Cavco Industries (NASDAQ:CVCO) Issues Earnings Results

Cavco Industries (NASDAQ:CVCO) released its quarterly earnings data on Thursday. The construction company reported $5.43 EPS for the quarter, missing the consensus estimate of $5.69 by ($0.26), Zacks reports. The company had revenue of $609.96 million during the quarter, compared to analyst estimates of $590.54 million. Cavco Industries had a net margin of 7.89% and a return on equity of 16.58%.

Cavco Industries Price Performance

Shares of NASDAQ CVCO opened at $547.03 on Friday. The firm has a market cap of $4.22 billion, a price-to-earnings ratio of 23.80 and a beta of 1.28. The stock’s fifty day moving average price is $573.73 and its two-hundred day moving average price is $551.75. Cavco Industries has a one year low of $397.38 and a one year high of $713.01.

Insider Transactions at Cavco Industries

In other Cavco Industries news, Director Richard A. Kerley sold 500 shares of Cavco Industries stock in a transaction dated Tuesday, June 9th. The shares were sold at an average price of $588.76, for a total value of $294,380.00. Following the completion of the sale, the director owned 6,169 shares in the company, valued at $3,632,060.44. The trade was a 7.50% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Allison Aden sold 1,473 shares of Cavco Industries stock in a transaction dated Thursday, June 25th. The stock was sold at an average price of $625.00, for a total transaction of $920,625.00. Following the completion of the sale, the executive vice president owned 9,147 shares of the company’s stock, valued at $5,716,875. This trade represents a 13.87% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 3,541 shares of company stock valued at $2,121,932. 1.70% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. Royal Bank of Canada raised its position in shares of Cavco Industries by 5.2% in the first quarter. Royal Bank of Canada now owns 18,951 shares of the construction company’s stock valued at $9,849,000 after buying an additional 934 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Cavco Industries by 1.9% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,799 shares of the construction company’s stock worth $2,494,000 after buying an additional 90 shares in the last quarter. United Services Automobile Association bought a new position in Cavco Industries during the 1st quarter worth $266,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased 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 worth $9,289,000 after acquiring an additional 2,384 shares during the period. Finally, Northwestern Mutual Wealth Management Co. raised its holdings in Cavco Industries by 12.4% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 199 shares of the construction company’s stock valued at $86,000 after acquiring an additional 22 shares in the last quarter. Institutional investors and hedge funds own 95.56% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently commented on CVCO. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Cavco Industries in a report on Tuesday, May 26th. UBS Group assumed coverage on shares of Cavco Industries in a report on Friday, June 5th. They issued a “buy” rating and a $700.00 price target on the stock. Finally, Zacks Research upgraded shares of Cavco Industries from a “strong sell” rating to a “hold” rating in a research report on Friday, April 3rd. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $625.00.

About Cavco Industries

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.