Cavco Industries (NASDAQ:CVCO) Posts Earnings Results

Cavco Industries (NASDAQ:CVCO) released its earnings results on Thursday. The construction company reported $5.43 earnings per share for the quarter, missing the consensus estimate of $5.69 by ($0.26), Zacks reports. Cavco Industries had a net margin of 8.49% and a return on equity of 17.55%. The firm had revenue of $609.96 million during the quarter, compared to analysts’ expectations of $590.54 million.

Cavco Industries Price Performance

Shares of CVCO traded down $2.84 during mid-day trading on Thursday, reaching $562.40. The stock had a trading volume of 150,927 shares, compared to its average volume of 160,989. The business’s fifty day moving average is $572.97 and its 200 day moving average is $551.78. Cavco Industries has a 52-week low of $397.38 and a 52-week high of $713.01. The firm has a market cap of $4.33 billion, a price-to-earnings ratio of 23.46 and a beta of 1.28.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. UBS Group started coverage on shares of Cavco Industries in a research note on Friday, June 5th. They set a “buy” rating and a $700.00 price objective for the company. Weiss Ratings restated a “hold (c+)” rating on shares of Cavco Industries in a report on Tuesday, May 26th. Finally, Zacks Research upgraded Cavco Industries from a “strong sell” rating to a “hold” rating in a research report on Friday, April 3rd. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $625.00.

Insider Buying and Selling at Cavco Industries

In related news, CAO Paul Bigbee sold 200 shares of Cavco Industries stock in a transaction that occurred on Thursday, May 28th. The shares were sold at an average price of $537.75, for a total value of $107,550.00. Following the completion of the sale, the chief accounting officer owned 1,105 shares in the company, valued at approximately $594,213.75. This trade represents a 15.33% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Allison Aden sold 1,473 shares of the business’s stock in a transaction that occurred on Thursday, June 25th. The shares were sold at an average price of $625.00, for a total value of $920,625.00. Following the completion of the sale, the executive vice president directly owned 9,147 shares in the company, valued at approximately $5,716,875. The trade was a 13.87% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 3,541 shares of company stock valued at $2,121,932 over the last 90 days. 1.70% of the stock is owned by insiders.

Hedge Funds Weigh In On Cavco Industries

Several institutional investors have recently bought and sold shares of the company. Virtu Financial LLC acquired a new position in shares of Cavco Industries in the fourth quarter valued at approximately $451,000. Vident Advisory LLC grew its stake in shares of Cavco Industries by 11.9% in the fourth quarter. Vident Advisory LLC now owns 591 shares of the construction company’s stock worth $349,000 after acquiring an additional 63 shares in the last quarter. Pillsbury Lake Capital LLC purchased a new stake in shares of Cavco Industries during the fourth quarter worth $15,091,000. Empowered Funds LLC acquired a new stake in shares of Cavco Industries in the fourth quarter valued at $328,000. Finally, XTX Topco Ltd purchased a new position in Cavco Industries in the fourth quarter valued at $1,446,000. 95.56% of the stock is owned by institutional investors and hedge funds.

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.