Corient Private Wealth LP Purchases New Position in Cavco Industries, Inc. $CVCO

Corient Private Wealth LP acquired a new position in Cavco Industries, Inc. (NASDAQ:CVCO) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 4,883 shares of the construction company’s stock, valued at approximately $3,000,000.

Several other hedge funds have also modified their holdings of CVCO. Silvant Capital Management LLC purchased a new position in shares of Cavco Industries in the second quarter valued at $25,000. Global Retirement Partners LLC purchased a new stake in Cavco Industries during the second quarter valued at $28,000. Allworth Financial LP purchased a new stake in Cavco Industries during the second quarter valued at $44,000. Aster Capital Management DIFC Ltd bought a new position in Cavco Industries during the fourth quarter valued at $46,000. Finally, Kemnay Advisory Services Inc. bought a new position in Cavco Industries during the fourth quarter valued at $50,000. 95.56% of the stock is owned by hedge funds and other institutional investors.

Cavco Industries Stock Down 1.1%

CVCO stock opened at $552.85 on Wednesday. Cavco Industries, Inc. has a twelve month low of $443.33 and a twelve month high of $713.01. The stock has a market capitalization of $4.25 billion, a price-to-earnings ratio of 24.06 and a beta of 1.28. The firm’s fifty day simple moving average is $580.93 and its two-hundred day simple moving average is $546.57.

Cavco Industries (NASDAQ:CVCO) last released its earnings results on Thursday, July 30th. The construction company reported $5.43 earnings per share (EPS) for the quarter, missing the consensus estimate of $5.69 by ($0.26). Cavco Industries had a return on equity of 16.51% and a net margin of 7.89%.The firm had revenue of $609.96 million during the quarter, compared to the consensus estimate of $590.54 million. As a group, equities research analysts expect that Cavco Industries, Inc. will post 22.75 EPS for the current year.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Zelman & Associates downgraded shares of Cavco Industries from an “outperform” rating to a “neutral” rating in a report on Thursday, August 6th. Zacks Research downgraded shares of Cavco Industries from a “hold” rating to a “strong sell” rating in a report on Monday, August 3rd. Weiss Ratings reiterated a “hold (c+)” rating on shares of Cavco Industries in a research report on Friday, August 21st. Finally, UBS Group began coverage on Cavco Industries in a research note on Friday, June 5th. They set a “buy” rating and a $700.00 price objective on the stock. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $700.00.

Insider Buying and Selling at Cavco Industries

In other news, EVP Allison Aden sold 1,473 shares of the 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 sale, the executive vice president directly owned 9,147 shares in the company, valued at approximately $5,716,875. This represents a 13.87% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Paul Bigbee sold 342 shares of the firm’s stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $592.00, for a total value of $202,464.00. Following the sale, the chief accounting officer directly owned 736 shares of the company’s stock, valued at $435,712. This represents a 31.73% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 3,553 shares of company stock worth $2,159,368 over the last 90 days. Company insiders own 1.70% of the company’s stock.

Cavco Industries 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.