Cavco Industries, Inc. (NASDAQ:CVCO) Stock Now Rated “Moderate Buy” by Wall Street Analysts

Cavco Industries, Inc. (NASDAQ:CVCO) has been given an average rating of “Moderate Buy” by the six ratings firms that are presently covering the stock, Marketbeat Ratings reports. Three analysts have rated the stock with a hold recommendation, two have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year price target among brokers that have updated their coverage on the stock in the last year is $710.00.

CVCO has been the subject of several recent analyst reports. Zelman & Associates lowered Cavco Industries from an “outperform” rating to a “neutral” rating in a report on Thursday, August 6th. Zacks Research raised shares of Cavco Industries from a “strong sell” rating to a “hold” rating in a research note on Tuesday, September 29th. Weiss Ratings raised shares of Cavco Industries from a “hold (c)” rating to a “hold (c+)” rating in a research note on Tuesday, September 29th. Finally, Oppenheimer initiated coverage on shares of Cavco Industries in a research report on Wednesday, September 30th. They set an “outperform” rating and a $720.00 target price for the company.

Cavco Industries Stock Down 2.4%

Cavco Industries stock opened at $534.25 on Friday. Cavco Industries has a 52 week low of $443.33 and a 52 week high of $713.01. The business has a 50-day simple moving average of $552.25 and a 200 day simple moving average of $550.49. The stock has a market cap of $4.11 billion, a price-to-earnings ratio of 23.25 and a beta of 1.27.

Cavco Industries (NASDAQ:CVCO) last announced its earnings results 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). Cavco Industries had a return on equity of 16.51% and a net margin of 7.89%. The business had revenue of $609.96 million during the quarter, compared to the consensus estimate of $590.54 million. On average, research analysts anticipate that Cavco Industries will post 22.66 earnings per share for the current year.

Insider Activity at Cavco Industries

In other news, CAO Paul Bigbee sold 342 shares of the stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $592.00, for a total value of $202,464.00. Following the transaction, the chief accounting officer owned 736 shares of the company’s stock, valued at $435,712. This represents a 31.73% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 1.70% of the stock is owned by insiders.

Institutional Trading of Cavco Industries

Hedge funds have recently made changes to their positions in the stock. Fifth Third Bancorp raised its position 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 purchasing an additional 2,420 shares in the last quarter. Robotti Robert purchased a new position in shares of Cavco Industries in the 2nd quarter worth about $19,903,000. California State Teachers Retirement System boosted its holdings in shares of Cavco Industries by 24.1% in the 1st quarter. California State Teachers Retirement System now owns 9,319 shares of the construction company’s stock worth $4,513,000 after purchasing an additional 1,808 shares in the last quarter. Philadelphia Financial Management of San Francisco LLC purchased a new position in shares of Cavco Industries in the 2nd quarter worth about $5,412,688. Finally, The Manufacturers Life Insurance Company bought a new position in shares of Cavco Industries during the 2nd quarter valued at about $2,305,000. 95.56% of the stock is owned by institutional investors.

Cavco Industries Company Profile

Cavco Industries, Inc is a manufacturer of factory-built housing and related products. The company designs and produces manufactured homes, modular homes, park model recreational vehicles, and commercial structures for residential, hospitality, and other applications. Its homes are sold through independent retailers, company-owned retail locations, and a network of housing dealers.

Cavco markets its products under several brands, including Cavco, Fleetwood Homes, Palm Harbor Homes, Nationwide Homes, Solitaire Homes, and CountryPlace.