Prudential Financial Inc. Grows Stake in Cavco Industries, Inc. (NASDAQ:CVCO)

Prudential Financial Inc. raised its stake in Cavco Industries, Inc. (NASDAQ:CVCO) by 32.0% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 30,913 shares of the construction company’s stock after acquiring an additional 7,491 shares during the quarter. Prudential Financial Inc. owned approximately 0.34% of Cavco Industries worth $4,870,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also made changes to their positions in the stock. Long Pond Capital LP bought a new stake in Cavco Industries during the 1st quarter worth approximately $10,063,000. PNC Financial Services Group Inc. increased its stake in Cavco Industries by 155.0% during the 1st quarter. PNC Financial Services Group Inc. now owns 124,492 shares of the construction company’s stock valued at $14,632,000 after purchasing an additional 75,667 shares in the last quarter. West Coast Financial LLC grew its stake in shares of Cavco Industries by 142.7% in the second quarter. West Coast Financial LLC now owns 59,466 shares of the construction company’s stock worth $9,368,000 after acquiring an additional 34,960 shares during the period. Handelsbanken Fonder AB grew its stake in shares of Cavco Industries by 22.2% in the second quarter. Handelsbanken Fonder AB now owns 110,000 shares of the construction company’s stock worth $17,329,000 after acquiring an additional 20,000 shares during the period. Finally, GW&K Investment Management LLC grew its position in Cavco Industries by 9.2% during the second quarter. GW&K Investment Management LLC now owns 165,013 shares of the construction company’s stock valued at $25,996,000 after buying an additional 13,858 shares during the period. Institutional investors own 92.97% of the company’s stock.

Several equities analysts have weighed in on CVCO shares. Craig Hallum lifted their price target on shares of Cavco Industries from $153.00 to $173.00 and gave the company a “hold” rating in a report on Wednesday, July 31st. BidaskClub upgraded shares of Cavco Industries from a “hold” rating to a “buy” rating in a research report on Tuesday, August 6th.

Shares of CVCO stock traded up $0.36 during mid-day trading on Friday, hitting $200.51. 3,206 shares of the stock traded hands, compared to its average volume of 110,240. The stock has a market cap of $1.74 billion, a P/E ratio of 25.11 and a beta of 1.60. The stock’s fifty day moving average is $179.99 and its two-hundred day moving average is $147.87. Cavco Industries, Inc. has a 52-week low of $112.00 and a 52-week high of $261.80. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.73 and a quick ratio of 2.06.

Cavco Industries (NASDAQ:CVCO) last announced its quarterly earnings data on Monday, July 29th. The construction company reported $2.31 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.87 by $0.44. The firm had revenue of $264.04 million during the quarter, compared to analyst estimates of $256.38 million. Cavco Industries had a net margin of 7.16% and a return on equity of 13.48%. Cavco Industries’s revenue was up 7.2% on a year-over-year basis. During the same period last year, the firm posted $2.12 EPS.

Cavco Industries Profile

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.

Further Reading: Market Perform

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

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