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

A number of other institutional investors and hedge funds have also made changes to their positions in CVCO. Captrust Financial Advisors lifted its position in shares of Cavco Industries by 3.6% during the 4th quarter. Captrust Financial Advisors now owns 1,329 shares of the construction company's stock valued at $593,000 after buying an additional 46 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Cavco Industries by 3.0% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,709 shares of the construction company's stock worth $2,101,000 after acquiring an additional 137 shares during the period. ProShare Advisors LLC lifted its holdings in Cavco Industries by 42.8% during the fourth quarter. ProShare Advisors LLC now owns 2,492 shares of the construction company's stock valued at $1,112,000 after purchasing an additional 747 shares in the last quarter. Rafferty Asset Management LLC grew its position in shares of Cavco Industries by 49.0% in the fourth quarter. Rafferty Asset Management LLC now owns 5,483 shares of the construction company's stock valued at $2,447,000 after purchasing an additional 1,802 shares during the period. Finally, State of Wyoming grew its position in shares of Cavco Industries by 0.8% in the fourth quarter. State of Wyoming now owns 3,066 shares of the construction company's stock valued at $1,368,000 after purchasing an additional 24 shares during the period. 95.56% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Cavco Industries

In other Cavco Industries news, Director Susan L. Blount sold 2,500 shares of the business's stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $519.30, for a total value of $1,298,250.00. Following the transaction, the director directly owned 3,126 shares in the company, valued at $1,623,331.80. The trade was a 44.44% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Paul Bigbee sold 300 shares of the stock in a transaction that occurred on Friday, August 29th. The shares were sold at an average price of $530.45, for a total transaction of $159,135.00. Following the completion of the sale, the chief accounting officer directly owned 774 shares of the company's stock, valued at approximately $410,568.30. This trade represents a 27.93% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 5,600 shares of company stock valued at $2,820,884. 1.60% of the stock is owned by company insiders.

Cavco Industries Price Performance

CVCO stock opened at $544.99 on Friday. Cavco Industries, Inc. has a 1 year low of $393.53 and a 1 year high of $568.97. The firm has a market capitalization of $4.32 billion, a PE ratio of 23.62 and a beta of 1.23. The business has a 50 day simple moving average of $473.78 and a 200-day simple moving average of $477.48.

Cavco Industries (NASDAQ:CVCO - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The construction company reported $6.42 earnings per share for the quarter, topping analysts' consensus estimates of $5.81 by $0.61. The company had revenue of $556.86 million for the quarter, compared to analyst estimates of $524.97 million. Cavco Industries had a return on equity of 18.52% and a net margin of 8.99%. On average, equities research analysts expect that Cavco Industries, Inc. will post 21.93 EPS for the current year.

Analysts Set New Price Targets

A number of brokerages recently weighed in on CVCO. Wedbush reaffirmed a "neutral" rating and issued a $550.00 price target on shares of Cavco Industries in a research note on Monday, August 4th. Wall Street Zen downgraded Cavco Industries from a "buy" rating to a "hold" rating in a research report on Saturday, July 5th. One equities research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, Cavco Industries presently has an average rating of "Moderate Buy" and an average target price 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.

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