The Manufacturers Life Insurance Company Acquires New Stake in Cavco Industries, Inc. $CVCO

The Manufacturers Life Insurance Company bought a new stake in Cavco Industries, Inc. (NASDAQ:CVCO) during the second quarter, HoldingsChannel.com reports. The institutional investor bought 3,751 shares of the construction company’s stock, valued at approximately $2,305,000.

Other large investors have also made changes to their positions in the company. UBS Group AG boosted its holdings in shares of Cavco Industries by 31.5% in the fourth quarter. UBS Group AG now owns 40,017 shares of the construction company’s stock worth $23,640,000 after buying an additional 9,589 shares during the last quarter. Fifth Third Bancorp increased its holdings in Cavco Industries by 599.0% during the first quarter. Fifth Third Bancorp now owns 2,824 shares of the construction company’s stock valued at $1,367,000 after buying an additional 2,420 shares during the last quarter. Robotti Robert purchased a new stake in Cavco Industries during the second quarter valued at approximately $19,903,000. Intech Investment Management LLC raised its position in Cavco Industries by 58.0% in the fourth quarter. Intech Investment Management LLC now owns 5,766 shares of the construction company’s stock worth $3,406,000 after acquiring an additional 2,116 shares during the period. Finally, Pier Capital LLC raised its position in Cavco Industries by 90.8% in the fourth quarter. Pier Capital LLC now owns 12,103 shares of the construction company’s stock worth $7,150,000 after acquiring an additional 5,761 shares during the period. 95.56% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Cavco Industries news, CAO Paul Bigbee sold 342 shares of the firm’s stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of $592.00, for a total transaction 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 trade represents a 31.73% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Richard A. Kerley sold 500 shares of the business’s stock in a transaction dated 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 in the company, valued at $3,632,060.44. The trade was a 7.50% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 3,553 shares of company stock valued at $2,159,368. Company insiders own 1.70% of the company’s stock.

Cavco Industries Price Performance

Shares of NASDAQ:CVCO opened at $561.85 on Thursday. The company has a market capitalization of $4.32 billion, a P/E ratio of 24.45 and a beta of 1.28. Cavco Industries, Inc. has a 1-year low of $443.33 and a 1-year high of $713.01. The firm’s 50 day simple moving average is $579.94 and its two-hundred day simple moving average is $546.49.

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

Wall Street Analyst Weigh In

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

About Cavco Industries

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.