GW&K Investment Management LLC Decreases Stake in Cavco Industries, Inc. $CVCO

GW&K Investment Management LLC reduced its position in Cavco Industries, Inc. (NASDAQ:CVCO) by 4.7% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 151,149 shares of the construction company’s stock after selling 7,511 shares during the period. Cavco Industries makes up about 0.8% of GW&K Investment Management LLC’s holdings, making the stock its 19th biggest holding. GW&K Investment Management LLC’s holdings in Cavco Industries were worth $89,292,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. UBS Group AG boosted its position in Cavco Industries by 31.5% in the 4th quarter. UBS Group AG now owns 40,017 shares of the construction company’s stock valued at $23,640,000 after buying an additional 9,589 shares during the last quarter. JPMorgan Chase & Co. lifted its position in shares of Cavco Industries by 74.6% during the third quarter. JPMorgan Chase & Co. now owns 32,057 shares of the construction company’s stock worth $18,616,000 after purchasing an additional 13,694 shares during the last quarter. M&T Bank Corp bought a new position in shares of Cavco Industries during the fourth quarter worth about $9,501,000. Oppenheimer & Co. Inc. bought a new position in shares of Cavco Industries during the third quarter worth about $665,000. Finally, Pier Capital LLC lifted its position in shares of Cavco Industries by 90.8% during the fourth quarter. Pier Capital LLC now owns 12,103 shares of the construction company’s stock worth $7,150,000 after purchasing an additional 5,761 shares during the last quarter. 95.56% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on CVCO shares. UBS Group started coverage on shares of Cavco Industries in a research report 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 research report on Tuesday, May 26th. Finally, Zacks Research raised shares of Cavco Industries from a “strong sell” rating to a “hold” rating in a research report on Friday, April 3rd. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $625.00.

Insider Activity

In related news, CAO Paul Bigbee sold 200 shares of the stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $537.75, for a total transaction of $107,550.00. Following the sale, the chief accounting officer owned 1,105 shares in the company, valued at $594,213.75. This represents a 15.33% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Allison Aden sold 129 shares of the stock in a transaction dated Friday, May 15th. The stock was sold at an average price of $455.76, for a total transaction of $58,793.04. Following the sale, the executive vice president owned 8,806 shares in the company, valued at approximately $4,013,422.56. This trade represents a 1.44% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders have sold 360 shares of company stock worth $182,127. 1.60% of the stock is owned by company insiders.

Cavco Industries Stock Performance

Shares of CVCO stock opened at $578.31 on Wednesday. The stock has a market capitalization of $4.44 billion, a price-to-earnings ratio of 24.13 and a beta of 1.30. Cavco Industries, Inc. has a one year low of $393.53 and a one year high of $713.01. The company’s 50-day simple moving average is $509.72 and its 200-day simple moving average is $554.91.

Cavco Industries (NASDAQ:CVCO) last released its quarterly earnings data on Thursday, May 21st. The construction company reported $5.42 earnings per share for the quarter, topping the consensus estimate of $5.30 by $0.12. The firm had revenue of $550.13 million for the quarter, compared to analyst estimates of $571.06 million. Cavco Industries had a net margin of 8.49% and a return on equity of 17.55%. As a group, research analysts forecast that Cavco Industries, Inc. will post 25 EPS for the current year.

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.