Cavco Industries (NASDAQ:CVCO) Sees Strong Trading Volume – Here’s What Happened

Cavco Industries, Inc. (NASDAQ:CVCO) shares saw strong trading volume on Friday . 108,280 shares changed hands during mid-day trading, an increase of 62% from the previous session’s volume of 67,010 shares.The stock last traded at $425.02 and had previously closed at $423.85.

Analyst Ratings Changes

Several research firms have recently weighed in on CVCO. Wall Street Zen lowered shares of Cavco Industries from a “buy” rating to a “hold” rating in a research report on Friday, May 30th. Wedbush restated a “neutral” rating and set a $550.00 target price on shares of Cavco Industries in a report on Tuesday, May 27th.

Cavco Industries Trading Up 1.1%

The firm has a market capitalization of $3.44 billion, a price-to-earnings ratio of 21.09 and a beta of 1.16. The stock has a fifty day moving average of $483.74 and a 200-day moving average of $491.90.

Cavco Industries (NASDAQ:CVCO) last released its quarterly earnings results on Thursday, May 22nd. The construction company reported $5.40 earnings per share for the quarter, beating analysts’ consensus estimates of $5.23 by $0.17. The business had revenue of $508.36 million during the quarter, compared to analyst estimates of $504.15 million. Cavco Industries had a return on equity of 16.17% and a net margin of 8.75%. As a group, equities research analysts forecast that Cavco Industries, Inc. will post 21.93 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in CVCO. Strs Ohio acquired a new stake in shares of Cavco Industries during the first quarter valued at approximately $1,247,000. Intech Investment Management LLC raised its stake in Cavco Industries by 19.0% during the 1st quarter. Intech Investment Management LLC now owns 4,951 shares of the construction company’s stock valued at $2,573,000 after purchasing an additional 791 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in Cavco Industries by 15.4% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 17,876 shares of the construction company’s stock valued at $9,289,000 after purchasing an additional 2,384 shares during the period. United Services Automobile Association purchased a new stake in shares of Cavco Industries in the first quarter valued at $266,000. Finally, Punch & Associates Investment Management Inc. boosted its position in shares of Cavco Industries by 1.5% in the first quarter. Punch & Associates Investment Management Inc. now owns 42,522 shares of the construction company’s stock worth $22,096,000 after buying an additional 633 shares during the period. 95.56% of the stock is currently owned by institutional investors and hedge funds.

Cavco Industries Company Profile

Cavco Industries, Inc designs, produces, and retails factory-built homes primarily in the United States. It operates in two segments, Factory-Built Housing and Financial Services. The company markets its factory-built homes under the Cavco, Fleetwood, Palm Harbor, Nationwide, Fairmont, Friendship, Chariot Eagle, Destiny, Commodore, Colony, Pennwest, R-Anell, Manorwood, MidCountry, and Solitaire brands.