Ashford Capital Management Inc. Decreases Stock Holdings in Cavco Industries, Inc. $CVCO

Key Points

• Ashford Capital Management cut its Cavco Industries stake by 40.8% in the fourth quarter, leaving it with 28,412 shares worth about $16.8 million. Cavco still represented about 1.9% of Ashford’s portfolio.
• Institutional ownership remains very high, with 95.56% of Cavco shares held by institutions and hedge funds. Several other big investors, including Northwestern Mutual, Goldman Sachs, Franklin Resources, and Nuveen, also increased their positions.
• Cavco’s stock and fundamentals show mixed signals: shares recently opened at $604.47, the company beat quarterly EPS estimates but missed revenue expectations, and analysts currently have a consensus “Moderate Buy” rating with an average price target of $625.

Ashford Capital Management Inc. decreased its holdings in shares of Cavco Industries, Inc. (NASDAQ:CVCO - Free Report) by 40.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 28,412 shares of the construction company's stock after selling 19,607 shares during the period. Cavco Industries comprises approximately 1.9% of Ashford Capital Management Inc.'s investment portfolio, making the stock its 19th largest holding. Ashford Capital Management Inc. owned approximately 0.37% of Cavco Industries worth $16,784,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in CVCO. Northwestern Mutual Wealth Management Co. raised its stake in Cavco Industries by 852,093.4% in the 4th 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 during the last quarter. Boston Partners raised its stake in Cavco Industries by 82.8% in the 3rd quarter. Boston Partners now owns 369,177 shares of the construction company's stock valued at $213,866,000 after purchasing an additional 167,230 shares during the last quarter. Goldman Sachs Group Inc. raised its stake in Cavco Industries by 122.5% in the 4th quarter. Goldman Sachs Group Inc. now owns 74,155 shares of the construction company's stock valued at $43,806,000 after purchasing an additional 40,832 shares during the last quarter. Franklin Resources Inc. raised its stake in Cavco Industries by 364.0% in the 4th quarter. Franklin Resources Inc. now owns 45,996 shares of the construction company's stock valued at $27,172,000 after purchasing an additional 36,084 shares during the last quarter. Finally, Nuveen LLC increased its stake in shares of Cavco Industries by 191.3% in the 4th quarter. Nuveen LLC now owns 53,450 shares of the construction company's stock worth $31,575,000 after acquiring an additional 35,101 shares during the last quarter. 95.56% of the stock is owned by institutional investors and hedge funds.

Cavco Industries Stock Performance

Shares of CVCO opened at $604.47 on Wednesday. The stock has a 50-day simple moving average of $520.87 and a 200-day simple moving average of $555.31. The stock has a market capitalization of $4.64 billion, a PE ratio of 25.22 and a beta of 1.30. Cavco Industries, Inc. has a 1 year low of $393.85 and a 1 year high of $713.01.

Cavco Industries (NASDAQ:CVCO - Get Free Report) last announced its quarterly earnings data on Thursday, May 21st. The construction company reported $5.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.30 by $0.12. Cavco Industries had a return on equity of 17.55% and a net margin of 8.49%.The business had revenue of $550.13 million during the quarter, compared to analysts' expectations of $571.06 million. Analysts predict that Cavco Industries, Inc. will post 25 EPS for the current year.

Insider Transactions at Cavco Industries

In other Cavco Industries news, EVP Allison Aden sold 1,208 shares of Cavco Industries stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $600.00, for a total transaction of $724,800.00. Following the transaction, the executive vice president owned 10,647 shares of the company's stock, valued at $6,388,200. The trade was a 10.19% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Richard A. Kerley sold 500 shares of Cavco Industries stock in a transaction that occurred on Tuesday, June 9th. The stock was sold at an average price of $588.76, for a total value of $294,380.00. Following the transaction, the director directly owned 6,169 shares in the company, valued at approximately $3,632,060.44. This trade represents a 7.50% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 2,068 shares of company stock valued at $1,201,307. Corporate insiders own 1.60% of the company's stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on CVCO. Weiss Ratings reissued a "hold (c+)" rating on shares of Cavco Industries in a research report on Tuesday, May 26th. Zacks Research raised Cavco Industries from a "strong sell" rating to a "hold" rating in a research report on Friday, April 3rd. Finally, UBS Group started coverage on Cavco Industries in a research report on Friday, June 5th. They set a "buy" rating and a $700.00 price objective for the company. One 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 stock currently has a consensus rating of "Moderate Buy" and an average target price of $625.00.

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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