Bank of America Corp DE Sells 11,370 Shares of Cavco Industries, Inc. (NASDAQ:CVCO)

Bank of America Corp DE trimmed its position in Cavco Industries, Inc. (NASDAQ:CVCO - Free Report) by 57.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 8,564 shares of the construction company's stock after selling 11,370 shares during the quarter. Bank of America Corp DE owned 0.11% of Cavco Industries worth $3,822,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the company. Harvest Fund Management Co. Ltd acquired a new stake in Cavco Industries in the fourth quarter valued at approximately $67,000. Smartleaf Asset Management LLC lifted its holdings in shares of Cavco Industries by 387.9% during the fourth quarter. Smartleaf Asset Management LLC now owns 161 shares of the construction company's stock worth $72,000 after purchasing an additional 128 shares during the period. Blue Trust Inc. raised its stake in Cavco Industries by 28.9% during the fourth quarter. Blue Trust Inc. now owns 245 shares of the construction company's stock worth $105,000 after buying an additional 55 shares during the last quarter. KBC Group NV raised its stake in Cavco Industries by 35.2% during the fourth quarter. KBC Group NV now owns 330 shares of the construction company's stock worth $147,000 after buying an additional 86 shares during the last quarter. Finally, ClearAlpha Technologies LP bought a new position in Cavco Industries during the fourth quarter worth $204,000. 95.56% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on CVCO shares. Wall Street Zen downgraded shares of Cavco Industries from a "buy" rating to a "hold" rating in a research note on Friday. Wedbush restated a "neutral" rating and set a $550.00 price target on shares of Cavco Industries in a report on Tuesday, May 27th.

Insider Activity

In related news, Director David A. Greenblatt sold 4,000 shares of the company's stock in a transaction that occurred on Wednesday, March 5th. The shares were sold at an average price of $528.88, for a total transaction of $2,115,520.00. Following the sale, the director now owns 15,286 shares of the company's stock, valued at approximately $8,084,459.68. This represents a 20.74% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 1.60% of the company's stock.

Cavco Industries Stock Performance

CVCO traded up $5.49 during midday trading on Tuesday, reaching $429.00. The company had a trading volume of 120,749 shares, compared to its average volume of 66,066. The stock has a market cap of $3.44 billion, a PE ratio of 21.11 and a beta of 1.29. Cavco Industries, Inc. has a 12-month low of $331.08 and a 12-month high of $549.99. The business has a 50-day moving average price of $489.15 and a two-hundred day moving average price of $492.83.

Cavco Industries (NASDAQ:CVCO - Get Free Report) last posted its quarterly earnings results on Thursday, May 22nd. The construction company reported $5.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.23 by $0.17. Cavco Industries had a net margin of 8.75% and a return on equity of 16.17%. The company had revenue of $508.36 million for the quarter, compared to analyst estimates of $504.15 million. On average, research analysts anticipate that Cavco Industries, Inc. will post 21.93 earnings per share for the current year.

Cavco Industries Company 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.