Zacks Research downgraded shares of Cavco Industries (NASDAQ:CVCO – Free Report) from a hold rating to a strong sell rating in a research report report published on Monday morning,Zacks.com reports.
Several other equities analysts also recently weighed in on the company. Weiss Ratings restated a “hold (c+)” rating on shares of Cavco Industries in a report on Tuesday, May 26th. UBS Group started coverage on shares of Cavco Industries in a research note on Friday, June 5th. They set a “buy” rating and a $700.00 price objective for the company. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $700.00.
View Our Latest Analysis on CVCO
Cavco Industries Stock Up 3.8%
Cavco Industries (NASDAQ:CVCO – Get Free Report) last posted its quarterly earnings data 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). The company had revenue of $609.96 million for the quarter, compared to the consensus estimate of $590.54 million. Cavco Industries had a net margin of 7.89% and a return on equity of 16.51%. As a group, equities analysts expect that Cavco Industries will post 22.75 EPS for the current year.
Insider Activity
In other news, EVP Allison Aden sold 1,473 shares of the company’s stock in a transaction dated Thursday, June 25th. The shares were 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 represents a 13.87% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Richard A. Kerley sold 500 shares of the firm’s stock in a transaction that occurred on Tuesday, June 9th. The stock was sold at an average price of $588.76, for a total transaction of $294,380.00. Following the completion of the transaction, the director directly owned 6,169 shares in the company, valued at approximately $3,632,060.44. The trade was a 7.50% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 3,571 shares of company stock valued at $2,139,031 in the last quarter. 1.70% of the stock is currently owned by insiders.
Hedge Funds Weigh In On Cavco Industries
Hedge funds and other institutional investors have recently made changes to their positions in the company. UBS Group AG grew its stake in shares of Cavco Industries by 31.5% during the fourth quarter. UBS Group AG now owns 40,017 shares of the construction company’s stock worth $23,640,000 after acquiring an additional 9,589 shares during the last quarter. Fifth Third Bancorp raised its position in Cavco Industries by 599.0% during the 1st quarter. Fifth Third Bancorp now owns 2,824 shares of the construction company’s stock worth $1,367,000 after buying an additional 2,420 shares during the last quarter. M&T Bank Corp acquired a new stake in Cavco Industries during the 4th quarter valued at approximately $9,501,000. Intech Investment Management LLC boosted its holdings in shares of Cavco Industries by 58.0% in the 4th quarter. Intech Investment Management LLC now owns 5,766 shares of the construction company’s stock valued at $3,406,000 after acquiring an additional 2,116 shares during the last quarter. Finally, Pier Capital LLC boosted its holdings in shares of Cavco Industries by 90.8% in the 4th quarter. Pier Capital LLC now owns 12,103 shares of the construction company’s stock valued at $7,150,000 after acquiring an additional 5,761 shares during the last quarter. Institutional investors own 95.56% of the company’s stock.
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.
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