Meeder Asset Management Inc. Invests $1.12 Million in Cavco Industries, Inc. (NASDAQ:CVCO)

Key Points

• Meeder Asset Management Inc. has acquired a new position in Cavco Industries, purchasing 2,146 shares valued at approximately $1,115,000 during the first quarter.
• Cavco Industries reported earnings of $5.40 per share, exceeding analysts' expectations of $5.23, and projecting a EPS of 21.93 for the current year.
• The majority of Cavco's stock, 95.56%, is held by institutional investors and hedge funds, reflecting strong interest in the company's performance.

Meeder Asset Management Inc. acquired a new position in shares of Cavco Industries, Inc. (NASDAQ:CVCO - Free Report) during the first quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 2,146 shares of the construction company's stock, valued at approximately $1,115,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. CWM LLC grew its stake in shares of Cavco Industries by 44.0% during the 1st quarter. CWM LLC now owns 157 shares of the construction company's stock worth $82,000 after purchasing an additional 48 shares during the period. ClearAlpha Technologies LP acquired a new stake in shares of Cavco Industries during the 4th quarter worth approximately $204,000. DAVENPORT & Co LLC acquired a new stake in shares of Cavco Industries during the 1st quarter worth approximately $208,000. New Age Alpha Advisors LLC acquired a new stake in shares of Cavco Industries during the 4th quarter worth approximately $215,000. Finally, Tower Research Capital LLC TRC grew its stake in shares of Cavco Industries by 58.6% during the 4th quarter. Tower Research Capital LLC TRC now owns 490 shares of the construction company's stock worth $219,000 after purchasing an additional 181 shares during the period. Institutional investors and hedge funds own 95.56% of the company's stock.

Cavco Industries Trading Up 4.7%

NASDAQ:CVCO traded up $19.14 during trading hours on Friday, reaching $422.81. 196,742 shares of the company were exchanged, compared to its average volume of 127,044. The stock's 50-day moving average is $427.65 and its 200-day moving average is $478.31. The firm has a market cap of $3.42 billion, a PE ratio of 18.33 and a beta of 1.15. Cavco Industries, Inc. has a twelve month low of $351.28 and a twelve month high of $549.99.

Cavco Industries (NASDAQ:CVCO - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The construction company reported $6.42 earnings per share for the quarter, topping analysts' consensus estimates of $5.81 by $0.61. The company had revenue of $556.86 million during the quarter, compared to analysts' expectations of $524.97 million. Cavco Industries had a net margin of 8.99% and a return on equity of 18.57%. As a group, research analysts anticipate that Cavco Industries, Inc. will post 21.93 EPS for the current year.

Wall Street Analysts Forecast Growth

CVCO has been the subject of several recent analyst reports. Wedbush reissued a "neutral" rating and issued a $550.00 price target on shares of Cavco Industries in a report on Tuesday, May 27th. Wall Street Zen cut shares of Cavco Industries from a "buy" rating to a "hold" rating in a research report on Saturday, July 5th.

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.