Cavco Industries (NASDAQ:CVCO) Releases Earnings Results, Beats Estimates By $0.61 EPS

Key Points

• Cavco Industries reported quarterly earnings of $6.42 EPS, exceeding analysts' expectations of $5.81 by $0.61, along with a revenue of $556.86 million.
• The company's stock rose to $422.81 following the earnings announcement, with a market cap of $3.42 billion and a P/E ratio of 18.33.
• 89.56% of Cavco's stock is owned by institutional investors, indicating strong support from large financial entities.

Cavco Industries (NASDAQ:CVCO - Get Free Report) released its earnings results on Thursday. The construction company reported $6.42 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $5.81 by $0.61, Zacks reports. The business had revenue of $556.86 million for the quarter, compared to the consensus estimate of $524.97 million. Cavco Industries had a return on equity of 18.52% and a net margin of 8.99%.

Cavco Industries Trading Up 0.9%

NASDAQ:CVCO traded up $4.18 on Wednesday, hitting $450.46. The company's stock had a trading volume of 29,580 shares, compared to its average volume of 102,520. The stock has a fifty day moving average of $426.79 and a two-hundred day moving average of $477.94. The firm has a market capitalization of $3.64 billion, a P/E ratio of 19.55 and a beta of 1.15. Cavco Industries has a one year low of $359.26 and a one year high of $549.99.

Analysts Set New Price Targets

A number of research firms recently issued reports on CVCO. Wedbush reaffirmed a "neutral" rating and issued a $550.00 target price on shares of Cavco Industries in a research report on Monday. Wall Street Zen downgraded Cavco Industries from a "buy" rating to a "hold" rating in a research report on Saturday, July 5th.

Institutional Trading of Cavco Industries

Several institutional investors and hedge funds have recently bought and sold shares of the business. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of Cavco Industries by 15.4% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 17,876 shares of the construction company's stock worth $9,289,000 after purchasing an additional 2,384 shares during the period. Royal Bank of Canada boosted its holdings in shares of Cavco Industries by 5.2% in the 1st quarter. Royal Bank of Canada now owns 18,951 shares of the construction company's stock valued at $9,849,000 after purchasing an additional 934 shares in the last quarter. United Services Automobile Association acquired a new stake in shares of Cavco Industries in the 1st quarter valued at $266,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Cavco Industries by 1.9% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,799 shares of the construction company's stock valued at $2,494,000 after purchasing an additional 90 shares in the last quarter. Institutional investors own 95.56% of the company's stock.

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.