Ancora Advisors LLC Takes Position in Cavco Industries, Inc. $CVCO

Key Points

• Ancora Advisors established a new 2,301-share position in Cavco Industries worth approximately $1.4 million, while institutional investors collectively own 95.56% of the company.
• Cavco insiders have been net sellers, with executives selling 3,553 shares valued at roughly $2.16 million over the past 90 days; insiders retain a 1.70% ownership stake.
• Analyst sentiment is mixed, resulting in a consensus “Hold” rating and a $700 price target. Cavco’s latest quarterly revenue exceeded estimates, but earnings per share missed consensus expectations.

Ancora Advisors LLC bought a new position in shares of Cavco Industries, Inc. (NASDAQ:CVCO - Free Report) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 2,301 shares of the construction company's stock, valued at approximately $1,414,000.

Other hedge funds have also modified their holdings of the company. Silvant Capital Management LLC purchased a new stake in Cavco Industries during the second quarter valued at about $25,000. Global Retirement Partners LLC purchased a new position in shares of Cavco Industries in the second quarter worth approximately $28,000. Allworth Financial LP purchased a new position in shares of Cavco Industries in the second quarter worth approximately $44,000. Aster Capital Management DIFC Ltd acquired a new stake in shares of Cavco Industries during the fourth quarter valued at approximately $46,000. Finally, Kemnay Advisory Services Inc. acquired a new stake in shares of Cavco Industries during the fourth quarter valued at approximately $50,000. 95.56% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Cavco Industries

In related news, CAO Paul Bigbee sold 342 shares of Cavco Industries stock in a transaction on Tuesday, August 18th. The stock was 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 owned 736 shares of the company's stock, valued at approximately $435,712. This trade represents a 31.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Allison Aden sold 1,473 shares of the business's stock in a transaction dated Thursday, June 25th. The shares were sold at an average price of $625.00, for a total value of $920,625.00. Following the completion of the transaction, the executive vice president owned 9,147 shares in the company, valued at $5,716,875. This trade represents a 13.87% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 3,553 shares of company stock valued at $2,159,368. Insiders own 1.70% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on CVCO. Zelman & Associates downgraded shares of Cavco Industries from an "outperform" rating to a "neutral" rating in a research note on Thursday, August 6th. Zacks Research cut Cavco Industries from a "hold" rating to a "strong sell" rating in a research report on Monday, August 3rd. UBS Group initiated coverage on Cavco Industries in a report on Friday, June 5th. They set a "buy" rating and a $700.00 price target on the stock. Finally, Weiss Ratings reissued a "hold (c+)" rating on shares of Cavco Industries in a research report on Friday, August 21st. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $700.00.

Cavco Industries Stock Down 1.2%

CVCO stock opened at $570.27 on Friday. Cavco Industries, Inc. has a 12-month low of $443.33 and a 12-month high of $713.01. The company has a market cap of $4.39 billion, a price-to-earnings ratio of 24.82 and a beta of 1.29. The company has a 50 day moving average of $582.80 and a two-hundred day moving average of $546.65.

Cavco Industries (NASDAQ:CVCO - Get Free Report) last posted its quarterly earnings results on Thursday, July 30th. The construction company reported $5.43 EPS 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 company had revenue of $609.96 million for the quarter, compared to analysts' expectations of $590.54 million. On average, research analysts anticipate that Cavco Industries, Inc. will post 22.75 EPS for the current year.

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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