Assenagon Asset Management S.A. Lowers Position in Cavco Industries, Inc. $CVCO

Key Points

• Assenagon Asset Management S.A. reduced its position in Cavco Industries, Inc. by 79.3%, selling 20,618 shares in the second quarter, leaving it with approximately 0.07% of the company valued at $2,337,000.
• In contrast, GAMMA Investing LLC significantly increased its stake by 71,961.9%, now owning 229,157 shares valued at $119 million, highlighting varying investor strategies in Cavco Industries.
• Cavco Industries reported a strong quarterly performance with an earnings per share (EPS) of $6.42, exceeding estimates, and had a market cap of $4.41 billion as of the recent financial results.

Assenagon Asset Management S.A. lessened its position in Cavco Industries, Inc. (NASDAQ:CVCO - Free Report) by 79.3% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 5,379 shares of the construction company's stock after selling 20,618 shares during the quarter. Assenagon Asset Management S.A. owned approximately 0.07% of Cavco Industries worth $2,337,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in CVCO. GAMMA Investing LLC lifted its stake in shares of Cavco Industries by 71,961.9% in the 1st quarter. GAMMA Investing LLC now owns 229,157 shares of the construction company's stock valued at $119,077,000 after purchasing an additional 228,839 shares during the period. Ameriprise Financial Inc. lifted its stake in shares of Cavco Industries by 64.0% in the 1st quarter. Ameriprise Financial Inc. now owns 155,765 shares of the construction company's stock valued at $80,940,000 after purchasing an additional 60,779 shares during the period. Vanguard Group Inc. lifted its stake in shares of Cavco Industries by 5.1% in the 1st 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. Millennium Management LLC lifted its stake in shares of Cavco Industries by 628.4% in the 1st quarter. Millennium Management LLC now owns 39,721 shares of the construction company's stock valued at $20,640,000 after purchasing an additional 34,268 shares during the period. Finally, Broad Bay Capital Management LP lifted its stake in shares of Cavco Industries by 18.3% in the 1st quarter. Broad Bay Capital Management LP now owns 178,189 shares of the construction company's stock valued at $92,592,000 after purchasing an additional 27,503 shares during the period. Hedge funds and other institutional investors own 95.56% of the company's stock.

Cavco Industries Price Performance

CVCO stock opened at $557.37 on Friday. The company has a market cap of $4.41 billion, a P/E ratio of 24.16 and a beta of 1.23. Cavco Industries, Inc. has a 1 year low of $393.53 and a 1 year high of $577.53. The stock's fifty day moving average price is $494.74 and its 200-day moving average price is $480.08.

Cavco Industries (NASDAQ:CVCO - Get Free Report) last released its quarterly 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 firm had revenue of $556.86 million for the quarter, compared to the consensus estimate of $524.97 million. Cavco Industries had a return on equity of 18.52% and a net margin of 8.99%. As a group, analysts expect that Cavco Industries, Inc. will post 21.93 earnings per share for the current year.

Wall Street Analysts Forecast Growth

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

Insider Activity at Cavco Industries

In other news, Director Richard A. Kerley sold 500 shares of the business's stock in a transaction dated Wednesday, August 20th. The stock was sold at an average price of $480.55, for a total value of $240,275.00. Following the transaction, the director directly owned 7,169 shares in the company, valued at $3,445,062.95. The trade was a 6.52% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Paul Bigbee sold 300 shares of the business's stock in a transaction dated Friday, August 29th. The shares were 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 in the company, valued at $410,568.30. The trade was a 27.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 5,600 shares of company stock worth $2,820,884. Corporate insiders own 1.60% of the company's stock.

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.

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