Cavco Industries, Inc. $CVCO Shares Acquired by California State Teachers Retirement System

California State Teachers Retirement System lifted its stake in shares of Cavco Industries, Inc. (NASDAQ:CVCO) by 56,940.6% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,315,616 shares of the construction company’s stock after purchasing an additional 5,306,297 shares during the quarter. California State Teachers Retirement System owned about 69.12% of Cavco Industries worth $3,265,808,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Northwestern Mutual Wealth Management Co. grew its position in Cavco Industries by 852,093.4% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 1,798,128 shares of the construction company’s stock valued at $1,062,226,000 after buying an additional 1,797,917 shares during the last quarter. BlackRock Inc. purchased a new position in Cavco Industries during the 2nd quarter worth $767,112,000. State Street Corp lifted its stake in shares of Cavco Industries by 6.1% in the 2nd quarter. State Street Corp now owns 380,682 shares of the construction company’s stock worth $165,380,000 after acquiring an additional 21,837 shares during the period. Boston Partners lifted its stake in shares of Cavco Industries by 82.8% in the 3rd quarter. Boston Partners now owns 369,177 shares of the construction company’s stock worth $213,866,000 after acquiring an additional 167,230 shares during the period. Finally, Geode Capital Management LLC boosted its holdings in shares of Cavco Industries by 0.4% in the fourth quarter. Geode Capital Management LLC now owns 232,847 shares of the construction company’s stock valued at $137,569,000 after acquiring an additional 1,018 shares in the last quarter. 95.56% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the stock. Zacks Research lowered shares of Cavco Industries from a “hold” rating to a “strong sell” rating in a research note on Monday, August 3rd. Weiss Ratings restated a “hold (c+)” rating on shares of Cavco Industries in a research report on Friday, August 21st. UBS Group began coverage on Cavco Industries in a report on Friday, June 5th. They issued a “buy” rating and a $700.00 price objective on the stock. Finally, Zelman & Associates cut Cavco Industries from an “outperform” rating to a “neutral” rating in a research report on Thursday, August 6th. One equities 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 stock. According to data from MarketBeat.com, Cavco Industries currently has a consensus rating of “Hold” and a consensus target price of $700.00.

Cavco Industries Stock Performance

Shares of NASDAQ CVCO opened at $523.35 on Friday. Cavco Industries, Inc. has a one year low of $443.33 and a one year high of $713.01. The firm has a market capitalization of $4.02 billion, a P/E ratio of 22.77 and a beta of 1.28. The company’s fifty day moving average is $572.91 and its two-hundred day moving average is $544.93.

Cavco Industries (NASDAQ:CVCO) last announced its quarterly earnings results 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). Cavco Industries had a net margin of 7.89% and a return on equity of 16.51%. The company had revenue of $609.96 million during the quarter, compared to analysts’ expectations of $590.54 million. On average, sell-side analysts forecast that Cavco Industries, Inc. will post 22.75 earnings per share for the current fiscal year.

Insider Activity

In other Cavco Industries news, CAO Paul Bigbee sold 342 shares of the stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $592.00, for a total value of $202,464.00. Following the completion of the transaction, the chief accounting officer directly owned 736 shares of the company’s stock, valued at approximately $435,712. This trade represents a 31.73% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Allison Aden sold 1,473 shares of Cavco Industries stock in a transaction that occurred on Thursday, June 25th. The shares were sold at an average price of $625.00, for a total transaction of $920,625.00. Following the sale, the executive vice president owned 9,147 shares of the company’s stock, valued at approximately $5,716,875. The trade was a 13.87% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 1,845 shares of company stock worth $1,140,188 over the last 90 days. 1.70% of the stock is currently owned by company insiders.

Cavco Industries 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.