Cavco Industries, Inc. $CVCO Shares Sold by Confluence Investment Management LLC

Key Points

• Confluence Investment Management LLC reduced its stake in Cavco Industries by 9.6%, now holding approximately 7,558 shares valued at $3.28 million.
• Insider trading activity includes Director Susan L. Blount selling 2,500 shares, representing a 44.44% decrease in their position, valued at over $1.29 million.
• Cavco Industries reported earnings of $6.42 per share for the last quarter, exceeding analyst expectations and driving an increase in its stock price.

Confluence Investment Management LLC lessened its stake in Cavco Industries, Inc. (NASDAQ:CVCO - Free Report) by 9.6% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 7,558 shares of the construction company's stock after selling 801 shares during the period. Confluence Investment Management LLC owned approximately 0.09% of Cavco Industries worth $3,283,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in CVCO. Voya Investment Management LLC grew its position in shares of Cavco Industries by 22.7% during the 1st quarter. Voya Investment Management LLC now owns 5,511 shares of the construction company's stock valued at $2,864,000 after acquiring an additional 1,018 shares during the period. Strs Ohio purchased a new position in shares of Cavco Industries during the 1st quarter valued at $1,247,000. Intech Investment Management LLC lifted its stake in shares of Cavco Industries by 19.0% during the 1st quarter. Intech Investment Management LLC now owns 4,951 shares of the construction company's stock valued at $2,573,000 after buying an additional 791 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of Cavco Industries by 15.4% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 17,876 shares of the construction company's stock valued at $9,289,000 after buying an additional 2,384 shares in the last quarter. Finally, United Services Automobile Association purchased a new position in shares of Cavco Industries during the 1st quarter valued at $266,000. Institutional investors own 95.56% of the company's stock.

Insiders Place Their Bets

In other Cavco Industries news, Director Richard A. Kerley sold 500 shares of the company's stock in a transaction dated Wednesday, August 20th. The shares were sold at an average price of $480.55, for a total value of $240,275.00. Following the transaction, the director directly owned 7,169 shares in the company, valued at $3,445,062.95. This represents a 6.52% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Paul Bigbee sold 300 shares of the company's stock in a transaction dated Friday, August 29th. The stock was sold at an average price of $530.45, for a total transaction of $159,135.00. Following the completion of the transaction, the chief accounting officer owned 774 shares in the company, valued at $410,568.30. This represents a 27.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 5,600 shares of company stock worth $2,820,884 in the last three months. Corporate insiders own 1.60% of the company's stock.

Cavco Industries Price Performance

CVCO stock traded down $7.06 during mid-day trading on Friday, reaching $556.57. The company had a trading volume of 84,451 shares, compared to its average volume of 113,503. The company has a market capitalization of $4.41 billion, a PE ratio of 24.06 and a beta of 1.23. The firm has a 50 day moving average of $482.38 and a 200 day moving average of $478.73. Cavco Industries, Inc. has a 12 month low of $393.53 and a 12 month high of $574.20.

Cavco Industries (NASDAQ:CVCO - Get Free Report) last issued its earnings results on Thursday, July 31st. The construction company reported $6.42 EPS for the quarter, topping analysts' consensus estimates of $5.81 by $0.61. The business had revenue of $556.86 million for the quarter, compared to the consensus estimate of $524.97 million. Cavco Industries had a net margin of 8.99% and a return on equity of 18.52%. Analysts anticipate that Cavco Industries, Inc. will post 21.93 EPS for the current year.

Analyst Upgrades and Downgrades

Several brokerages have commented on CVCO. Wall Street Zen cut shares of Cavco Industries from a "buy" rating to a "hold" rating in a research note on Saturday, July 5th. Wedbush reiterated a "neutral" rating and issued a $550.00 price target on shares of Cavco Industries in a research note on Monday, August 4th. One equities research analyst has rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $522.50.

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.