Cavco Industries (NASDAQ:CVCO) Issues 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) announced its quarterly earnings data on Thursday. The construction company reported $6.42 EPS for the quarter, topping analysts' consensus estimates of $5.81 by $0.61, Zacks reports. Cavco Industries had a return on equity of 18.57% and a net margin of 8.99%. The firm had revenue of $556.86 million for the quarter, compared to the consensus estimate of $524.97 million.

Cavco Industries Stock Performance

Shares of NASDAQ CVCO traded up $19.14 during trading on Friday, reaching $422.81. The stock had a trading volume of 196,742 shares, compared to its average volume of 127,044. Cavco Industries has a fifty-two week low of $351.28 and a fifty-two week high of $549.99. The business's 50-day moving average price is $427.65 and its 200-day moving average price is $478.31. The company has a market cap of $3.42 billion, a P/E ratio of 18.33 and a beta of 1.15.

Wall Street Analysts Forecast Growth

A number of research firms have commented on CVCO. Wall Street Zen downgraded Cavco Industries from a "buy" rating to a "hold" rating in a research report on Saturday, July 5th. Wedbush restated a "neutral" rating and issued a $550.00 target price on shares of Cavco Industries in a research report on Tuesday, May 27th.

Institutional Investors Weigh In On Cavco Industries

Institutional investors have recently modified their holdings of the company. United Services Automobile Association acquired a new stake in shares of Cavco Industries in the first quarter valued at $266,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Cavco Industries by 1.9% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,799 shares of the construction company's stock valued at $2,494,000 after buying an additional 90 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Cavco Industries by 15.4% in 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 valued at $9,289,000 after buying an additional 2,384 shares in the last quarter. Finally, Royal Bank of Canada grew its stake in shares of Cavco Industries by 5.2% in the first quarter. Royal Bank of Canada now owns 18,951 shares of the construction company's stock valued at $9,849,000 after buying an additional 934 shares in the last quarter. 95.56% of the stock is owned by institutional investors and hedge funds.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.