Cavco Industries (NASDAQ:CVCO) Shares Down 1.3% – What’s Next?

Cavco Industries, Inc. (NASDAQ:CVCO) fell 1.3% during mid-day trading on Wednesday . The stock traded as low as $503.00 and last traded at $505.00. 6,903 shares changed hands during trading, a decline of 89% from the average session volume of 64,139 shares. The stock had previously closed at $511.73.

Analysts Set New Price Targets

A number of brokerages have weighed in on CVCO. Craig Hallum upped 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. Wedbush downgraded shares of Cavco Industries from an “outperform” rating to a “neutral” rating and set a $480.00 target price on the stock. in a research note on Tuesday. Finally, StockNews.com upgraded shares of Cavco Industries from a “hold” rating to a “buy” rating in a research report on Monday, November 4th.

Cavco Industries Price Performance

The company has a market cap of $4.10 billion, a P/E ratio of 28.55 and a beta of 1.29. The stock’s 50-day moving average is $452.84 and its two-hundred day moving average is $405.06.

Cavco Industries (NASDAQ:CVCO) last released its quarterly earnings results on Thursday, October 31st. The construction company reported $5.28 earnings per share for the quarter, topping the consensus estimate of $4.70 by $0.58. The business had revenue of $507.46 million for the quarter, compared to the consensus estimate 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 last year, the firm earned $4.76 earnings per share. On average, analysts predict that Cavco Industries, Inc. will post 18 EPS for the current year.

Insider Transactions at Cavco Industries

In related news, CAO Paul Bigbee sold 88 shares of the firm’s stock in a transaction on Wednesday, September 11th. The shares were sold at an average price of $401.40, for a total transaction of $35,323.20. Following the completion of the transaction, the chief accounting officer now directly owns 1,081 shares of the company’s stock, valued at approximately $433,913.40. This trade represents a 7.53 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Steven G. Bunger sold 4,000 shares of the firm’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $409.20, for a total transaction of $1,636,800.00. Following the transaction, the director now directly owns 6,547 shares of the company’s stock, valued at $2,679,032.40. The trade was a 37.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 4,313 shares of company stock valued at $1,780,681 over the last three months. Corporate insiders own 1.60% of the company’s stock.

Hedge Funds Weigh In On Cavco Industries

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Thrivent Financial for Lutherans lifted its holdings in shares of Cavco Industries by 37.1% in the 2nd quarter. Thrivent Financial for Lutherans now owns 9,456 shares of the construction company’s stock worth $3,274,000 after acquiring an additional 2,558 shares during the last quarter. Quest Partners LLC bought a new stake in Cavco Industries during the 2nd quarter valued at about $931,000. Blue Trust Inc. lifted its holdings in Cavco Industries by 90.0% during the 3rd quarter. Blue Trust Inc. now owns 190 shares of the construction company’s stock valued at $81,000 after buying an additional 90 shares in the last quarter. Cerity Partners LLC lifted its holdings in Cavco Industries by 91.8% during the 3rd quarter. Cerity Partners LLC now owns 46,915 shares of the construction company’s stock valued at $20,091,000 after buying an additional 22,451 shares in the last quarter. Finally, Fisher Asset Management LLC raised its holdings in shares of Cavco Industries by 8.5% in the 3rd quarter. Fisher Asset Management LLC now owns 71,487 shares of the construction company’s stock valued at $30,614,000 after purchasing an additional 5,620 shares in the last quarter. 95.56% of the stock is owned by hedge funds and other institutional investors.

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.