Cavco Industries (NASDAQ:CVCO) Trading 0.7% Higher – Here’s What Happened

Cavco Industries, Inc. (NASDAQ:CVCO)’s stock price rose 0.7% on Monday . The company traded as high as $507.00 and last traded at $504.15. Approximately 6,652 shares changed hands during trading, a decline of 90% from the average daily volume of 64,000 shares. The stock had previously closed at $500.64.

Wall Street Analyst Weigh In

CVCO has been the topic of a number of research reports. Wedbush cut shares of Cavco Industries from an “outperform” rating to a “neutral” rating and set a $480.00 target price on the stock. in a report on Tuesday, December 3rd. Craig Hallum increased their price objective on shares of Cavco Industries from $422.00 to $495.00 and gave the stock a “buy” rating in a report on Monday, November 4th. Finally, StockNews.com raised shares of Cavco Industries from a “hold” rating to a “buy” rating in a report on Monday, November 4th.

Cavco Industries Price Performance

The firm’s fifty day simple moving average is $460.04 and its 200 day simple moving average is $410.10. The company has a market capitalization of $4.06 billion, a price-to-earnings ratio of 28.26 and a beta of 1.29.

Cavco Industries (NASDAQ:CVCO) last posted its quarterly earnings results on Thursday, October 31st. The construction company reported $5.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.70 by $0.58. The business had revenue of $507.46 million during the quarter, compared to analyst estimates of $480.10 million. Cavco Industries had a net margin of 8.00% and a return on equity of 14.38%. During the same period in the prior year, the firm earned $4.76 earnings per share. Equities research analysts forecast that Cavco Industries, Inc. will post 18 earnings per share for the current fiscal year.

Insider Activity at Cavco Industries

In other Cavco Industries news, Director Julia Sze sold 125 shares of the stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $458.68, for a total transaction of $57,335.00. Following the transaction, the director now owns 2,861 shares in the company, valued at $1,312,283.48. This trade represents a 4.19 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO Paul Bigbee sold 100 shares of the stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $512.23, for a total value of $51,223.00. Following the transaction, the chief accounting officer now owns 981 shares in the company, valued at approximately $502,497.63. This trade represents a 9.25 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 4,350 shares of company stock valued at $1,808,272. 1.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Cavco Industries

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Verus Capital Partners LLC grew its stake in shares of Cavco Industries by 4.5% in the second quarter. Verus Capital Partners LLC now owns 653 shares of the construction company’s stock worth $226,000 after acquiring an additional 28 shares during the last quarter. Amalgamated Bank grew its stake in shares of Cavco Industries by 1.2% in the third quarter. Amalgamated Bank now owns 2,428 shares of the construction company’s stock worth $1,040,000 after acquiring an additional 29 shares during the last quarter. SkyView Investment Advisors LLC grew its stake in shares of Cavco Industries by 1.8% in the third quarter. SkyView Investment Advisors LLC now owns 1,791 shares of the construction company’s stock worth $767,000 after acquiring an additional 31 shares during the last quarter. Thrivent Financial for Lutherans grew its stake in shares of Cavco Industries by 0.4% in the third quarter. Thrivent Financial for Lutherans now owns 9,493 shares of the construction company’s stock worth $4,066,000 after acquiring an additional 37 shares during the last quarter. Finally, Arizona State Retirement System grew its stake in shares of Cavco Industries by 1.9% in the second quarter. Arizona State Retirement System now owns 2,103 shares of the construction company’s stock worth $728,000 after acquiring an additional 39 shares during the last quarter. Institutional investors and hedge funds own 95.56% of the company’s stock.

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.