Cavco Industries (NASDAQ:CVCO) Upgraded to Strong-Buy at Zacks Research

Cavco Industries (NASDAQ:CVCO) was upgraded by equities researchers at Zacks Research from a “hold” rating to a “strong-buy” rating in a research note issued on Wednesday,Zacks.com reports.

Several other analysts have also issued reports on CVCO. Wedbush reissued a “neutral” rating and set a $550.00 target price on shares of Cavco Industries in a report on Monday, August 4th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Cavco Industries in a research report on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $550.00.

Cavco Industries Stock Performance

CVCO opened at $573.88 on Wednesday. The stock has a fifty day moving average of $548.22 and a 200-day moving average of $490.48. The company has a market capitalization of $4.48 billion, a P/E ratio of 24.88 and a beta of 1.21. Cavco Industries has a fifty-two week low of $393.53 and a fifty-two week high of $602.57.

Cavco Industries (NASDAQ:CVCO) last released its quarterly earnings results on Thursday, October 30th. The construction company reported $6.55 EPS for the quarter, beating the consensus estimate of $6.30 by $0.25. The business had revenue of $556.53 million for the quarter, compared to the consensus estimate of $542.92 million. Cavco Industries had a net margin of 8.99% and a return on equity of 18.52%. On average, equities research analysts predict that Cavco Industries will post 21.93 earnings per share for the current fiscal year.

Insider Activity

In related news, CAO Paul Bigbee sold 300 shares of the stock in a transaction that occurred on Friday, August 29th. The shares were sold at an average price of $530.45, for a total value of $159,135.00. Following the completion of the transaction, the chief accounting officer owned 774 shares of the company’s stock, valued at $410,568.30. This represents a 27.93% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Richard A. Kerley sold 500 shares of the firm’s stock in a transaction that occurred on Wednesday, August 20th. The shares were sold at an average price of $480.55, for a total transaction of $240,275.00. Following the completion of the sale, the director owned 7,169 shares in the company, valued at $3,445,062.95. This represents a 6.52% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 5,600 shares of company stock worth $2,820,884. Corporate insiders own 1.60% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of CVCO. Vanguard Group Inc. boosted its holdings in shares of Cavco Industries by 5.1% during the 1st quarter. Vanguard Group Inc. now owns 774,842 shares of the construction company’s stock valued at $402,631,000 after acquiring an additional 37,249 shares in the last quarter. State Street Corp increased its holdings in Cavco Industries by 6.1% in the 2nd quarter. State Street Corp now owns 380,682 shares of the construction company’s stock worth $165,380,000 after purchasing an additional 21,837 shares in the last quarter. Boston Partners increased its holdings in Cavco Industries by 5,371.3% in the 2nd quarter. Boston Partners now owns 201,947 shares of the construction company’s stock worth $87,847,000 after purchasing an additional 198,256 shares in the last quarter. Invesco Ltd. raised its position in Cavco Industries by 7.5% in the first quarter. Invesco Ltd. now owns 196,210 shares of the construction company’s stock valued at $101,957,000 after purchasing an additional 13,753 shares during the last quarter. Finally, GW&K Investment Management LLC boosted its stake in shares of Cavco Industries by 0.8% during the first quarter. GW&K Investment Management LLC now owns 190,227 shares of the construction company’s stock valued at $98,848,000 after purchasing an additional 1,512 shares in the last quarter. 95.56% of the stock is currently owned by institutional investors and hedge funds.

About Cavco Industries

Cavco Industries, Inc designs, produces, and retails factory-built homes primarily in the United States. It operates in two segments, Factory-Built Housing and Financial Services. The company markets its factory-built homes under the Cavco, Fleetwood, Palm Harbor, Nationwide, Fairmont, Friendship, Chariot Eagle, Destiny, Commodore, Colony, Pennwest, R-Anell, Manorwood, MidCountry, and Solitaire brands.