Cavco Industries (NASDAQ:CVCO) Now Covered by Analysts at Oppenheimer

Key Points

• Oppenheimer initiated coverage of Cavco Industries with an “outperform” rating and a $720 price target, implying approximately 29.5% upside from the reported $556.12 share price.
• Analyst sentiment is mixed but leans positive: Cavco has a consensus “Moderate Buy” rating and an average price target of $710, despite recent downgrades from some firms.
• Cavco’s latest quarterly results exceeded revenue expectations but missed EPS estimates, reporting $609.96 million in revenue and $5.43 in EPS versus the $5.69 consensus estimate.

Investment analysts at Oppenheimer assumed coverage on shares of Cavco Industries (NASDAQ:CVCO - Get Free Report) in a report released on Wednesday, MarketBeat reports. The brokerage set an "outperform" rating and a $720.00 price target on the construction company's stock. Oppenheimer's price target indicates a potential upside of 29.47% from the company's current price.

Other equities research analysts have also recently issued research reports about the company. Weiss Ratings cut Cavco Industries from a "hold (c+)" rating to a "hold (c)" rating in a report on Monday, September 14th. Zacks Research lowered Cavco Industries from a "hold" rating to a "strong sell" rating in a research note on Monday, August 3rd. UBS Group initiated coverage on Cavco Industries in a research report on Friday, June 5th. They set a "buy" rating and a $700.00 target price on the stock. Finally, Zelman & Associates cut shares of Cavco Industries from an "outperform" rating to a "neutral" rating in a research report on Thursday, August 6th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $710.00.

Cavco Industries Price Performance

Shares of NASDAQ CVCO opened at $556.12 on Wednesday. The company has a market cap of $4.28 billion, a PE ratio of 24.20 and a beta of 1.28. Cavco Industries has a 12 month low of $443.33 and a 12 month high of $713.01. The company has a 50-day simple moving average of $565.49 and a 200-day simple moving average of $543.48.

Cavco Industries (NASDAQ:CVCO - Get Free Report) last announced its quarterly earnings data on Thursday, July 30th. The construction company reported $5.43 earnings per share (EPS) for the quarter, missing the consensus estimate of $5.69 by ($0.26). Cavco Industries had a net margin of 7.89% and a return on equity of 16.51%. The firm had revenue of $609.96 million for the quarter, compared to analysts' expectations of $590.54 million. On average, analysts anticipate that Cavco Industries will post 22.75 EPS for the current year.

Insider Activity

In other Cavco Industries news, CAO Paul Bigbee sold 342 shares of Cavco Industries 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 sale, the chief accounting officer directly 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 Securities & Exchange Commission, which is available through the SEC website. Insiders own 1.70% of the company's stock.

Institutional Trading of Cavco Industries

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Integrated Wealth Concepts LLC acquired a new stake in Cavco Industries in the second quarter valued at $153,000. IFP Advisors Inc increased its position in shares of Cavco Industries by 2,850.0% in the 2nd quarter. IFP Advisors Inc now owns 59 shares of the construction company's stock worth $36,000 after purchasing an additional 57 shares during the last quarter. Allworth Financial LP raised its stake in shares of Cavco Industries by 157.1% in the 2nd quarter. Allworth Financial LP now owns 72 shares of the construction company's stock valued at $44,000 after purchasing an additional 44 shares in the last quarter. Nykredit A S bought a new position in shares of Cavco Industries during the second quarter worth about $164,000. Finally, Parkside Financial Bank & Trust grew its stake in Cavco Industries by 26.8% in the second quarter. Parkside Financial Bank & Trust now owns 156 shares of the construction company's stock worth $96,000 after purchasing an additional 33 shares in the last quarter. Institutional investors own 95.56% of the company's stock.

Cavco Industries Company Profile

Cavco Industries, Inc is a manufacturer of factory-built housing and related products. The company produces manufactured homes, modular homes, park model recreational vehicles and other factory-built structures for residential, commercial and recreational applications. Its homes are sold under a range of brands, including Cavco, Fleetwood, Palm Harbor and Nationwide Homes.

Cavco markets its products through an independent dealer network as well as company-owned retail locations. It also provides financing and insurance services for manufactured-home buyers through affiliated businesses, including CountryPlace Mortgage and insurance operations.

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