Cavco Industries, Inc. $CVCO Stock Holdings Increased by Bank of America Corp DE

Bank of America Corp DE boosted its holdings in shares of Cavco Industries, Inc. (NASDAQ:CVCO) by 7.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 27,353 shares of the construction company’s stock after purchasing an additional 1,824 shares during the period. Bank of America Corp DE’s holdings in Cavco Industries were worth $13,247,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in CVCO. Amundi boosted its position in shares of Cavco Industries by 33.2% in the 1st quarter. Amundi now owns 1,609 shares of the construction company’s stock valued at $779,000 after purchasing an additional 401 shares during the period. California State Teachers Retirement System lifted its stake in Cavco Industries by 24.1% during the first quarter. California State Teachers Retirement System now owns 9,319 shares of the construction company’s stock valued at $4,513,000 after buying an additional 1,808 shares in the last quarter. Empowered Funds LLC boosted its holdings in shares of Cavco Industries by 73.7% in the first quarter. Empowered Funds LLC now owns 966 shares of the construction company’s stock worth $468,000 after buying an additional 410 shares during the period. Ashford Capital Management Inc. boosted its holdings in shares of Cavco Industries by 1.8% in the first quarter. Ashford Capital Management Inc. now owns 28,917 shares of the construction company’s stock worth $14,004,000 after buying an additional 505 shares during the period. Finally, Quantinno Capital Management LP boosted its holdings in shares of Cavco Industries by 89.8% in the first quarter. Quantinno Capital Management LP now owns 1,186 shares of the construction company’s stock worth $574,000 after buying an additional 561 shares during the period. 95.56% of the stock is currently owned by institutional investors.

Cavco Industries Stock Performance

Shares of CVCO opened at $582.55 on Friday. The firm has a market cap of $4.48 billion, a PE ratio of 25.35 and a beta of 1.29. The firm’s 50 day moving average price is $584.13 and its 200 day moving average price is $544.20. Cavco Industries, Inc. has a twelve month low of $443.33 and a twelve month high of $713.01.

Cavco Industries (NASDAQ:CVCO) last released its quarterly earnings results on Thursday, July 30th. The construction company reported $5.43 earnings per share for the quarter, missing analysts’ consensus estimates of $5.69 by ($0.26). Cavco Industries had a net margin of 7.89% and a return on equity of 16.51%. The business had revenue of $609.96 million for the quarter, compared to the consensus estimate of $590.54 million. On average, sell-side analysts anticipate that Cavco Industries, Inc. will post 22.75 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on CVCO shares. UBS Group initiated coverage on shares of Cavco Industries in a report on Friday, June 5th. They set a “buy” rating and a $700.00 price target on the stock. Zacks Research lowered shares of Cavco Industries from a “hold” rating to a “strong sell” rating in a research note on Monday, August 3rd. Zelman & Associates cut shares of Cavco Industries from an “outperform” rating to a “neutral” rating in a research report on Thursday, August 6th. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Cavco Industries in a research note on Tuesday, May 26th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Cavco Industries presently has an average rating of “Hold” and an average target price of $700.00.

Insiders Place Their Bets

In other Cavco Industries news, EVP Allison Aden sold 1,473 shares of the business’s stock in a transaction on Thursday, June 25th. The shares were sold at an average price of $625.00, for a total transaction of $920,625.00. Following the completion of the transaction, the executive vice president owned 9,147 shares of the company’s stock, valued at $5,716,875. The trade was a 13.87% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Richard A. Kerley sold 500 shares of the company’s stock in a transaction dated Tuesday, June 9th. The shares were sold at an average price of $588.76, for a total transaction of $294,380.00. Following the sale, the director owned 6,169 shares of the company’s stock, valued at $3,632,060.44. This trade represents a 7.50% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 3,753 shares of company stock valued at $2,266,918 over the last three months. 1.70% of the stock is currently owned by insiders.

Cavco Industries 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.