Cavco Industries (NASDAQ:CVCO) Announces Earnings Results, Beats Estimates By $1.65 EPS

Key Points

• Cavco Industries reported quarterly earnings of $7.17 per share, beating analyst expectations of $5.52 by $1.65. The company posted a 7.89% net margin and 16.51% return on equity.
• Shares rose 2.8% to $547.25 following the results, giving Cavco a market capitalization of approximately $4.21 billion.
• Analyst sentiment remains generally positive, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $690, although ratings range from Strong Buy to Hold.

Cavco Industries (NASDAQ:CVCO - Get Free Report) released its earnings results on Thursday. The construction company reported $7.17 earnings per share for the quarter, topping the consensus estimate of $5.52 by $1.65, Zacks reports. Cavco Industries had a net margin of 7.89% and a return on equity of 16.51%.

Cavco Industries Stock Up 2.8%

Shares of CVCO stock traded up $14.68 during trading hours on Thursday, hitting $547.25. 97,519 shares of the company's stock traded hands, compared to its average volume of 143,986. The stock's fifty day simple moving average is $549.30 and its two-hundred day simple moving average is $552.99. Cavco Industries has a 12-month low of $443.33 and a 12-month high of $713.01. The stock has a market cap of $4.21 billion, a price-to-earnings ratio of 23.81 and a beta of 1.27.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on CVCO. Oppenheimer assumed coverage on Cavco Industries in a report on Wednesday, September 30th. They set an "outperform" rating and a $720.00 price target on the stock. Zacks Research upgraded shares of Cavco Industries from a "strong sell" rating to a "hold" rating in a research report on Tuesday, September 29th. Weiss Ratings upgraded shares of Cavco Industries from a "hold (c)" rating to a "hold (c+)" rating in a research report on Tuesday, September 29th. Northland Securities began coverage on shares of Cavco Industries in a research report on Wednesday. They set an "outperform" rating and a $650.00 price target on the stock. Finally, Zelman & Associates downgraded shares of Cavco Industries from an "outperform" rating to a "neutral" rating in a report on Thursday, August 6th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $690.00.

Insider Activity

In other Cavco Industries news, CAO Paul Bigbee sold 342 shares of the business's stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of $592.00, for a total transaction of $202,464.00. Following the completion of the sale, the chief accounting officer owned 736 shares of the company's stock, valued at approximately $435,712. The trade was a 31.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 1.70% of the company's stock.

About Cavco Industries

Cavco Industries, Inc is a manufacturer of factory-built housing and related products. The company designs and produces manufactured homes, modular homes, park model recreational vehicles, and commercial structures for residential, hospitality, and other applications. Its homes are sold through independent retailers, company-owned retail locations, and a network of housing dealers.

Cavco markets its products under several brands, including Cavco, Fleetwood Homes, Palm Harbor Homes, Nationwide Homes, Solitaire Homes, and CountryPlace.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.