Cavco Industries (NASDAQ:CVCO) Lowered to "Hold" Rating by Wall Street Zen

Wall Street Zen cut shares of Cavco Industries (NASDAQ:CVCO - Free Report) from a buy rating to a hold rating in a research note released on Friday.

Separately, Wedbush reiterated a "neutral" rating and set a $550.00 price target on shares of Cavco Industries in a report on Tuesday, May 27th.

Cavco Industries Price Performance

Shares of NASDAQ CVCO traded up $8.93 during mid-day trading on Friday, reaching $432.44. 51,820 shares of the company's stock traded hands, compared to its average volume of 65,736. The business has a 50-day simple moving average of $491.10 and a 200 day simple moving average of $493.27. The stock has a market cap of $3.47 billion, a P/E ratio of 21.28 and a beta of 1.29. Cavco Industries has a 1-year low of $331.08 and a 1-year high of $549.99.

Cavco Industries (NASDAQ:CVCO - Get Free Report) last issued its quarterly earnings data on Thursday, May 22nd. The construction company reported $5.40 earnings per share for the quarter, beating the consensus estimate of $5.23 by $0.17. Cavco Industries had a return on equity of 16.17% and a net margin of 8.75%. The business had revenue of $508.36 million for the quarter, compared to analysts' expectations of $504.15 million. Equities research analysts anticipate that Cavco Industries will post 21.93 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Cavco Industries news, Director David A. Greenblatt sold 4,000 shares of the stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $528.88, for a total transaction of $2,115,520.00. Following the completion of the transaction, the director now directly owns 15,286 shares of the company's stock, valued at approximately $8,084,459.68. This represents a 20.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 1.60% of the stock is currently owned by corporate insiders.

Institutional Trading of Cavco Industries

Hedge funds have recently made changes to their positions in the company. Harvest Fund Management Co. Ltd purchased a new stake in Cavco Industries in the 4th quarter worth about $67,000. Smartleaf Asset Management LLC increased its stake in shares of Cavco Industries by 387.9% in the fourth quarter. Smartleaf Asset Management LLC now owns 161 shares of the construction company's stock worth $72,000 after purchasing an additional 128 shares in the last quarter. CWM LLC increased its stake in shares of Cavco Industries by 44.0% in the first quarter. CWM LLC now owns 157 shares of the construction company's stock worth $82,000 after purchasing an additional 48 shares in the last quarter. Northwestern Mutual Wealth Management Co. raised its position in shares of Cavco Industries by 2,850.0% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 177 shares of the construction company's stock valued at $92,000 after purchasing an additional 171 shares during the period. Finally, Blue Trust Inc. lifted its stake in shares of Cavco Industries by 28.9% during the 4th quarter. Blue Trust Inc. now owns 245 shares of the construction company's stock valued at $105,000 after buying an additional 55 shares in the last quarter. 95.56% of the stock is currently owned by institutional investors.

About Cavco Industries

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.