Jacobs Levy Equity Management Inc. Has $17.99 Million Holdings 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. lowered its position in Cavco Industries, Inc. (NASDAQ:CVCO - Free Report) by 41.0% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (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 approximately 0.43% of Cavco Industries worth $17,985,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. GAMMA Investing LLC lifted its holdings in Cavco Industries by 71,961.9% during the 1st 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 last quarter. Janus Henderson Group PLC lifted its holdings in shares of Cavco Industries by 1,030.9% during the fourth quarter. Janus Henderson Group PLC now owns 72,534 shares of the construction company's stock worth $32,371,000 after buying an additional 66,120 shares in the last quarter. Ameriprise Financial Inc. raised its position in shares of Cavco Industries by 64.0% in 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 in the last quarter. Vanguard Group Inc. raised its stake in Cavco Industries by 5.1% in the first quarter. Vanguard Group Inc. now owns 774,842 shares of the construction company's stock valued at $402,631,000 after purchasing an additional 37,249 shares in the last quarter. Finally, Broad Bay Capital Management LP raised its position in shares of 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 buying an additional 27,503 shares in the last quarter. 95.56% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have commented on CVCO. Wedbush restated a "neutral" rating and set a $550.00 price objective on shares of Cavco Industries in a research report on Monday, August 4th. Wall Street Zen downgraded 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 assigned a Hold rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $522.50.

Cavco Industries Trading Down 1.5%

CVCO traded down $8.16 on Friday, reaching $546.06. The stock had a trading volume of 137,569 shares, compared to its average volume of 109,990. The firm has a 50-day moving average of $472.02 and a 200-day moving average of $477.80. Cavco Industries, Inc. has a fifty-two week low of $393.53 and a fifty-two week high of $568.97. The company has a market capitalization of $4.32 billion, a price-to-earnings ratio of 23.67 and a beta of 1.23.

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 (EPS) for the quarter, beating the consensus estimate of $5.81 by $0.61. Cavco Industries had a return on equity of 18.52% and a net margin of 8.99%.The company had revenue of $556.86 million during the quarter, compared to the consensus estimate of $524.97 million. Sell-side analysts anticipate that Cavco Industries, Inc. will post 21.93 EPS for the current fiscal year.

Insider Buying and Selling at Cavco Industries

In other Cavco Industries news, Director Richard A. Kerley sold 500 shares of the company's stock in a transaction that occurred on Wednesday, August 20th. The shares were sold at an average price of $480.55, for a total value of $240,275.00. Following the completion of the transaction, the director directly owned 7,169 shares in the company, valued at approximately $3,445,062.95. This represents a 6.52% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Susan L. Blount sold 2,500 shares of the stock in a transaction 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 completion of the sale, the director owned 3,126 shares of the company's stock, valued at $1,623,331.80. The trade was a 44.44% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 5,600 shares of company stock worth $2,820,884. 1.60% of the stock is currently owned by company insiders.

Cavco Industries 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.