Zacks Research Upgrades Cavco Industries (NASDAQ:CVCO) to "Hold"

Key Points

• Zacks Research upgraded Cavco Industries from “strong sell” to “hold,” while the broader analyst consensus remains “Moderate Buy” with an average price target of $710.
• Cavco shares opened at $560.26, with a market capitalization of approximately $4.31 billion; the stock has traded between $443.33 and $713.01 over the past year.
• The company beat quarterly revenue expectations but missed on earnings, reporting $5.43 per share versus the $5.69 consensus estimate. An executive also sold shares, while institutional investors hold 95.56% of the company.

Cavco Industries (NASDAQ:CVCO - Get Free Report) was upgraded by equities researchers at Zacks Research from a "strong sell" rating to a "hold" rating in a note issued to investors on Tuesday, Zacks reports.

A number of other research firms have also commented on CVCO. UBS Group assumed coverage on shares of Cavco Industries in a research report on Friday, June 5th. They set a "buy" rating and a $700.00 price target on the stock. Zelman & Associates downgraded shares of Cavco Industries from an "outperform" rating to a "neutral" rating in a report on Thursday, August 6th. Weiss Ratings upgraded shares of Cavco Industries from a "hold (c)" rating to a "hold (c+)" rating in a research report on Tuesday. Finally, Oppenheimer assumed coverage on shares of Cavco Industries in a report on Wednesday. They set an "outperform" rating and a $720.00 target price on the stock. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $710.00.

Cavco Industries Price Performance

Shares of NASDAQ CVCO opened at $560.26 on Tuesday. The stock's fifty day moving average price is $565.29 and its two-hundred day moving average price is $543.92. Cavco Industries has a one year low of $443.33 and a one year high of $713.01. The firm has a market cap of $4.31 billion, a price-to-earnings ratio of 24.38 and a beta of 1.28.

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

Insider Activity at Cavco Industries

In related news, CAO Paul Bigbee sold 342 shares of the company's stock in a transaction 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 sale, the chief accounting officer directly owned 736 shares in the company, valued at $435,712. This represents a 31.73% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 1.70% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Silvant Capital Management LLC bought a new position in shares of Cavco Industries in the second quarter worth about $25,000. Global Retirement Partners LLC acquired a new position in Cavco Industries during the 2nd quarter worth approximately $28,000. IFP Advisors Inc lifted its stake in Cavco Industries by 2,850.0% in the 2nd quarter. IFP Advisors Inc now owns 59 shares of the construction company's stock valued at $36,000 after purchasing an additional 57 shares during the last quarter. Allworth Financial LP acquired a new stake in Cavco Industries in the second quarter valued at approximately $44,000. Finally, Persistent Asset Partners Ltd acquired a new stake in Cavco Industries in the second quarter valued at approximately $52,000. Institutional investors own 95.56% of the company's stock.

Cavco Industries Company Profile

Cavco Industries, Inc is a manufacturer of factory-built housing headquartered in Phoenix, Arizona. The company produces manufactured homes, modular homes, park model recreational vehicles, and related structures designed for residential and vacation use. Its homes are sold through independent retailers, company-owned retail locations, and housing developers.

Cavco markets products under several brands, including Cavco, Fleetwood Homes, Palm Harbor Homes, and Solitaire Homes. In addition to manufacturing, the company provides consumer financing through CountryPlace Mortgage and property and casualty insurance through Standard Casualty.

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