Cavco Industries, Inc. $CVCO Shares Acquired by Gabelli Funds LLC

Key Points

• Gabelli Funds LLC increased its stake in Cavco Industries by 8.2% in the first quarter, buying 3,890 more shares and bringing its holding to 51,300 shares worth about $24.8 million.
• Analyst sentiment on CVCO is mixed but positive overall: UBS initiated coverage with a buy rating and a $700 price target, while the consensus rating from MarketBeat is Moderate Buy with a $625 target.
• Cavco reported quarterly EPS of $5.42, beating estimates, though revenue came in below forecasts; the stock was trading around $569.77 and remains well above its 52-week low.

Gabelli Funds LLC grew its stake in Cavco Industries, Inc. (NASDAQ:CVCO - Free Report) by 8.2% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 51,300 shares of the construction company's stock after buying an additional 3,890 shares during the period. Gabelli Funds LLC owned 0.66% of Cavco Industries worth $24,844,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Northwestern Mutual Wealth Management Co. increased its position in Cavco Industries by 852,093.4% during 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 grew its position in shares of Cavco Industries by 82.8% during the third quarter. Boston Partners now owns 369,177 shares of the construction company's stock worth $213,866,000 after acquiring an additional 167,230 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position in shares of Cavco Industries by 53.6% during the fourth 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 during the last quarter. Goldman Sachs Group Inc. increased its holdings in shares of Cavco Industries by 122.5% in the 4th quarter. Goldman Sachs Group Inc. now owns 74,155 shares of the construction company's stock valued at $43,806,000 after acquiring an additional 40,832 shares during the period. Finally, Bamco Inc. NY acquired a new position in shares of Cavco Industries in the 4th quarter valued at $21,903,000. 95.56% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

CVCO has been the subject of a number of research reports. Zacks Research raised shares of Cavco Industries from a "strong sell" rating to a "hold" rating in a report on Friday, April 3rd. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Cavco Industries in a research note on Tuesday, May 26th. Finally, UBS Group started coverage on Cavco Industries in a research note on Friday, June 5th. They issued a "buy" rating and a $700.00 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $625.00.

Insider Transactions at Cavco Industries

In related news, Director Richard A. Kerley sold 500 shares of Cavco Industries stock in a transaction that occurred on Tuesday, June 9th. The stock was sold at an average price of $588.76, for a total transaction of $294,380.00. Following the completion of the transaction, the director directly owned 6,169 shares in the company, valued at $3,632,060.44. The trade was a 7.50% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Paul Bigbee sold 200 shares of the business's stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $537.75, for a total value of $107,550.00. Following the completion of the transaction, the chief accounting officer directly owned 1,105 shares of the company's stock, valued at approximately $594,213.75. This trade represents a 15.33% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 3,541 shares of company stock valued at $2,121,932 in the last ninety days. Corporate insiders own 1.70% of the company's stock.

Cavco Industries Stock Up 1.4%

Shares of NASDAQ CVCO opened at $569.77 on Friday. The stock has a market capitalization of $4.39 billion, a price-to-earnings ratio of 23.77 and a beta of 1.28. Cavco Industries, Inc. has a 52 week low of $397.38 and a 52 week high of $713.01. The firm has a 50-day moving average price of $565.24 and a 200 day moving average price of $553.70.

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

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