Insider Selling: Cavco Industries (NASDAQ:CVCO) Director Sells 2,000 Shares of Stock

Key Points

• Susan L. Blount, a director at Cavco Industries, sold 2,000 shares for approximately $966,420, resulting in a 39.02% reduction in her ownership of the company’s stock.
• Cavco Industries reported a strong earnings result of $6.42 EPS for the latest quarter, surpassing the analysts’ expectation of $5.81.
• Several institutional investors have increased their stakes in Cavco, with 95.56% of the company's stock now owned by institutional investors.

Cavco Industries, Inc. (NASDAQ:CVCO - Get Free Report) Director Susan L. Blount sold 2,000 shares of Cavco Industries stock in a transaction that occurred on Thursday, August 14th. The shares were sold at an average price of $483.21, for a total value of $966,420.00. Following the sale, the director directly owned 3,126 shares in the company, valued at approximately $1,510,514.46. The trade was a 39.02% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink.

Cavco Industries Trading Up 6.6%

Cavco Industries stock traded up $32.26 during trading hours on Friday, hitting $519.55. 163,155 shares of the stock traded hands, compared to its average volume of 120,494. The firm's 50-day moving average price is $440.32 and its two-hundred day moving average price is $476.96. The company has a market cap of $4.11 billion, a PE ratio of 22.52 and a beta of 1.15. Cavco Industries, Inc. has a one year low of $390.40 and a one year high of $549.99.

Cavco Industries (NASDAQ:CVCO - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The construction company reported $6.42 earnings per share for the quarter, beating the consensus estimate of $5.81 by $0.61. The business had revenue of $556.86 million for the quarter, compared to analysts' expectations of $524.97 million. Cavco Industries had a return on equity of 18.52% and a net margin of 8.99%. On average, sell-side analysts expect that Cavco Industries, Inc. will post 21.93 earnings per share for the current fiscal year.

Institutional Trading of Cavco Industries

A number of hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. raised its holdings in Cavco Industries by 5.1% in the 1st quarter. Vanguard Group Inc. now owns 774,842 shares of the construction company's stock worth $402,631,000 after acquiring an additional 37,249 shares during the last quarter. State Street Corp raised its holdings in Cavco Industries by 6.1% in the 2nd quarter. State Street Corp now owns 380,682 shares of the construction company's stock worth $165,380,000 after acquiring an additional 21,837 shares during the last quarter. GAMMA Investing LLC raised its holdings in Cavco Industries by 71,961.9% in the 1st quarter. GAMMA Investing LLC now owns 229,157 shares of the construction company's stock worth $119,077,000 after acquiring an additional 228,839 shares during the last quarter. Boston Partners raised its holdings in Cavco Industries by 5,371.3% in the 2nd quarter. Boston Partners now owns 201,947 shares of the construction company's stock worth $87,847,000 after acquiring an additional 198,256 shares during the last quarter. Finally, Invesco Ltd. raised its holdings in Cavco Industries by 7.5% in the 1st quarter. Invesco Ltd. now owns 196,210 shares of the construction company's stock worth $101,957,000 after acquiring an additional 13,753 shares during the last quarter. 95.56% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have recently commented on CVCO. Wall Street Zen cut Cavco Industries from a "buy" rating to a "hold" rating in a research report on Saturday, July 5th. Wedbush reissued a "neutral" rating and issued a $550.00 price target on shares of Cavco Industries in a research report on Monday, August 4th. One investment analyst has rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $522.50.

Cavco Industries Company Profile

Cavco Industries, Inc designs, produces, and retails factory-built homes primarily in the United States. It operates in two segments, Factory-Built Housing and Financial Services. The company markets its factory-built homes under the Cavco, Fleetwood, Palm Harbor, Nationwide, Fairmont, Friendship, Chariot Eagle, Destiny, Commodore, Colony, Pennwest, R-Anell, Manorwood, MidCountry, and Solitaire brands.