Cavco Industries (NASDAQ:CVCO) Trading Up 6.5% Following Earnings Beat

Cavco Industries, Inc. (NASDAQ:CVCO) shares were up 6.5% during mid-day trading on Friday following a stronger than expected earnings report. The stock traded as high as $506.59 and last traded at $507.66. Approximately 18,396 shares traded hands during mid-day trading, a decline of 63% from the average daily volume of 49,988 shares. The stock had previously closed at $476.82.

The construction company reported $6.90 EPS for the quarter, beating analysts’ consensus estimates of $4.89 by $2.01. Cavco Industries had a return on equity of 14.38% and a net margin of 8.00%.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the company. Wedbush downgraded Cavco Industries from an “outperform” rating to a “neutral” rating and set a $480.00 price target for the company. in a report on Tuesday, December 3rd. StockNews.com downgraded Cavco Industries from a “buy” rating to a “hold” rating in a report on Friday, December 20th. Finally, Craig Hallum increased their price target on Cavco Industries from $422.00 to $495.00 and gave the stock a “buy” rating in a report on Monday, November 4th.

Insider Transactions at Cavco Industries

In related news, CAO Paul Bigbee sold 100 shares of the stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $512.23, for a total transaction of $51,223.00. Following the completion of the transaction, the chief accounting officer now directly owns 981 shares of the company’s stock, valued at approximately $502,497.63. This represents a 9.25 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Julia Sze sold 125 shares of the firm’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $458.68, for a total value of $57,335.00. Following the completion of the sale, the director now directly owns 2,861 shares of the company’s stock, valued at approximately $1,312,283.48. The trade was a 4.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,850 shares of company stock valued at $889,417 over the last three months. Company insiders own 1.60% of the company’s stock.

Institutional Trading of Cavco Industries

A number of hedge funds have recently made changes to their positions in CVCO. Marshall Wace LLP acquired a new stake in shares of Cavco Industries in the second quarter valued at approximately $692,000. Squarepoint Ops LLC acquired a new stake in shares of Cavco Industries in the second quarter valued at approximately $594,000. The Manufacturers Life Insurance Company lifted its position in shares of Cavco Industries by 1.9% in the second quarter. The Manufacturers Life Insurance Company now owns 4,602 shares of the construction company’s stock valued at $1,593,000 after buying an additional 87 shares during the last quarter. Algert Global LLC acquired a new stake in shares of Cavco Industries in the second quarter valued at approximately $262,000. Finally, Creative Planning lifted its position in shares of Cavco Industries by 116.8% in the second quarter. Creative Planning now owns 1,136 shares of the construction company’s stock valued at $393,000 after buying an additional 612 shares during the last quarter. 95.56% of the stock is owned by institutional investors and hedge funds.

Cavco Industries Stock Up 6.4 %

The company has a market cap of $4.11 billion, a P/E ratio of 28.75 and a beta of 1.33. The stock has a 50 day moving average price of $473.79 and a two-hundred day moving average price of $437.63.

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.