Cavco Industries' (CVCO) "Outperform" Rating Reiterated at Oppenheimer

Key Points

• Oppenheimer reiterated its “Outperform” rating on Cavco Industries and raised its price target to $735 from $720, implying approximately 10.7% upside.
• Cavco shares rose 7.3% to $663.98 in Monday trading, while the company’s latest results exceeded expectations with earnings of $7.17 per share versus the $5.52 consensus and revenue of $656.38 million.
• Analyst sentiment remains favorable, with MarketBeat reporting a consensus “Moderate Buy” rating and an average target price of $695.

Cavco Industries (NASDAQ:CVCO - Get Free Report)'s stock had its "outperform" rating reiterated by equities research analysts at Oppenheimer in a report released on Monday, Benzinga reports. They currently have a $735.00 target price on the construction company's stock, up from their prior target price of $720.00. Oppenheimer's price target would indicate a potential upside of 10.70% from the company's current price.

Other equities analysts have also recently issued reports about the company. Zelman & Associates cut Cavco Industries from an "outperform" rating to a "neutral" rating in a research note on Thursday, August 6th. Northland Securities began coverage on shares of Cavco Industries in a report on Wednesday, October 28th. They set an "outperform" rating and a $650.00 target price on the stock. Weiss Ratings upgraded shares of Cavco Industries from a "hold (c)" rating to a "hold (c+)" rating in a research report on Tuesday, September 29th. Finally, Zacks Research raised shares of Cavco Industries from a "strong sell" rating to a "hold" rating in a report on Tuesday, September 29th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $695.00.

Cavco Industries Trading Up 7.3%

Cavco Industries stock traded up $44.98 during midday trading on Monday, hitting $663.98. The stock had a trading volume of 48,898 shares, compared to its average volume of 144,148. The business has a fifty day moving average price of $549.07 and a 200 day moving average price of $552.09. Cavco Industries has a 12 month low of $443.33 and a 12 month high of $713.01. The stock has a market cap of $5.11 billion, a P/E ratio of 28.21 and a beta of 1.27.

Cavco Industries (NASDAQ:CVCO - Get Free Report) last released its earnings results on Thursday, October 29th. The construction company reported $7.17 EPS for the quarter, topping analysts' consensus estimates of $5.52 by $1.65. The company had revenue of $656.38 million for the quarter, compared to the consensus estimate of $613.12 million. Cavco Industries had a return on equity of 16.60% and a net margin of 7.68%. On average, equities analysts anticipate that Cavco Industries will post 22.60 EPS for the current fiscal year.

Insider Activity

In related news, CAO Paul Bigbee sold 342 shares of the business's stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $592.00, for a total transaction of $202,464.00. Following the completion of the transaction, the chief accounting officer owned 736 shares in the company, valued at $435,712. The trade was a 31.73% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 1.70% of the company's stock.

Hedge Funds Weigh In On Cavco Industries

Several institutional investors have recently modified their holdings of CVCO. Conestoga Capital Advisors LLC bought a new position in Cavco Industries in the 3rd quarter worth about $20,141,000. Covestor Ltd raised its holdings in shares of Cavco Industries by 13.2% during the third quarter. Covestor Ltd now owns 172 shares of the construction company's stock valued at $97,000 after buying an additional 20 shares during the last quarter. Provenance Wealth Advisors LLC raised its holdings in shares of Cavco Industries by 18,160.0% during the third quarter. Provenance Wealth Advisors LLC now owns 913 shares of the construction company's stock valued at $512,000 after buying an additional 908 shares during the last quarter. Aviance Capital Partners LLC raised its holdings in shares of Cavco Industries by 0.9% during the third quarter. Aviance Capital Partners LLC now owns 14,845 shares of the construction company's stock valued at $8,317,000 after buying an additional 130 shares during the last quarter. Finally, Choreo LLC boosted its position in shares of Cavco Industries by 6.1% during the third quarter. Choreo LLC now owns 383 shares of the construction company's stock worth $215,000 after buying an additional 22 shares during the period. Institutional investors own 95.56% of the company's stock.

About Cavco Industries

Cavco Industries, Inc is a manufacturer of factory-built housing and related products. The company designs and produces manufactured homes, modular homes, park model recreational vehicles, and commercial structures for residential, hospitality, and other applications. Its homes are sold through independent retailers, company-owned retail locations, and a network of housing dealers.

Cavco markets its products under several brands, including Cavco, Fleetwood Homes, Palm Harbor Homes, Nationwide Homes, Solitaire Homes, and CountryPlace.

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