Cavco Industries (NASDAQ:CVCO) Director Sells $310,683.33 in Stock

Cavco Industries, Inc. (NASDAQ:CVCO) Director Richard Kerley sold 459 shares of the company’s stock in a transaction on Wednesday, November 4th. The stock was sold at an average price of $676.87, for a total transaction of $310,683.33. Following the transaction, the director owned 6,000 shares of the company’s stock, valued at approximately $4,061,220. The trade was a 7.11% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link.

Cavco Industries Stock Performance

CVCO stock opened at $638.55 on Friday. The stock has a market capitalization of $4.87 billion, a PE ratio of 27.06, a price-to-earnings-growth ratio of 1.73 and a beta of 1.29. The company has a fifty day moving average of $556.51 and a 200-day moving average of $551.25. Cavco Industries, Inc. has a one year low of $443.33 and a one year high of $713.01.

Cavco Industries (NASDAQ:CVCO) last issued its earnings results on Thursday, October 29th. The construction company reported $7.17 earnings per share for the quarter, beating the consensus estimate of $5.52 by $1.65. Cavco Industries had a net margin of 7.68% and a return on equity of 16.60%. The business had revenue of $656.38 million for the quarter, compared to the consensus estimate of $613.12 million. Equities analysts forecast that Cavco Industries, Inc. will post 24.62 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Cavco Industries

Large investors have recently made changes to their positions in the stock. Fifth Third Bancorp lifted its stake in shares of Cavco Industries by 599.0% in 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 during the period. Robotti Robert purchased a new stake in Cavco Industries during the second quarter worth about $19,903,000. California State Teachers Retirement System grew its position in Cavco Industries by 24.1% during the first quarter. California State Teachers Retirement System now owns 9,319 shares of the construction company’s stock worth $4,513,000 after buying an additional 1,808 shares during the period. Philadelphia Financial Management of San Francisco LLC acquired a new position in Cavco Industries during the second quarter worth about $5,412,688. Finally, The Manufacturers Life Insurance Company purchased a new position in Cavco Industries in the second quarter valued at about $2,305,000. Hedge funds and other institutional investors own 95.56% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on CVCO shares. Northland Securities began coverage on Cavco Industries in a report on Wednesday, October 28th. They issued an “outperform” rating and a $650.00 price objective on the stock. Oppenheimer reissued an “outperform” rating and set a $735.00 target price (up from $720.00) on shares of Cavco Industries in a research note on Monday, November 2nd. Weiss Ratings raised Cavco Industries from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday. Zelman & Associates cut Cavco Industries from an “outperform” rating to a “neutral” rating in a report on Thursday, August 6th. Finally, Zacks Research upgraded Cavco Industries from a “strong sell” rating to a “hold” rating in a research note on Tuesday, September 29th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, Cavco Industries presently has a consensus rating of “Moderate Buy” and a consensus price target of $695.00.

About Cavco Industries

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.