Handelsbanken Fonder AB Sells 6,035 Shares of Cavco Industries, Inc. $CVCO

Handelsbanken Fonder AB decreased its holdings in shares of Cavco Industries, Inc. (NASDAQ:CVCO) by 13.0% during the 2nd quarter, Holdings Channel reports. The firm owned 40,551 shares of the construction company’s stock after selling 6,035 shares during the quarter. Handelsbanken Fonder AB’s holdings in Cavco Industries were worth $24,914,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Royal Bank of Canada grew its position in shares of Cavco Industries by 5.2% during the 1st quarter. Royal Bank of Canada now owns 18,951 shares of the construction company’s stock worth $9,849,000 after buying an additional 934 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of 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 acquiring an additional 90 shares during the period. United Services Automobile Association bought a new position in Cavco Industries during the first quarter worth $266,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in 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 in the last quarter. Finally, Northwestern Mutual Wealth Management Co. grew its holdings in Cavco Industries by 12.4% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 199 shares of the construction company’s stock worth $86,000 after purchasing an additional 22 shares during the period. 95.56% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research firms have weighed in on CVCO. UBS Group began coverage on shares of Cavco Industries in a research note on Friday, June 5th. They issued a “buy” rating and a $700.00 price target for the company. Weiss Ratings restated a “hold (c+)” rating on shares of Cavco Industries in a research note on Tuesday, May 26th. Zacks Research lowered Cavco Industries from a “hold” rating to a “strong sell” rating in a research report on Monday, August 3rd. Finally, Zelman & Associates downgraded Cavco Industries from an “outperform” rating to a “neutral” rating in a research note on Thursday, August 6th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Cavco Industries currently has a consensus rating of “Hold” and an average target price of $700.00.

Cavco Industries Trading Up 0.7%

Shares of CVCO stock opened at $598.38 on Thursday. The firm has a market capitalization of $4.60 billion, a PE ratio of 26.04 and a beta of 1.29. The firm has a fifty day simple moving average of $580.94 and a two-hundred day simple moving average of $544.70. Cavco Industries, Inc. has a 12 month low of $443.33 and a 12 month high of $713.01.

Cavco Industries (NASDAQ:CVCO) last released its quarterly earnings data on Thursday, July 30th. The construction company reported $5.43 earnings per share for the quarter, missing analysts’ consensus estimates of $5.69 by ($0.26). The business had revenue of $609.96 million during the quarter, compared to the consensus estimate of $590.54 million. Cavco Industries had a net margin of 7.89% and a return on equity of 16.51%. On average, equities analysts predict that Cavco Industries, Inc. will post 22.75 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, EVP Allison Aden sold 1,473 shares of the business’s stock in a transaction dated Thursday, June 25th. The shares were sold at an average price of $625.00, for a total transaction of $920,625.00. Following the transaction, 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Richard A. Kerley sold 500 shares of the stock in a transaction dated Tuesday, June 9th. The shares were sold at an average price of $588.76, for a total transaction of $294,380.00. Following the completion of the sale, the director owned 6,169 shares of the company’s stock, valued at approximately $3,632,060.44. This trade represents a 7.50% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 3,571 shares of company stock worth $2,139,031 in the last quarter. Insiders own 1.70% of the company’s stock.

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.