Zacks Investment Research Upgrades Cavco Industries (NASDAQ:CVCO) to “Buy”

Cavco Industries (NASDAQ:CVCO) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Thursday, Zacks.com reports. The firm currently has a $248.00 price objective on the construction company’s stock. Zacks Investment Research‘s price objective would indicate a potential upside of 15.07% from the company’s current price.

According to Zacks, “Cavco Industries, Inc. designs and produces factory-built housing products primarily distributed through a network of independent and Company-owned retailers. The Company is one of the largest producers of manufactured homes in the United States, based on reported wholesale shipments, marketed under a variety of brand names including Cavco Homes, Fleetwood Homes, Palm Harbor Homes, Fairmont Homes and Chariot Eagle. The Company is also a leading producer of park model RVs, vacation cabins, and systems-built commercial structures. Cavco Industries is focused on building quality, energy efficient homes for the modern day home buyer. Green building involves the creation of an energy efficient envelope including higher utilization of renewable materials. These homes provide environmentally-friendly maintenance requirements, high indoor air quality, specially designed ventilation systems, best use of space, and passive solar orientation. “

Shares of NASDAQ CVCO traded down $6.06 during mid-day trading on Thursday, hitting $215.52. 32,639 shares of the stock traded hands, compared to its average volume of 41,968. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.20 and a current ratio of 2.75. Cavco Industries has a 52 week low of $162.88 and a 52 week high of $242.06. The company has a market capitalization of $1.98 billion, a P/E ratio of 26.12 and a beta of 1.13. The stock has a fifty day moving average of $217.91.

Cavco Industries (NASDAQ:CVCO) last released its quarterly earnings results on Tuesday, May 25th. The construction company reported $2.71 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.92 by $0.79. Cavco Industries had a return on equity of 11.75% and a net margin of 6.92%. The company had revenue of $306.50 million for the quarter, compared to analyst estimates of $306.60 million. Analysts forecast that Cavco Industries will post 9.31 EPS for the current fiscal year.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Schroder Investment Management Group boosted its position in shares of Cavco Industries by 30.1% during the first quarter. Schroder Investment Management Group now owns 188,245 shares of the construction company’s stock valued at $42,470,000 after purchasing an additional 43,552 shares in the last quarter. Oppenheimer Asset Management Inc. boosted its holdings in Cavco Industries by 1.9% in the first quarter. Oppenheimer Asset Management Inc. now owns 4,716 shares of the construction company’s stock worth $1,064,000 after acquiring an additional 87 shares in the last quarter. D. E. Shaw & Co. Inc. boosted its holdings in Cavco Industries by 8.7% in the first quarter. D. E. Shaw & Co. Inc. now owns 3,197 shares of the construction company’s stock worth $721,000 after acquiring an additional 255 shares in the last quarter. Man Group plc bought a new stake in Cavco Industries in the first quarter worth $1,531,000. Finally, Schonfeld Strategic Advisors LLC boosted its holdings in Cavco Industries by 41.7% in the first quarter. Schonfeld Strategic Advisors LLC now owns 5,100 shares of the construction company’s stock worth $1,151,000 after acquiring an additional 1,500 shares in the last quarter. Institutional investors own 91.25% of the company’s stock.

Cavco Industries Company Profile

Cavco Industries, Inc designs, produces, and retails manufactured homes primarily in the United States. It operates in two segments, Factory-Built Housing and Financial Services. The company markets its manufactured homes under the Cavco, Fleetwood, Palm Harbor, Fairmont, Friendship, Chariot Eagle, and Destiny brands.

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