Ameriprise Financial Inc. Acquires 60,779 Shares of Cavco Industries, Inc. $CVCO

Key Points

• Ameriprise Financial Inc. increased its stake in Cavco Industries by 64%, acquiring an additional 60,779 shares, bringing its total ownership to approximately 1.92% valued at $80.94 million.
• Cavco Industries reported a quarterly earnings per share of $6.42, surpassing estimates, with revenue of $556.86 million for the quarter compared to expectations of $524.97 million.
• Analyst ratings for Cavco include downgrades to a "hold" rating, while the stock maintains a consensus target price of $522.50 amidst shifting institutional investor positions.

Ameriprise Financial Inc. boosted its holdings in Cavco Industries, Inc. (NASDAQ:CVCO - Free Report) by 64.0% during the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 155,765 shares of the construction company's stock after purchasing an additional 60,779 shares during the quarter. Ameriprise Financial Inc. owned about 1.92% of Cavco Industries worth $80,940,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of CVCO. GAMMA Investing LLC grew its holdings in Cavco Industries by 71,961.9% in the first quarter. GAMMA Investing LLC now owns 229,157 shares of the construction company's stock worth $119,077,000 after purchasing an additional 228,839 shares during the period. Janus Henderson Group PLC grew its holdings in Cavco Industries by 1,030.9% in the fourth quarter. Janus Henderson Group PLC now owns 72,534 shares of the construction company's stock worth $32,371,000 after purchasing an additional 66,120 shares during the period. Vanguard Group Inc. grew its holdings in Cavco Industries by 5.1% in the first quarter. Vanguard Group Inc. now owns 774,842 shares of the construction company's stock worth $402,631,000 after purchasing an additional 37,249 shares during the period. Nuveen LLC purchased a new stake in Cavco Industries in the first quarter worth about $11,748,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in Cavco Industries in the first quarter worth about $8,556,000. Hedge funds and other institutional investors own 95.56% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the stock. Wall Street Zen cut shares of Cavco Industries from a "buy" rating to a "hold" rating in a report on Saturday, July 5th. Wedbush restated a "neutral" rating and issued a $550.00 price objective on shares of Cavco Industries in a report on Monday, August 4th. One analyst has rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $522.50.

Insider Activity at Cavco Industries

In related news, Director Susan L. Blount sold 2,500 shares of the stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $519.30, for a total transaction of $1,298,250.00. Following the transaction, the director owned 3,126 shares in the company, valued at $1,623,331.80. This represents a 44.44% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Paul Bigbee sold 300 shares of the stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $522.68, for a total transaction of $156,804.00. Following the transaction, the chief accounting officer owned 1,074 shares in the company, valued at approximately $561,358.32. This trade represents a 21.83% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 5,300 shares of company stock worth $2,661,749 over the last quarter. Company insiders own 1.60% of the company's stock.

Cavco Industries Stock Performance

Shares of NASDAQ:CVCO traded up $0.60 during trading on Thursday, reaching $530.38. 128,795 shares of the stock traded hands, compared to its average volume of 138,244. The stock has a market cap of $4.20 billion, a P/E ratio of 22.99 and a beta of 1.15. The stock has a 50-day moving average of $450.16 and a two-hundred day moving average of $477.16. Cavco Industries, Inc. has a 52-week low of $390.46 and a 52-week high of $549.99.

Cavco Industries (NASDAQ:CVCO - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The construction company reported $6.42 earnings per share for the quarter, beating analysts' consensus estimates of $5.81 by $0.61. The company had revenue of $556.86 million for the quarter, compared to the consensus estimate of $524.97 million. Cavco Industries had a net margin of 8.99% and a return on equity of 18.52%. Sell-side analysts expect that Cavco Industries, Inc. will post 21.93 earnings per share for the current year.

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.