Bank of America Corp DE Grows Stock Holdings in Cavco Industries, Inc. $CVCO

Key Points

• Bank of America increased its Cavco Industries stake by 7.1% in the first quarter, bringing its holdings to 27,353 shares worth approximately $13.25 million. Institutional investors collectively own 95.56% of CVCO.
• Analyst sentiment is mixed: UBS initiated coverage with a Buy rating and a $700 target, while Zelman & Associates and Zacks Research downgraded the stock. The consensus rating is Hold with a $700 target price.
• Cavco shares opened at $582.55, up 0.6%, with a market value of $4.48 billion. Its latest quarterly EPS of $5.43 missed estimates of $5.69, although revenue of $609.96 million exceeded expectations.

Bank of America Corp DE grew its holdings in Cavco Industries, Inc. (NASDAQ:CVCO - Free Report) by 7.1% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 27,353 shares of the construction company's stock after acquiring an additional 1,824 shares during the period. Bank of America Corp DE owned about 0.35% of Cavco Industries worth $13,247,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in CVCO. Northwestern Mutual Wealth Management Co. boosted its position 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 worth $1,062,226,000 after buying an additional 1,797,917 shares during the period. Boston Partners raised its holdings 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 valued at $213,866,000 after buying an additional 167,230 shares during the period. Price T Rowe Associates Inc. MD lifted its position in Cavco Industries by 53.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 213,572 shares of the construction company's stock worth $126,166,000 after acquiring an additional 74,542 shares in the last quarter. Goldman Sachs Group Inc. lifted its position in Cavco Industries by 122.5% during the 4th quarter. Goldman Sachs Group Inc. now owns 74,155 shares of the construction company's stock worth $43,806,000 after acquiring an additional 40,832 shares in the last quarter. Finally, Bamco Inc. NY purchased a new position in Cavco Industries in the 4th quarter worth approximately $21,903,000. Institutional investors and hedge funds own 95.56% of the company's stock.

Insider Buying and Selling at Cavco Industries

In other Cavco Industries news, Director Richard A. Kerley sold 500 shares of the firm's stock in a transaction that occurred on Tuesday, June 9th. The shares were sold at an average price of $588.76, for a total value of $294,380.00. Following the sale, the director owned 6,169 shares in the company, valued at approximately $3,632,060.44. This trade represents a 7.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Paul Bigbee sold 342 shares of Cavco Industries stock in a transaction that occurred on Tuesday, August 18th. The shares were sold at an average price of $592.00, for a total value of $202,464.00. Following the sale, the chief accounting officer directly owned 736 shares in the company, valued at approximately $435,712. This trade represents a 31.73% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 3,753 shares of company stock worth $2,266,918. 1.70% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on CVCO. 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. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Cavco Industries in a report on Tuesday, May 26th. Zelman & Associates downgraded shares of Cavco Industries from an "outperform" rating to a "neutral" rating in a research note on Thursday, August 6th. Finally, Zacks Research lowered shares of Cavco Industries from a "hold" rating to a "strong sell" rating in a report on Monday, August 3rd. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Cavco Industries has an average rating of "Hold" and a consensus target price of $700.00.

Cavco Industries Trading Up 0.6%

Shares of Cavco Industries stock opened at $582.55 on Friday. The stock has a market capitalization of $4.48 billion, a price-to-earnings ratio of 25.35 and a beta of 1.29. Cavco Industries, Inc. has a twelve month low of $443.33 and a twelve month high of $713.01. The business's 50 day simple moving average is $584.13 and its 200-day simple moving average is $544.20.

Cavco Industries (NASDAQ:CVCO - Get Free Report) last posted its earnings results on Thursday, July 30th. The construction company reported $5.43 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $5.69 by ($0.26). The company had revenue of $609.96 million during the quarter, compared to the consensus estimate of $590.54 million. Cavco Industries had a net margin of 7.89% and a return on equity of 16.51%. Sell-side analysts predict that Cavco Industries, Inc. will post 22.75 earnings per share 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.

Want to see what other hedge funds are holding CVCO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cavco Industries, Inc. (NASDAQ:CVCO - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source