Strs Ohio Invests $1.25 Million in Cavco Industries, Inc. $CVCO

Key Points

• Strs Ohio has acquired a new stake in Cavco Industries, purchasing 2,400 shares valued at approximately $1.25 million in the first quarter of the year.
• Analysts have a consensus rating of "Moderate Buy" for Cavco Industries, with a price target set at $522.50.
• Cavco Industries reported better-than-expected earnings of $6.42 per share, exceeding analysts' estimates of $5.81, along with revenue of $556.86 million for the quarter.

Strs Ohio acquired a new stake in Cavco Industries, Inc. (NASDAQ:CVCO - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 2,400 shares of the construction company's stock, valued at approximately $1,247,000.

Several other hedge funds also recently modified their holdings of CVCO. CWM LLC grew its holdings in shares of Cavco Industries by 44.0% in the 1st quarter. CWM LLC now owns 157 shares of the construction company's stock valued at $82,000 after acquiring an additional 48 shares in the last quarter. Northwestern Mutual Wealth Management Co. grew its holdings in Cavco Industries by 2,850.0% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 177 shares of the construction company's stock worth $92,000 after purchasing an additional 171 shares during the period. BI Asset Management Fondsmaeglerselskab A S bought a new position in Cavco Industries during the first quarter worth about $112,000. DAVENPORT & Co LLC bought a new position in Cavco Industries during the first quarter worth about $208,000. Finally, GAMMA Investing LLC boosted its holdings in shares of Cavco Industries by 38.7% during the first quarter. GAMMA Investing LLC now owns 441 shares of the construction company's stock worth $229,000 after acquiring an additional 123 shares during the period. Institutional investors own 95.56% of the company's stock.

Wall Street Analyst Weigh In

CVCO has been the subject of a number of research analyst reports. Wedbush restated a "neutral" rating and set a $550.00 price objective on shares of Cavco Industries in a report on Monday, August 4th. Wall Street Zen downgraded shares of Cavco Industries from a "buy" rating to a "hold" rating in a research report on Saturday, July 5th. One equities research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $522.50.

Cavco Industries Price Performance

CVCO traded down $7.09 during trading on Friday, hitting $556.53. 289,119 shares of the stock traded hands, compared to its average volume of 183,353. Cavco Industries, Inc. has a twelve month low of $393.53 and a twelve month high of $574.20. The company has a market cap of $4.41 billion, a price-to-earnings ratio of 24.12 and a beta of 1.23. The business has a 50 day moving average price of $484.52 and a 200 day moving average price of $478.25.

Cavco Industries (NASDAQ:CVCO - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The construction company reported $6.42 earnings per share (EPS) for the quarter, topping 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 company had revenue of $556.86 million during the quarter, compared to the consensus estimate of $524.97 million. On average, equities research analysts predict that Cavco Industries, Inc. will post 21.93 earnings per share for the current year.

Insider Buying and Selling at Cavco Industries

In other Cavco Industries news, Director Richard A. Kerley sold 500 shares of the stock in a transaction dated Wednesday, August 20th. The stock was sold at an average price of $480.55, for a total value of $240,275.00. Following the completion of 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Susan L. Blount sold 2,500 shares of the business's stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $519.30, for a total value of $1,298,250.00. Following the sale, the director owned 3,126 shares in the company, valued at approximately $1,623,331.80. This trade represents a 44.44% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 5,600 shares of company stock worth $2,820,884. 1.60% of the stock is currently owned by insiders.

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.