3,047 Shares of Cavco Industries, Inc. $CVCO Purchased by Diversified Management Inc.

Key Points

• Diversified Management Inc. initiated a position in Cavco Industries by purchasing 3,047 shares valued at approximately $1.7 million. Institutional investors collectively own 95.56% of CVCO.
• Cavco’s chief accounting officer, Paul Bigbee, sold 342 shares for $202,464, reducing his direct ownership by 31.73%; insiders own 1.70% of the company.
• Analysts give Cavco a consensus “Moderate Buy” rating with an average price target of $710, compared with the stock’s reported price of $548.72. The company’s latest quarterly earnings missed estimates, although revenue exceeded expectations.

Diversified Management Inc. bought a new position in Cavco Industries, Inc. (NASDAQ:CVCO - Free Report) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 3,047 shares of the construction company's stock, valued at approximately $1,707,000.

A number of other institutional investors and hedge funds have also bought and sold shares of CVCO. Silvant Capital Management LLC purchased a new position in shares of Cavco Industries during the second quarter worth approximately $25,000. Global Retirement Partners LLC purchased a new stake in shares of Cavco Industries in the 2nd quarter valued at $28,000. IFP Advisors Inc grew its holdings in shares of Cavco Industries by 2,850.0% during the 2nd quarter. IFP Advisors Inc now owns 59 shares of the construction company's stock valued at $36,000 after purchasing an additional 57 shares during the last quarter. Allworth Financial LP purchased a new position in Cavco Industries in the 2nd quarter worth $44,000. Finally, Versant Capital Management Inc raised its position in Cavco Industries by 82.9% in the 3rd quarter. Versant Capital Management Inc now owns 75 shares of the construction company's stock worth $42,000 after purchasing an additional 34 shares during the period. 95.56% of the stock is currently owned by institutional investors.

Insider Activity at Cavco Industries

In other news, CAO Paul Bigbee sold 342 shares of the stock in a transaction dated Tuesday, August 18th. The shares were 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 directly owned 736 shares in the company, 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 is accessible through this hyperlink. Company insiders own 1.70% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have weighed in on CVCO shares. Weiss Ratings raised shares of Cavco Industries from a "hold (c)" rating to a "hold (c+)" rating in a research note on Tuesday, September 29th. Zelman & Associates downgraded Cavco Industries from an "outperform" rating to a "neutral" rating in a report on Thursday, August 6th. Zacks Research raised Cavco Industries from a "strong sell" rating to a "hold" rating in a research note on Tuesday, September 29th. Finally, Oppenheimer assumed coverage on Cavco Industries in a report on Wednesday, September 30th. They set an "outperform" rating and a $720.00 target price for the company. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $710.00.

Cavco Industries Stock Up 1.5%

NASDAQ:CVCO opened at $548.72 on Friday. The company has a fifty day moving average of $564.75 and a 200 day moving average of $547.26. Cavco Industries, Inc. has a 52 week low of $443.33 and a 52 week high of $713.01. The firm has a market capitalization of $4.22 billion, a P/E ratio of 23.88 and a beta of 1.27.

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 for the quarter, missing the consensus estimate of $5.69 by ($0.26). Cavco Industries had a net margin of 7.89% and a return on equity of 16.51%. The firm had revenue of $609.96 million for the quarter, compared to analysts' expectations of $590.54 million. As a group, analysts anticipate that Cavco Industries, Inc. will post 22.66 EPS for the current year.

Cavco Industries Profile

Cavco Industries, Inc is a manufacturer of factory-built housing headquartered in Phoenix, Arizona. The company produces manufactured homes, modular homes, park model recreational vehicles, and related structures designed for residential and vacation use. Its homes are sold through independent retailers, company-owned retail locations, and housing developers.

Cavco markets products under several brands, including Cavco, Fleetwood Homes, Palm Harbor Homes, and Solitaire Homes. In addition to manufacturing, the company provides consumer financing through CountryPlace Mortgage and property and casualty insurance through Standard Casualty.

Want to see what other hedge funds are holding CVCO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cavco Industries, Inc. (NASDAQ:CVCO - Free Report).

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.