Jacobs Levy Equity Management Inc. Lowers Position in Cavco Industries, Inc. $CVCO

Key Points

• Jacobs Levy Equity Management Inc. reduced its stake in Cavco Industries by 41.0%, now holding 34,612 shares valued at about $17.98 million.
• Cavco Industries reported quarterly earnings of $6.42 per share, surpassing estimates and reflecting a strong revenue performance of $556.86 million.
• Institutional investors currently own 95.56% of Cavco Industries' stock, indicating significant backing from hedge funds and large financial entities.

Jacobs Levy Equity Management Inc. reduced its position in Cavco Industries, Inc. (NASDAQ:CVCO - Free Report) by 41.0% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 34,612 shares of the construction company's stock after selling 24,053 shares during the quarter. Jacobs Levy Equity Management Inc. owned about 0.43% of Cavco Industries worth $17,985,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Royal Bank of Canada raised its position in shares of Cavco Industries by 5.2% in the first quarter. Royal Bank of Canada now owns 18,951 shares of the construction company's stock valued at $9,849,000 after buying an additional 934 shares during the last quarter. First Sabrepoint Capital Management LP boosted its position in Cavco Industries by 17.6% during the first quarter. First Sabrepoint Capital Management LP now owns 15,000 shares of the construction company's stock worth $7,794,000 after acquiring an additional 2,250 shares during the last quarter. Evergreen Capital Management LLC grew its stake in Cavco Industries by 7.5% during the 1st quarter. Evergreen Capital Management LLC now owns 573 shares of the construction company's stock valued at $298,000 after acquiring an additional 40 shares in the last quarter. Magnetar Financial LLC purchased a new stake in Cavco Industries during the 1st quarter valued at about $281,000. Finally, Broad Bay Capital Management LP raised its holdings in Cavco Industries by 18.3% in the 1st quarter. Broad Bay Capital Management LP now owns 178,189 shares of the construction company's stock valued at $92,592,000 after acquiring an additional 27,503 shares during the last quarter. Institutional investors and hedge funds own 95.56% of the company's stock.

Insider Transactions at Cavco Industries

In other Cavco Industries news, Director Susan L. Blount sold 2,500 shares of the stock in a transaction that occurred on 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. This represents a 44.44% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Paul Bigbee sold 300 shares of the business's stock in a transaction that occurred on Friday, August 29th. The stock was sold at an average price of $530.45, for a total transaction of $159,135.00. Following the sale, the chief accounting officer owned 774 shares of the company's stock, valued at $410,568.30. This represents a 27.93% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 5,600 shares of company stock valued at $2,820,884. 1.60% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the company. Wedbush restated a "neutral" rating and issued a $550.00 price target on shares of Cavco Industries in a research report on Monday, August 4th. Wall Street Zen lowered Cavco Industries from a "buy" rating to a "hold" rating in a research note on Saturday, July 5th. One research analyst has rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $522.50.

Cavco Industries Stock Performance

Shares of CVCO traded up $10.87 during midday trading on Thursday, hitting $551.00. 150,696 shares of the stock were exchanged, compared to its average volume of 109,655. Cavco Industries, Inc. has a 52-week low of $393.53 and a 52-week high of $568.97. The stock has a fifty day simple moving average of $470.08 and a 200 day simple moving average of $477.56. The firm has a market cap of $4.36 billion, a P/E ratio of 23.93 and a beta of 1.23.

Cavco Industries (NASDAQ:CVCO - Get Free Report) last posted its earnings results 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. The firm 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%. As a group, equities research analysts forecast that Cavco Industries, Inc. will post 21.93 EPS for the current fiscal year.

About Cavco Industries

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.