Bank of New York Mellon Corp reduced its stake in shares of Cavco Industries, Inc. (NASDAQ:CVCO) by 20.9% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 131,491 shares of the construction company’s stock after selling 34,644 shares during the quarter. Bank of New York Mellon Corp’s holdings in Cavco Industries were worth $27,303,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Acadian Asset Management LLC grew its stake in shares of Cavco Industries by 174.8% during the second quarter. Acadian Asset Management LLC now owns 599 shares of the construction company’s stock valued at $124,000 after purchasing an additional 381 shares during the last quarter. Fiera Capital Corp bought a new stake in shares of Cavco Industries during the second quarter valued at approximately $208,000. Profund Advisors LLC bought a new stake in shares of Cavco Industries during the first quarter valued at approximately $213,000. Amalgamated Bank bought a new stake in shares of Cavco Industries during the first quarter valued at approximately $215,000. Finally, Janney Montgomery Scott LLC bought a new stake in shares of Cavco Industries during the second quarter valued at approximately $216,000. 91.34% of the stock is currently owned by institutional investors and hedge funds.

Shares of NASDAQ CVCO opened at $248.85 on Thursday. Cavco Industries, Inc. has a fifty-two week low of $133.75 and a fifty-two week high of $255.40. The company has a market capitalization of $2.22 billion, a P/E ratio of 35.38 and a beta of 1.48. The company has a current ratio of 2.44, a quick ratio of 1.82 and a debt-to-equity ratio of 0.07.

Cavco Industries (NASDAQ:CVCO) last announced its quarterly earnings data on Tuesday, August 7th. The construction company reported $2.12 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.55 by $0.57. Cavco Industries had a net margin of 7.62% and a return on equity of 14.34%. The business had revenue of $246.40 million for the quarter, compared to analyst estimates of $233.10 million. During the same period in the prior year, the business posted $1.28 earnings per share. Cavco Industries’s revenue was up 19.1% compared to the same quarter last year.

CVCO has been the topic of several analyst reports. BidaskClub upgraded shares of Cavco Industries from a “hold” rating to a “buy” rating in a report on Saturday, June 2nd. Craig Hallum set a $230.00 price objective on shares of Cavco Industries and gave the company a “hold” rating in a report on Wednesday, August 8th.

In related news, CEO Joseph H. Stegmayer sold 11,740 shares of the stock in a transaction that occurred on Wednesday, August 22nd. The shares were sold at an average price of $240.44, for a total value of $2,822,765.60. Following the transaction, the chief executive officer now directly owns 522,739 shares in the company, valued at $125,687,365.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Charles E. Lott sold 2,000 shares of the stock in a transaction that occurred on Monday, August 27th. The shares were sold at an average price of $244.60, for a total transaction of $489,200.00. Following the completion of the transaction, the insider now owns 4,505 shares in the company, valued at $1,101,923. The disclosure for this sale can be found here. Corporate insiders own 8.46% of the company’s stock.

About Cavco Industries

Cavco Industries, Inc designs, produces, and retails manufactured homes primarily in the United States. It operates in two segments, Factory-Built Housing and Financial Services. The company markets its manufactured homes under the Cavco Homes, Fleetwood Homes, Palm Harbor Homes, Fairmont Homes, Friendship Homes, Chariot Eagle, and Lexington Home brands.

Recommended Story: NASDAQ

Want to see what other hedge funds are holding CVCO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cavco Industries, Inc. (NASDAQ:CVCO).

Institutional Ownership by Quarter for Cavco Industries (NASDAQ:CVCO)

Receive News & Ratings for Cavco Industries Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cavco Industries and related companies with MarketBeat.com's FREE daily email newsletter.