Cavco Industries (NASDAQ:CVCO) Raised to “Hold” at Zacks Research

Cavco Industries (NASDAQ:CVCO) was upgraded by equities researchers at Zacks Research from a “strong sell” rating to a “hold” rating in a research report issued to clients and investors on Tuesday, Zacks reports.

Several other equities analysts have also issued reports on the company. Oppenheimer assumed coverage on Cavco Industries in a research report on Wednesday. They set an “outperform” rating and a $720.00 price target on the stock. UBS Group assumed coverage on Cavco Industries in a research report on Friday, June 5th. They issued a “buy” rating and a $700.00 price objective for the company. Weiss Ratings raised Cavco Industries from a “hold (c)” rating to a “hold (c+)” rating in a research note on Tuesday. Finally, Zelman & Associates cut shares of Cavco Industries from an “outperform” rating to a “neutral” rating in a report on Thursday, August 6th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, Cavco Industries currently has a consensus rating of “Moderate Buy” and an average target price of $710.00.

Cavco Industries Trading Up 0.7%

Shares of NASDAQ:CVCO opened at $560.26 on Tuesday. The stock’s 50-day moving average price is $565.29 and its 200-day moving average price is $543.92. Cavco Industries has a 12-month low of $443.33 and a 12-month high of $713.01. The stock has a market capitalization of $4.31 billion, a P/E ratio of 24.38 and a beta of 1.28.

Cavco Industries (NASDAQ:CVCO) last released its quarterly earnings data on Thursday, July 30th. The construction company reported $5.43 EPS for the quarter, missing the consensus estimate of $5.69 by ($0.26). Cavco Industries had a return on equity of 16.51% and a net margin of 7.89%.The company had revenue of $609.96 million during the quarter, compared to analysts’ expectations of $590.54 million. As a group, research analysts predict that Cavco Industries will post 22.75 EPS for the current year.

Insider Buying and Selling at Cavco Industries

In other news, CAO Paul Bigbee sold 342 shares of the stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $592.00, for a total transaction of $202,464.00. Following the completion of the sale, the chief accounting officer directly owned 736 shares in the company, valued at approximately $435,712. This represents a 31.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 1.70% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. BlackRock Inc. purchased a new stake in Cavco Industries in the 2nd quarter worth approximately $767,112,000. Geode Capital Management LLC grew its position in shares of Cavco Industries by 0.4% in the 4th quarter. Geode Capital Management LLC now owns 232,847 shares of the construction company’s stock worth $137,569,000 after buying an additional 1,018 shares during the last quarter. Fiduciary Management Inc. WI increased its stake in shares of Cavco Industries by 14.3% during the fourth quarter. Fiduciary Management Inc. WI now owns 195,713 shares of the construction company’s stock valued at $115,615,000 after buying an additional 24,488 shares during the period. Jupiter Topco LLC purchased a new position in shares of Cavco Industries during the second quarter valued at approximately $42,954,000. Finally, Neumeier Poma Investment Counsel LLC bought a new position in shares of Cavco Industries during the second quarter valued at approximately $42,826,587. Institutional investors own 95.56% of the company’s stock.

Cavco Industries Company Profile

Cavco Industries, Inc is a manufacturer of factory-built housing headquartered in Phoenix, Arizona. The company produces manufactured homes, modular homes, park model recreational vehicles, and related structures designed for residential and vacation use. Its homes are sold through independent retailers, company-owned retail locations, and housing developers.

Cavco markets products under several brands, including Cavco, Fleetwood Homes, Palm Harbor Homes, and Solitaire Homes. In addition to manufacturing, the company provides consumer financing through CountryPlace Mortgage and property and casualty insurance through Standard Casualty.