Allspring Global Investments Holdings LLC Has $4.11 Million Stake in Cavco Industries, Inc. $CVCO

Key Points

• Allspring Global Investments cut its Cavco Industries stake by 36.2% in the first quarter, but still held 8,458 shares worth about $4.11 million.
• Cavco’s stock was up 1.4%, trading around $569.77, and the company remains heavily owned by institutions, which hold about 95.56% of the shares.
• The company reported earnings of $5.42 per share for the latest quarter, beating estimates, while analysts currently rate the stock Moderate Buy with a consensus price target of $625.

Allspring Global Investments Holdings LLC lowered its stake in shares of Cavco Industries, Inc. (NASDAQ:CVCO - Free Report) by 36.2% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 8,458 shares of the construction company's stock after selling 4,797 shares during the period. Allspring Global Investments Holdings LLC owned approximately 0.11% of Cavco Industries worth $4,108,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently modified their holdings of CVCO. Northwestern Mutual Wealth Management Co. lifted its holdings in shares of Cavco Industries by 852,093.4% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 1,798,128 shares of the construction company's stock valued at $1,062,226,000 after purchasing an additional 1,797,917 shares in the last quarter. Boston Partners lifted its stake in shares of Cavco Industries by 82.8% during the 3rd quarter. Boston Partners now owns 369,177 shares of the construction company's stock worth $213,866,000 after buying an additional 167,230 shares during the last quarter. Price T Rowe Associates Inc. MD increased its stake in shares of Cavco Industries by 53.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 213,572 shares of the construction company's stock worth $126,166,000 after purchasing an additional 74,542 shares during the period. Goldman Sachs Group Inc. increased its holdings in shares of Cavco Industries by 122.5% during the fourth quarter. Goldman Sachs Group Inc. now owns 74,155 shares of the construction company's stock worth $43,806,000 after purchasing an additional 40,832 shares during the period. Finally, Bamco Inc. NY acquired a new position in shares of Cavco Industries in the 4th quarter valued at approximately $21,903,000. 95.56% of the stock is currently owned by institutional investors and hedge funds.

Cavco Industries Stock Up 1.4%

NASDAQ:CVCO opened at $569.77 on Friday. The business's 50-day simple moving average is $565.24 and its two-hundred day simple moving average is $553.70. Cavco Industries, Inc. has a 52 week low of $397.38 and a 52 week high of $713.01. The stock has a market cap of $4.39 billion, a PE ratio of 23.77 and a beta of 1.28.

Cavco Industries (NASDAQ:CVCO - Get Free Report) last announced its quarterly earnings results on Thursday, May 21st. The construction company reported $5.42 EPS for the quarter, beating analysts' consensus estimates of $5.30 by $0.12. The firm had revenue of $550.13 million during the quarter, compared to the consensus estimate of $571.06 million. Cavco Industries had a net margin of 8.49% and a return on equity of 17.55%. Sell-side analysts anticipate that Cavco Industries, Inc. will post 24.5 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have recently commented on CVCO. Zacks Research raised Cavco Industries from a "strong sell" rating to a "hold" rating in a research note on Friday, April 3rd. UBS Group initiated coverage on shares of Cavco Industries in a research report on Friday, June 5th. They set a "buy" rating and a $700.00 target price on the stock. Finally, Weiss Ratings reissued a "hold (c+)" rating on shares of Cavco Industries in a research report on Tuesday, May 26th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, Cavco Industries has a consensus rating of "Moderate Buy" and a consensus price target of $625.00.

Insider Buying and Selling

In related news, CAO Paul Bigbee sold 200 shares of the stock in a transaction that occurred on Thursday, May 28th. The shares were sold at an average price of $537.75, for a total transaction of $107,550.00. Following the completion of the sale, the chief accounting officer owned 1,105 shares of the company's stock, valued at $594,213.75. This represents a 15.33% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Allison Aden sold 1,473 shares of the firm's stock in a transaction dated Thursday, June 25th. The stock was sold at an average price of $625.00, for a total value of $920,625.00. Following the completion of the sale, the executive vice president directly owned 9,147 shares of the company's stock, valued at approximately $5,716,875. This represents a 13.87% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 3,541 shares of company stock valued at $2,121,932 over the last three months. 1.70% of the stock is owned by company insiders.

About Cavco Industries

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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