Cavco Industries (NASDAQ:CVCO) Hits New 12-Month High - Here's What Happened

Key Points

• Cavco Industries achieved a new 52-week high in stock price, reaching $575.32 during trading, demonstrating strong market performance with over 113,000 shares traded.
• Despite the stock's impressive gains, Wall Street analysts have mixed views, with one downgrade to a "hold" rating and a consensus target price of $522.50.
• Insider selling has occurred recently, with key executives divesting shares totaling approximately $2.82 million over the last quarter, indicating potential shifts in confidence among company leaders.

Cavco Industries, Inc. (NASDAQ:CVCO - Get Free Report) hit a new 52-week high during trading on Tuesday . The stock traded as high as $575.32 and last traded at $572.36, with a volume of 113038 shares. The stock had previously closed at $560.70.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on CVCO shares. Wall Street Zen downgraded shares of Cavco Industries from a "buy" rating to a "hold" rating in a report on Saturday, July 5th. Wedbush reiterated a "neutral" rating and set a $550.00 price objective on shares of Cavco Industries in a research note on Monday, August 4th. One analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $522.50.

Cavco Industries Trading Up 2.1%

The company has a fifty day simple moving average of $486.68 and a 200-day simple moving average of $478.54. The company has a market capitalization of $4.53 billion, a PE ratio of 24.81 and a beta of 1.23.

Cavco Industries (NASDAQ:CVCO - Get Free Report) last issued its earnings results on Thursday, July 31st. The construction company reported $6.42 EPS for the quarter, topping analysts' consensus estimates of $5.81 by $0.61. The company had revenue of $556.86 million for the quarter, compared to the consensus estimate of $524.97 million. Cavco Industries had a net margin of 8.99% and a return on equity of 18.52%. On average, equities analysts predict that Cavco Industries, Inc. will post 21.93 EPS for the current fiscal year.

Insider Buying and Selling at Cavco Industries

In related news, CAO Paul Bigbee sold 300 shares of the stock in a transaction dated Friday, August 29th. The stock was sold at an average price of $530.45, for a total transaction of $159,135.00. Following the transaction, the chief accounting officer owned 774 shares of the company's stock, valued at approximately $410,568.30. This represents a 27.93% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Susan L. Blount sold 2,500 shares of the firm's stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $519.30, for a total value of $1,298,250.00. Following the transaction, the director owned 3,126 shares of the company's stock, valued at $1,623,331.80. This trade represents a 44.44% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 5,600 shares of company stock valued at $2,820,884 over the last quarter. 1.60% of the stock is owned by company insiders.

Institutional Trading of Cavco Industries

A number of large investors have recently made changes to their positions in the company. GAMMA Investing LLC lifted its holdings in Cavco Industries by 71,961.9% during the 1st quarter. GAMMA Investing LLC now owns 229,157 shares of the construction company's stock worth $119,077,000 after buying an additional 228,839 shares during the last quarter. Boston Partners raised its position in shares of Cavco Industries by 5,371.3% during 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 in the last quarter. Ameriprise Financial Inc. lifted its stake in Cavco Industries by 64.0% during the first quarter. Ameriprise Financial Inc. now owns 155,765 shares of the construction company's stock worth $80,940,000 after purchasing an additional 60,779 shares during the last quarter. Schroder Investment Management Group boosted its holdings in Cavco Industries by 76.9% in the second quarter. Schroder Investment Management Group now owns 130,106 shares of the construction company's stock valued at $56,522,000 after purchasing an additional 56,578 shares in the last quarter. Finally, Vanguard Group Inc. increased its stake in Cavco Industries by 5.1% in the first quarter. Vanguard Group Inc. now owns 774,842 shares of the construction company's stock valued at $402,631,000 after purchasing an additional 37,249 shares during the last quarter. 95.56% of the stock is currently owned by hedge funds and other institutional investors.

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.

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