEC filing for this sale provides additional information. 1.60% of the stock is owned by insiders.

Institutional Investors Weigh In On Cavco Industries

Large investors have recently added to or reduced their stakes in the stock. Boston Partners grew its holdings in Cavco Industries by 5,371.3% during the 2nd quarter. Boston Partners now owns 201,947 shares of the construction company’s stock valued at $87,847,000 after purchasing an additional 198,256 shares during the last quarter. Schroder Investment Management Group raised its holdings in shares of Cavco Industries by 76.9% in the second quarter. Schroder Investment Management Group now owns 130,106 shares of the construction company’s stock worth $56,522,000 after buying an additional 56,578 shares during the period. Voya Investment Management LLC lifted its stake in shares of Cavco Industries by 737.9% during the 3rd quarter. Voya Investment Management LLC now owns 45,348 shares of the construction company’s stock worth $26,335,000 after acquiring an additional 39,936 shares during the last quarter. Schonfeld Strategic Advisors LLC grew its position in Cavco Industries by 630.1% in the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 38,717 shares of the construction company’s stock valued at $22,484,000 after acquiring an additional 33,414 shares during the last quarter. Finally, Jump Financial LLC lifted its position in shares of Cavco Industries by 3,047.3% during the second quarter. Jump Financial LLC now owns 23,070 shares of the construction company’s stock worth $10,022,000 after purchasing an additional 22,337 shares during the last quarter. 95.56% of the stock is owned by institutional investors.

Cavco Industries Company Profile

Cavco Industries, Inc is a leading designer, manufacturer and retailer of factory-built homes and modular structures. The company produces a range of HUD-code manufactured homes, modular buildings, park model RVs and cabins through its network of production facilities. Its offerings cater to both residential and commercial markets, including customizable single- and multi-section homes, workforce and affordable housing solutions, educational and healthcare modules, as well as specialty lodging products for the recreational vehicle and hospitality industries.

Since its founding in 1967, Cavco has grown through strategic investments and acquisitions, expanding its footprint across the United States and into parts of Canada and Mexico.