Cavco Industries (NASDAQ:CVCO) Reaches New 1-Year High - What's Next?

Key Points

• Cavco Industries shares reached a new 52-week high of $579.59 during trading, with a last recorded price of $574.81 and a trading volume of 31,586 shares.
• Analyst ratings indicate a shift, with Wall Street Zen downgrading Cavco from a "buy" to a "hold" rating, while the company maintains an average rating of "Moderate Buy" with a consensus target price of $522.50.
• The company reported quarterly earnings of $6.42 per share, exceeding estimates by $0.61, and had a revenue of $556.86 million, which was also above expectations.

Shares of Cavco Industries, Inc. (NASDAQ:CVCO - Get Free Report) hit a new 52-week high during trading on Monday . The stock traded as high as $579.59 and last traded at $574.81, with a volume of 31586 shares traded. The stock had previously closed at $572.47.

Analyst Ratings Changes

Several brokerages have recently commented on CVCO. Wall Street Zen downgraded shares of Cavco Industries from a "buy" rating to a "hold" rating in a research report on Saturday, July 5th. Wedbush reaffirmed a "neutral" rating and set a $550.00 price objective on shares of Cavco Industries in a research report on Monday, August 4th. One equities research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $522.50.

Cavco Industries Trading Up 0.6%

The firm's 50-day moving average is $497.77 and its 200-day moving average is $480.31. The firm has a market cap of $4.56 billion, a price-to-earnings ratio of 24.88 and a beta of 1.23.

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

Insider Activity at Cavco Industries

In other Cavco Industries news, Director Richard A. Kerley sold 500 shares of the firm's stock in a transaction on Wednesday, August 20th. The stock was sold at an average price of $480.55, for a total transaction of $240,275.00. Following the transaction, the director directly owned 7,169 shares in the company, valued at approximately $3,445,062.95. This trade represents a 6.52% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Paul Bigbee sold 300 shares of the firm's stock in a transaction on Friday, August 29th. The shares were sold at an average price of $530.45, for a total value of $159,135.00. Following the transaction, the chief accounting officer owned 774 shares in the company, valued at approximately $410,568.30. This trade represents a 27.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 5,600 shares of company stock valued at $2,820,884. 1.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On Cavco Industries

Large investors have recently bought and sold shares of the stock. GAMMA Investing LLC raised its stake in shares of 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 purchasing an additional 228,839 shares during the period. Boston Partners raised its stake in Cavco Industries by 5,371.3% in the 2nd quarter. Boston Partners now owns 201,947 shares of the construction company's stock valued at $87,847,000 after acquiring an additional 198,256 shares during the period. Ameriprise Financial Inc. raised its stake in Cavco Industries by 64.0% in the 1st quarter. Ameriprise Financial Inc. now owns 155,765 shares of the construction company's stock valued at $80,940,000 after acquiring an additional 60,779 shares during the period. Schroder Investment Management Group raised its stake in Cavco Industries by 76.9% in the 2nd quarter. Schroder Investment Management Group now owns 130,106 shares of the construction company's stock valued at $56,522,000 after acquiring an additional 56,578 shares during the period. Finally, Vanguard Group Inc. raised its stake in Cavco Industries by 5.1% in the 1st quarter. Vanguard Group Inc. now owns 774,842 shares of the construction company's stock valued at $402,631,000 after acquiring an additional 37,249 shares during the period. 95.56% of the stock is currently owned by 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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