Cavco Industries (NASDAQ:CVCO) Issues Quarterly Earnings Results

Cavco Industries (NASDAQ:CVCO) released its quarterly earnings data on Thursday. The construction company reported $5.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.30 by $0.12, Zacks reports. Cavco Industries had a net margin of 8.37% and a return on equity of 17.84%.

Cavco Industries Stock Down 0.7%

CVCO stock traded down $3.62 during trading on Thursday, hitting $491.49. 132,052 shares of the company’s stock traded hands, compared to its average volume of 177,623. The firm has a market capitalization of $3.81 billion, a P/E ratio of 21.35 and a beta of 1.31. Cavco Industries has a 1 year low of $393.53 and a 1 year high of $713.01. The business has a fifty day simple moving average of $495.78 and a two-hundred day simple moving average of $556.51.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on CVCO. Zelman & Associates raised shares of Cavco Industries to an “outperform” rating in a research note on Thursday, February 5th. Weiss Ratings lowered Cavco Industries from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday, February 26th. Finally, Zacks Research upgraded Cavco Industries from a “strong sell” rating to a “hold” rating in a report on Friday, April 3rd. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $550.00.

Insider Buying and Selling at Cavco Industries

In related news, EVP Allison Aden sold 129 shares of the firm’s stock in a transaction dated Friday, May 15th. The stock was sold at an average price of $455.76, for a total transaction of $58,793.04. Following the sale, the executive vice president owned 8,806 shares of the company’s stock, valued at $4,013,422.56. This trade represents a 1.44% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 1.60% of the stock is owned by company insiders.

Institutional Investors Weigh In On Cavco Industries

Institutional investors have recently bought and sold shares of the company. Royal Bank of Canada increased its position in Cavco Industries by 5.2% during the 1st quarter. Royal Bank of Canada now owns 18,951 shares of the construction company’s stock valued at $9,849,000 after buying an additional 934 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Cavco Industries by 1.9% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,799 shares of the construction company’s stock valued at $2,494,000 after acquiring an additional 90 shares during the period. United Services Automobile Association purchased a new position in shares of Cavco Industries in the 1st quarter valued at about $266,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in Cavco Industries by 15.4% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 17,876 shares of the construction company’s stock worth $9,289,000 after purchasing an additional 2,384 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. raised its stake in shares of Cavco Industries by 12.4% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 199 shares of the construction company’s stock worth $86,000 after buying an additional 22 shares during the period. 95.56% of the stock is currently owned by institutional investors and hedge funds.

Cavco Industries Company Profile

Cavco Industries, Inc is a leading designer, manufacturer and retailer of factory-built homes and modular structures. The company produces a range of HUD-code manufactured homes, modular buildings, park model RVs and cabins through its network of production facilities. Its offerings cater to both residential and commercial markets, including customizable single- and multi-section homes, workforce and affordable housing solutions, educational and healthcare modules, as well as specialty lodging products for the recreational vehicle and hospitality industries.

Since its founding in 1967, Cavco has grown through strategic investments and acquisitions, expanding its footprint across the United States and into parts of Canada and Mexico.