Magnetar Financial LLC Acquires New Position in Cavco Industries, Inc. $CVCO

Key Points

• Magnetar Financial LLC acquired a new stake in Cavco Industries, purchasing 541 shares valued at around $281,000 in the first quarter.
• Major institutional investors, including First Trust Advisors and Jane Street Group, have significantly increased their stakes in Cavco Industries, with institutional ownership now at 95.56%.
• Cavco Industries reported an EPS of $6.42 for the last quarter, exceeding the consensus estimate, while the stock's current price target from analysts averages $522.50.

Magnetar Financial LLC bought a new stake in Cavco Industries, Inc. (NASDAQ:CVCO - Free Report) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 541 shares of the construction company's stock, valued at approximately $281,000.

A number of other institutional investors have also recently bought and sold shares of CVCO. Vanguard Group Inc. boosted its stake in shares of Cavco Industries by 5.1% in the first quarter. Vanguard Group Inc. now owns 774,842 shares of the construction company's stock valued at $402,631,000 after purchasing an additional 37,249 shares during the period. GAMMA Investing LLC increased its stake in Cavco Industries by 71,961.9% during the 1st quarter. GAMMA Investing LLC now owns 229,157 shares of the construction company's stock valued at $119,077,000 after buying an additional 228,839 shares during the period. Invesco Ltd. boosted its holdings in shares of Cavco Industries by 7.5% in the first quarter. Invesco Ltd. now owns 196,210 shares of the construction company's stock worth $101,957,000 after buying an additional 13,753 shares during the period. GW&K Investment Management LLC boosted its holdings in shares of Cavco Industries by 0.8% in the first quarter. GW&K Investment Management LLC now owns 190,227 shares of the construction company's stock worth $98,848,000 after buying an additional 1,512 shares during the period. Finally, Broad Bay Capital Management LP boosted its holdings in shares of Cavco Industries by 18.3% during the first quarter. Broad Bay Capital Management LP now owns 178,189 shares of the construction company's stock worth $92,592,000 after purchasing an additional 27,503 shares during the period. 95.56% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the stock. Wedbush reaffirmed a "neutral" rating and set a $550.00 target price on shares of Cavco Industries in a research report on Monday, August 4th. Wall Street Zen lowered shares of Cavco Industries from a "buy" rating to a "hold" rating in a research report on Saturday, July 5th. One investment analyst has rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $522.50.

Cavco Industries Trading Down 1.7%

NASDAQ CVCO traded down $9.40 on Friday, hitting $545.84. 170,673 shares of the company were exchanged, compared to its average volume of 145,288. Cavco Industries, Inc. has a 1-year low of $393.53 and a 1-year high of $568.97. The company has a market cap of $4.32 billion, a P/E ratio of 23.66 and a beta of 1.23. The firm has a 50 day moving average of $464.45 and a two-hundred day moving average of $476.86.

Cavco Industries (NASDAQ:CVCO - Get Free Report) last posted its earnings results on Thursday, July 31st. The construction company reported $6.42 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $5.81 by $0.61. The business had revenue of $556.86 million during the quarter, compared to analysts' expectations of $524.97 million. Cavco Industries had a return on equity of 18.52% and a net margin of 8.99%. Research analysts anticipate that Cavco Industries, Inc. will post 21.93 EPS for the current fiscal year.

Insider Activity at Cavco Industries

In related news, CAO Paul Bigbee sold 300 shares of the business's stock in a transaction dated Friday, August 29th. The stock was sold at an average price of $530.45, for a total value of $159,135.00. Following the completion of the transaction, the chief accounting officer owned 774 shares of the company's stock, valued at $410,568.30. The trade was a 27.93% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available 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 transaction, the director directly owned 3,126 shares of the company's stock, valued at approximately $1,623,331.80. The trade was a 44.44% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 5,600 shares of company stock valued at $2,820,884 over the last quarter. 1.60% of the stock is owned by corporate insiders.

Cavco Industries 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.