Cavco Industries (NASDAQ:CVCO) Downgraded to Strong Sell Rating by Zacks Research

Cavco Industries (NASDAQ:CVCO) was downgraded by Zacks Research from a “hold” rating to a “strong sell” rating in a research note issued on Monday,Zacks.com reports.

Several other equities research analysts have also recently commented on the stock. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Cavco Industries in a research report on Tuesday, May 26th. UBS Group started coverage on Cavco Industries in a research report on Friday, June 5th. They set a “buy” rating and a $700.00 price objective on the stock. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Cavco Industries presently has a consensus rating of “Moderate Buy” and an average target price of $700.00.

Cavco Industries Price Performance

CVCO opened at $566.56 on Monday. The firm has a market capitalization of $4.37 billion, a price-to-earnings ratio of 24.65 and a beta of 1.29. Cavco Industries has a one year low of $439.29 and a one year high of $713.01. The business has a 50 day simple moving average of $575.21 and a two-hundred day simple moving average of $549.07.

Cavco Industries (NASDAQ:CVCO) last announced its earnings results on Thursday, July 30th. The construction company reported $5.43 EPS for the quarter, missing analysts’ consensus estimates of $5.69 by ($0.26). Cavco Industries had a net margin of 7.89% and a return on equity of 16.51%. The business had revenue of $609.96 million for the quarter, compared to the consensus estimate of $590.54 million. As a group, sell-side analysts expect that Cavco Industries will post 22.75 EPS for the current fiscal year.

Insider Buying and Selling at Cavco Industries

In related news, Director Richard A. Kerley sold 500 shares of the company’s stock in a transaction on Tuesday, June 9th. The shares were sold at an average price of $588.76, for a total value of $294,380.00. Following the completion of the transaction, the director owned 6,169 shares of the company’s stock, valued at approximately $3,632,060.44. This represents a 7.50% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Allison Aden sold 1,473 shares of the company’s stock in a transaction that occurred on Thursday, June 25th. The stock was sold at an average price of $625.00, for a total value of $920,625.00. Following the completion of the transaction, the executive vice president owned 9,147 shares of the company’s stock, valued at $5,716,875. The trade was a 13.87% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 3,571 shares of company stock valued at $2,139,031 over the last 90 days. 1.70% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Cavco Industries

A number of institutional investors and hedge funds have recently modified their holdings of the business. Royal Bank of Canada lifted its position in shares of Cavco Industries by 5.2% during the first quarter. Royal Bank of Canada now owns 18,951 shares of the construction company’s stock worth $9,849,000 after purchasing an additional 934 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Cavco Industries by 1.9% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,799 shares of the construction company’s stock valued at $2,494,000 after buying an additional 90 shares in the last quarter. United Services Automobile Association purchased a new stake in Cavco Industries in the 1st quarter valued at about $266,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of Cavco Industries by 15.4% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 17,876 shares of the construction company’s stock worth $9,289,000 after acquiring an additional 2,384 shares during the period. Finally, Northwestern Mutual Wealth Management Co. raised its position in Cavco Industries by 12.4% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 199 shares of the construction company’s stock valued at $86,000 after purchasing an additional 22 shares in 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.