Bank of New York Mellon Corp Sells 12,166 Shares of Cavco Industries, Inc. $CVCO

Bank of New York Mellon Corp lowered its stake in Cavco Industries, Inc. (NASDAQ:CVCO - Free Report) by 21.3% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 44,823 shares of the construction company's stock after selling 12,166 shares during the quarter. Bank of New York Mellon Corp owned about 0.58% of Cavco Industries worth $21,707,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. UBS Group AG grew its position in Cavco Industries by 31.5% in the fourth quarter. UBS Group AG now owns 40,017 shares of the construction company's stock worth $23,640,000 after acquiring an additional 9,589 shares in the last quarter. Fifth Third Bancorp lifted its holdings in Cavco Industries by 599.0% during the 1st quarter. Fifth Third Bancorp now owns 2,824 shares of the construction company's stock valued at $1,367,000 after buying an additional 2,420 shares in the last quarter. M&T Bank Corp purchased a new stake in shares of Cavco Industries in the fourth quarter valued at approximately $9,501,000. Intech Investment Management LLC grew its position in shares of Cavco Industries by 58.0% during the 4th quarter. Intech Investment Management LLC now owns 5,766 shares of the construction company's stock worth $3,406,000 after buying an additional 2,116 shares in the last quarter. Finally, Pier Capital LLC grew its holdings in Cavco Industries by 90.8% during the 4th quarter. Pier Capital LLC now owns 12,103 shares of the construction company's stock worth $7,150,000 after acquiring an additional 5,761 shares in the last quarter. 95.56% of the stock is currently owned by institutional investors.

Cavco Industries Trading Up 1.7%

NASDAQ CVCO opened at $589.08 on Wednesday. Cavco Industries, Inc. has a twelve month low of $397.38 and a twelve month high of $713.01. The stock has a fifty day simple moving average of $570.15 and a 200-day simple moving average of $553.07. The stock has a market cap of $4.54 billion, a PE ratio of 24.58 and a beta of 1.28.

Cavco Industries (NASDAQ:CVCO - Get Free Report) last posted its earnings results on Thursday, May 21st. The construction company reported $5.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.30 by $0.12. The firm had revenue of $550.13 million for the quarter, compared to analyst estimates of $571.06 million. Cavco Industries had a return on equity of 17.55% and a net margin of 8.49%. Research analysts predict that Cavco Industries, Inc. will post 24.5 EPS for the current year.

Insider Transactions at Cavco Industries

In other Cavco Industries news, EVP Allison Aden sold 1,473 shares of the company's stock in a transaction on Thursday, June 25th. The shares were sold at an average price of $625.00, for a total value of $920,625.00. Following the completion of the transaction, the executive vice president owned 9,147 shares in the company, valued at $5,716,875. This represents a 13.87% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CAO Paul Bigbee sold 200 shares of Cavco Industries stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $537.75, for a total transaction of $107,550.00. Following the completion of the transaction, the chief accounting officer directly owned 1,105 shares in the company, valued at $594,213.75. The trade was a 15.33% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 3,541 shares of company stock valued at $2,121,932. Insiders own 1.70% of the company's stock.

Analysts Set New Price Targets

Several analysts have commented on CVCO shares. Zacks Research raised shares of Cavco Industries from a "strong sell" rating to a "hold" rating in a research report on Friday, April 3rd. Weiss Ratings reiterated a "hold (c+)" rating on shares of Cavco Industries in a research report on Tuesday, May 26th. 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 target on the stock. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $625.00.

Cavco Industries 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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