Cavco Industries, Inc. (NASDAQ:CVCO) Stock Has Average Target Price of $710.00 According to Brokerages

Key Points

• Analysts maintain a “Moderate Buy” consensus on Cavco Industries, with an average 12-month price target of $710.00 versus the stock’s reported $556.12 price. Ratings are mixed, including one sell, two hold, two buy and one strong-buy recommendation.
• Institutional ownership is substantial at 95.56%. BlackRock and several other investment firms recently initiated sizable positions, while Chief Accounting Officer Paul Bigbee sold 342 shares at an average price of $592.
• Cavco’s latest quarter showed revenue of $609.96 million, exceeding expectations, but earnings per share of $5.43 fell short of the $5.69 consensus estimate. Analysts expect full-year EPS of approximately $22.75.

Shares of Cavco Industries, Inc. (NASDAQ:CVCO - Get Free Report) have earned an average rating of "Moderate Buy" from the six research firms that are currently covering the stock, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. The average 1 year price target among analysts that have issued a report on the stock in the last year is $710.00.

CVCO has been the topic of several research reports. Zelman & Associates lowered Cavco Industries from an "outperform" rating to a "neutral" rating in a research note on Thursday, August 6th. Zacks Research lowered Cavco Industries from a "hold" rating to a "strong sell" rating in a report on Monday, August 3rd. Weiss Ratings cut Cavco Industries from a "hold (c+)" rating to a "hold (c)" rating in a research note on Monday, September 14th. Oppenheimer initiated coverage on shares of Cavco Industries in a report on Wednesday. They set an "outperform" rating and a $720.00 price objective on the stock. Finally, UBS Group assumed coverage on shares of Cavco Industries in a research note on Friday, June 5th. They issued a "buy" rating and a $700.00 target price for the company.

Insider Activity at Cavco Industries

In other news, CAO Paul Bigbee sold 342 shares of the company's stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $592.00, for a total value of $202,464.00. Following the transaction, the chief accounting officer owned 736 shares of the company's stock, valued at approximately $435,712. This represents a 31.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 1.70% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. purchased a new position in shares of Cavco Industries during the second quarter worth approximately $767,112,000. Jupiter Topco LLC purchased a new stake in shares of Cavco Industries in the 2nd quarter valued at $42,954,000. Neumeier Poma Investment Counsel LLC bought a new position in shares of Cavco Industries during the 2nd quarter valued at $42,826,587. Punch & Associates Investment Management Inc. bought a new position in shares of Cavco Industries during the 2nd quarter valued at $33,133,000. Finally, Bank of New York Mellon Corp purchased a new position in Cavco Industries in the 2nd quarter worth $28,096,000. 95.56% of the stock is currently owned by hedge funds and other institutional investors.

Cavco Industries Price Performance

CVCO opened at $556.12 on Wednesday. Cavco Industries has a 1 year low of $443.33 and a 1 year high of $713.01. The company has a market capitalization of $4.28 billion, a price-to-earnings ratio of 24.20 and a beta of 1.28. The firm's fifty day moving average price is $565.49 and its two-hundred day moving average price is $543.48.

Cavco Industries (NASDAQ:CVCO - Get Free Report) last announced its earnings results on Thursday, July 30th. The construction company reported $5.43 earnings per share for the quarter, missing analysts' consensus estimates of $5.69 by ($0.26). The business had revenue of $609.96 million during the quarter, compared to analysts' expectations of $590.54 million. Cavco Industries had a return on equity of 16.51% and a net margin of 7.89%. As a group, equities analysts anticipate that Cavco Industries will post 22.75 EPS for the current year.

Cavco Industries Company Profile

Cavco Industries, Inc is a manufacturer of factory-built housing and related products. The company produces manufactured homes, modular homes, park model recreational vehicles and other factory-built structures for residential, commercial and recreational applications. Its homes are sold under a range of brands, including Cavco, Fleetwood, Palm Harbor and Nationwide Homes.

Cavco markets its products through an independent dealer network as well as company-owned retail locations. It also provides financing and insurance services for manufactured-home buyers through affiliated businesses, including CountryPlace Mortgage and insurance operations.

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