Bank of New York Mellon Corp Purchases Shares of 45,731 Cavco Industries, Inc. $CVCO

Key Points

• Bank of New York Mellon purchased 45,731 Cavco Industries shares worth approximately $28.1 million, becoming the owner of about 0.59% of the company. Institutional investors collectively hold 95.56% of Cavco’s stock.
• Cavco reported quarterly EPS of $5.43, missing estimates of $5.69, while revenue of $609.96 million exceeded the $590.54 million consensus forecast. Shares opened at $568.40, down 0.3%.
• Insiders sold 3,553 shares worth $2.16 million over the past 90 days, while analyst sentiment remains mixed; Cavco has a consensus “Hold” rating and a $700 average price target.

Bank of New York Mellon Corp purchased a new stake in Cavco Industries, Inc. (NASDAQ:CVCO - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund purchased 45,731 shares of the construction company's stock, valued at approximately $28,096,000. Bank of New York Mellon Corp owned approximately 0.59% of Cavco Industries at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the stock. Aster Capital Management DIFC Ltd acquired a new position in shares of Cavco Industries during the fourth quarter valued at about $46,000. Kemnay Advisory Services Inc. bought a new position in Cavco Industries in the 4th quarter valued at about $50,000. Los Angeles Capital Management LLC bought a new position in Cavco Industries in the 4th quarter valued at about $54,000. Osaic Holdings Inc. boosted its stake in Cavco Industries by 118.2% during the 2nd quarter. Osaic Holdings Inc. now owns 120 shares of the construction company's stock valued at $57,000 after purchasing an additional 65 shares during the last quarter. Finally, Danske Bank A S acquired a new position in Cavco Industries during the 3rd quarter valued at about $58,000. Institutional investors and hedge funds own 95.56% of the company's stock.

Insider Activity at Cavco Industries

In other Cavco Industries news, Director Richard A. Kerley sold 500 shares of the business's stock in a transaction on Tuesday, June 9th. The shares were sold at an average price of $588.76, for a total transaction of $294,380.00. Following the sale, the director owned 6,169 shares of the company's stock, valued at $3,632,060.44. The trade was a 7.50% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Allison Aden sold 1,473 shares of the stock in a transaction on Thursday, June 25th. The stock was sold at an average price of $625.00, for a total value of $920,625.00. Following the sale, the executive vice president owned 9,147 shares in the company, valued at approximately $5,716,875. This represents a 13.87% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 3,553 shares of company stock worth $2,159,368. 1.70% of the stock is owned by corporate insiders.

Cavco Industries Trading Down 0.3%

Cavco Industries stock opened at $568.40 on Friday. Cavco Industries, Inc. has a 12 month low of $443.33 and a 12 month high of $713.01. The business's 50 day simple moving average is $582.13 and its 200 day simple moving average is $546.80. The company has a market cap of $4.37 billion, a price-to-earnings ratio of 24.73 and a beta of 1.29.

Cavco Industries (NASDAQ:CVCO - Get Free Report) last issued its earnings results on Thursday, July 30th. The construction company reported $5.43 earnings per share (EPS) for the quarter, missing the consensus estimate of $5.69 by ($0.26). The firm 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%. As a group, equities research analysts forecast that Cavco Industries, Inc. will post 22.75 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on CVCO. Zelman & Associates downgraded Cavco Industries from an "outperform" rating to a "neutral" rating in a research note on Thursday, August 6th. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Cavco Industries in a research report on Friday, August 21st. Zacks Research downgraded Cavco Industries from a "hold" rating to a "strong sell" rating in a report on Monday, August 3rd. Finally, UBS Group initiated coverage on Cavco Industries in a research report on Friday, June 5th. They issued a "buy" rating and a $700.00 price target for the company. One equities research 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 company. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $700.00.

Cavco Industries Company Profile

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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