Gabelli Funds LLC Sells 10,880 Shares of Cavco Industries, Inc. $CVCO

Key Points

• Gabelli Funds LLC decreased its stake in Cavco Industries by 16.7%, selling 10,880 shares during the first quarter, owning 54,280 shares valued at approximately $28.2 million.
• Institutional ownership of Cavco Industries stands at 95.56%, with notable stakes increased by firms such as Vanguard and Ameriprise Financial during the same period.
• Cavco Industries reported $6.42 earnings per share for the quarter, exceeding analysts' estimates, and projected future earnings per share of 21.93 for the current fiscal year.

Gabelli Funds LLC lessened its stake in shares of Cavco Industries, Inc. (NASDAQ:CVCO - Free Report) by 16.7% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 54,280 shares of the construction company's stock after selling 10,880 shares during the quarter. Gabelli Funds LLC owned about 0.67% of Cavco Industries worth $28,206,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in the business. GAMMA Investing LLC raised its position in Cavco Industries by 71,961.9% in the first quarter. GAMMA Investing LLC now owns 229,157 shares of the construction company's stock valued at $119,077,000 after purchasing an additional 228,839 shares during the period. Janus Henderson Group PLC lifted its holdings in Cavco Industries by 1,030.9% in the fourth quarter. Janus Henderson Group PLC now owns 72,534 shares of the construction company's stock worth $32,371,000 after acquiring an additional 66,120 shares during the last quarter. Ameriprise Financial Inc. raised its holdings in shares of Cavco Industries by 64.0% during the first quarter. Ameriprise Financial Inc. now owns 155,765 shares of the construction company's stock valued at $80,940,000 after buying an additional 60,779 shares during the last quarter. Vanguard Group Inc. raised its holdings in Cavco Industries by 5.1% during the first quarter. Vanguard Group Inc. now owns 774,842 shares of the construction company's stock worth $402,631,000 after purchasing an additional 37,249 shares in the last quarter. Finally, Nuveen LLC bought a new stake in Cavco Industries during the first quarter worth approximately $11,748,000. Hedge funds and other institutional investors own 95.56% of the company's stock.

Wall Street Analyst Weigh In

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

Cavco Industries Stock Performance

NASDAQ:CVCO traded up $0.11 during trading hours on Friday, hitting $530.49. The stock had a trading volume of 99,871 shares, compared to its average volume of 139,612. Cavco Industries, Inc. has a one year low of $390.46 and a one year high of $549.99. The company has a market cap of $4.20 billion, a price-to-earnings ratio of 22.99 and a beta of 1.15. The business's 50 day moving average is $452.83 and its 200-day moving average is $476.83.

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

Insider Activity at Cavco Industries

In related news, CAO Paul Bigbee sold 300 shares of Cavco Industries stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $522.68, for a total transaction of $156,804.00. Following the completion of the sale, the chief accounting officer owned 1,074 shares of the company's stock, valued at approximately $561,358.32. The trade was a 21.83% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Susan L. Blount sold 2,500 shares of Cavco Industries stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $519.30, for a total transaction of $1,298,250.00. Following the sale, the director directly owned 3,126 shares of the company's stock, valued at $1,623,331.80. The trade was a 44.44% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 5,300 shares of company stock valued at $2,661,749. Corporate insiders own 1.60% of the company's stock.

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.