Cavco Industries (NASDAQ:CVCO) Trading 1.9% Higher – Here’s What Happened

Cavco Industries, Inc. (NASDAQ:CVCO) was up 1.9% during mid-day trading on Friday . The stock traded as high as $509.92 and last traded at $503.56. Approximately 11,284 shares were traded during trading, a decline of 82% from the average daily volume of 64,075 shares. The stock had previously closed at $493.96.

Wall Street Analysts Forecast Growth

CVCO has been the topic of a number of analyst reports. Wedbush lifted their price objective on Cavco Industries from $425.00 to $455.00 and gave the company an “outperform” rating in a report on Friday, October 11th. StockNews.com raised Cavco Industries from a “hold” rating to a “buy” rating in a report on Monday, November 4th. Finally, Craig Hallum raised their target price on Cavco Industries from $422.00 to $495.00 and gave the company a “buy” rating in a report on Monday, November 4th.

Cavco Industries Stock Performance

The stock’s 50-day moving average price is $438.93 and its 200-day moving average price is $396.82. The company has a market capitalization of $4.14 billion, a price-to-earnings ratio of 28.47 and a beta of 1.24.

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

Insiders Place Their Bets

In other news, Director Julia Sze sold 125 shares of Cavco Industries stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $458.68, for a total transaction of $57,335.00. Following the completion of the sale, the director now directly owns 2,861 shares in the company, valued at $1,312,283.48. The trade was a 4.19 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Paul Bigbee sold 88 shares of the company’s stock in a transaction that occurred 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 transaction, the chief accounting officer now directly owns 1,081 shares in the company, valued at $433,913.40. The trade was a 7.53 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 4,213 shares of company stock valued at $1,729,458. Corporate insiders own 1.60% of the company’s stock.

Hedge Funds Weigh In On Cavco Industries

Several institutional investors have recently added to or reduced their stakes in CVCO. SG Americas Securities LLC purchased a new stake in shares of Cavco Industries during the 1st quarter valued at $197,000. Russell Investments Group Ltd. lifted its stake in shares of Cavco Industries by 2.5% in the 1st quarter. Russell Investments Group Ltd. now owns 9,058 shares of the construction company’s stock valued at $3,615,000 after purchasing an additional 224 shares in the last quarter. O Shaughnessy Asset Management LLC purchased a new stake in shares of Cavco Industries during the 1st quarter worth about $209,000. UniSuper Management Pty Ltd purchased a new stake in shares of Cavco Industries during the 1st quarter worth about $720,000. Finally, CANADA LIFE ASSURANCE Co increased its position in Cavco Industries by 6.9% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 6,775 shares of the construction company’s stock worth $2,697,000 after purchasing an additional 437 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.