Cavco Industries (NASDAQ:CVCO) Announces Quarterly Earnings Results, Misses Expectations By $0.25 EPS

Cavco Industries (NASDAQ:CVCO) announced its quarterly earnings results on Thursday. The construction company reported $5.43 EPS for the quarter, missing analysts’ consensus estimates of $5.68 by ($0.25), Zacks reports. Cavco Industries had a net margin of 8.49% and a return on equity of 17.55%. The business had revenue of $609.96 million for the quarter, compared to the consensus estimate of $590.54 million.

Cavco Industries Stock Down 0.3%

NASDAQ CVCO traded down $1.56 on Friday, reaching $560.84. The company had a trading volume of 134,977 shares, compared to its average volume of 160,580. The stock has a market capitalization of $4.32 billion, a P/E ratio of 23.40 and a beta of 1.28. The company’s fifty day moving average is $572.97 and its 200 day moving average is $551.78. Cavco Industries has a 52-week low of $397.38 and a 52-week high of $713.01.

Insiders Place Their Bets

In related news, CAO Paul Bigbee sold 200 shares of the business’s stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $537.75, for a total transaction of $107,550.00. Following the transaction, the chief accounting officer directly owned 1,105 shares in the company, valued at approximately $594,213.75. The trade was a 15.33% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Richard A. Kerley sold 500 shares of the company’s stock in a transaction dated Tuesday, June 9th. The stock was sold at an average price of $588.76, for a total transaction of $294,380.00. Following the completion of the sale, the director directly owned 6,169 shares of the company’s stock, valued at $3,632,060.44. The trade was a 7.50% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 3,541 shares of company stock valued at $2,121,932 in the last three months. 1.70% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Cavco Industries

A number of hedge funds and other institutional investors have recently modified their holdings of CVCO. Aster Capital Management DIFC Ltd purchased a new stake in shares of Cavco Industries during the fourth quarter valued at approximately $46,000. Kemnay Advisory Services Inc. purchased a new position in Cavco Industries in the fourth quarter worth $50,000. Los Angeles Capital Management LLC bought a new position in Cavco Industries in the 4th quarter valued at $54,000. Danske Bank A S purchased a new stake in shares of Cavco Industries during the 3rd quarter valued at $58,000. Finally, CIBC Private Wealth Group LLC raised its stake in shares of Cavco Industries by 72.5% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 119 shares of the construction company’s stock worth $69,000 after purchasing an additional 50 shares during the period. Hedge funds and other institutional investors own 95.56% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the stock. Zacks Research upgraded shares of Cavco Industries from a “strong sell” rating to a “hold” rating in a report on Friday, April 3rd. UBS Group started coverage on shares of Cavco Industries in a report on Friday, June 5th. They issued a “buy” rating and a $700.00 target price on the stock. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Cavco Industries in a research report on Tuesday, May 26th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $625.00.

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.