17,977 Shares in Cavco Industries, Inc. $CVCO Acquired by Legal & General Group Plc

Key Points

• Legal & General Group Plc acquired 17,977 Cavco Industries shares worth approximately $11.0 million, joining several other institutions that initiated positions. Institutional investors collectively own 95.56% of CVCO.
• Cavco reported quarterly EPS of $5.43, missing the $5.69 consensus estimate, while revenue of $609.96 million exceeded expectations. Analysts expect full-year EPS of $22.75.
• Analyst sentiment is mixed, resulting in a consensus “Hold” rating and an average price target of $700, compared with the stock’s recent opening price of $559.13. Insiders have sold 3,553 shares worth $2.16 million over the past 90 days.

Legal & General Group Plc bought a new position in shares of Cavco Industries, Inc. (NASDAQ:CVCO - Free Report) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 17,977 shares of the construction company's stock, valued at approximately $11,045,000. Legal & General Group Plc owned approximately 0.23% of Cavco Industries as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CVCO. The Manufacturers Life Insurance Company acquired a new position in shares of Cavco Industries in the second quarter worth $2,305,000. Sanctuary Advisors LLC acquired a new stake in shares of Cavco Industries in the second quarter valued at $305,000. Neumeier Poma Investment Counsel LLC acquired a new stake in shares of Cavco Industries in the second quarter valued at $42,826,587. PEAK6 LLC purchased a new position in Cavco Industries in the second quarter valued at $1,326,000. Finally, Northwestern Mutual Wealth Management Co. purchased a new position in Cavco Industries in the second quarter valued at $112,000. Hedge funds and other institutional investors own 95.56% of the company's stock.

Insider Transactions at Cavco Industries

In related news, CAO Paul Bigbee sold 342 shares of the company's stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $592.00, for a total value of $202,464.00. Following the completion of the transaction, the chief accounting officer directly owned 736 shares of the company's stock, valued at $435,712. This represents a 31.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Allison Aden sold 1,473 shares of the stock in a transaction that occurred on Thursday, June 25th. The shares were sold at an average price of $625.00, for a total transaction of $920,625.00. Following the completion of the transaction, the executive vice president owned 9,147 shares in the company, valued at $5,716,875. This represents a 13.87% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 3,553 shares of company stock valued at $2,159,368. Corporate insiders own 1.70% of the company's stock.

Cavco Industries Price Performance

NASDAQ:CVCO opened at $559.13 on Tuesday. The firm has a market capitalization of $4.30 billion, a PE ratio of 24.33 and a beta of 1.29. The business's fifty day moving average price is $581.57 and its 200 day moving average price is $546.69. Cavco Industries, Inc. has a 12 month low of $443.33 and a 12 month high of $713.01.

Cavco Industries (NASDAQ:CVCO - Get Free Report) last announced its quarterly earnings results on Thursday, July 30th. The construction company reported $5.43 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $5.69 by ($0.26). The business had revenue of $609.96 million for 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, Inc. will post 22.75 EPS for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. Weiss Ratings restated a "hold (c+)" rating on shares of Cavco Industries in a report on Friday, August 21st. Zacks Research cut Cavco Industries from a "hold" rating to a "strong sell" rating in a research note on Monday, August 3rd. Zelman & Associates downgraded Cavco Industries from an "outperform" rating to a "neutral" rating in a research report on Thursday, August 6th. Finally, UBS Group assumed coverage on shares of Cavco Industries in a research note on Friday, June 5th. They set a "buy" rating and a $700.00 target price on the stock. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, Cavco Industries currently has a consensus rating of "Hold" and an average target price of $700.00.

Cavco Industries Profile

Cavco Industries, Inc is a leading designer, manufacturer and retailer of factory-built homes and modular structures. The company produces a range of HUD-code manufactured homes, modular buildings, park model RVs and cabins through its network of production facilities. Its offerings cater to both residential and commercial markets, including customizable single- and multi-section homes, workforce and affordable housing solutions, educational and healthcare modules, as well as specialty lodging products for the recreational vehicle and hospitality industries.

Since its founding in 1967, Cavco has grown through strategic investments and acquisitions, expanding its footprint across the United States and into parts of Canada and Mexico.

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