American Century Companies Inc. Trims Position in Cavco Industries, Inc. $CVCO

Key Points

• American Century Companies Inc. reduced its stake in Cavco Industries, Inc. by 71.5% in Q1, now owning approximately 0.13% of the company valued at $5.5 million after selling 26,826 shares.
• Several institutional investors, including Victory Capital Management and Allspring Global Investments, increased their stakes in Cavco Industries by significant percentages during the same quarter.
• Cavco Industries reported earnings per share (EPS) of $6.42 for the last quarter, exceeding analysts' estimates by $0.61, alongside a revenue of $556.86 million.

American Century Companies Inc. lowered its position in shares of Cavco Industries, Inc. (NASDAQ:CVCO - Free Report) by 71.5% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 10,678 shares of the construction company's stock after selling 26,826 shares during the period. American Century Companies Inc. owned approximately 0.13% of Cavco Industries worth $5,549,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Fox Run Management L.L.C. acquired a new stake in shares of Cavco Industries during the 1st quarter worth approximately $416,000. Sei Investments Co. increased its holdings in shares of Cavco Industries by 16.9% during the 1st quarter. Sei Investments Co. now owns 8,547 shares of the construction company's stock worth $4,441,000 after buying an additional 1,236 shares during the last quarter. Boston Partners increased its holdings in shares of Cavco Industries by 2.2% during the 1st quarter. Boston Partners now owns 3,691 shares of the construction company's stock worth $1,918,000 after buying an additional 78 shares during the last quarter. Informed Momentum Co LLC acquired a new stake in shares of Cavco Industries during the 1st quarter worth approximately $4,480,000. Finally, HighTower Advisors LLC increased its holdings in shares of Cavco Industries by 2.6% during the 1st quarter. HighTower Advisors LLC now owns 1,571 shares of the construction company's stock worth $816,000 after buying an additional 40 shares during the last quarter. Institutional investors and hedge funds own 95.56% of the company's stock.

Insider Buying and Selling

In related news, Director Richard A. Kerley sold 500 shares of the business's stock in a transaction on Wednesday, August 20th. The shares were sold at an average price of $480.55, for a total transaction of $240,275.00. Following the completion of the transaction, the director owned 7,169 shares in the company, valued at approximately $3,445,062.95. The trade was a 6.52% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO Paul Bigbee sold 300 shares of the business's stock in a transaction on 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 directly owned 1,074 shares of the company's stock, valued at approximately $561,358.32. This trade represents a 21.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 5,300 shares of company stock worth $2,661,749. Corporate insiders own 1.60% of the company's stock.

Analyst Ratings Changes

A number of analysts have issued reports on CVCO shares. Wall Street Zen lowered 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 report on Monday, August 4th. One investment 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, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $522.50.

Cavco Industries Stock Performance

Shares of NASDAQ:CVCO traded up $0.11 during trading on Monday, hitting $530.49. The company's stock had a trading volume of 99,871 shares, compared to its average volume of 134,768. The business has a 50 day moving average price of $452.83 and a two-hundred day moving average price of $476.42. The company has a market capitalization of $4.20 billion, a PE ratio of 22.99 and a beta of 1.23. Cavco Industries, Inc. has a fifty-two week low of $390.46 and a fifty-two week high of $549.99.

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 firm had revenue of $556.86 million during 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%. As a group, equities analysts expect that Cavco Industries, Inc. will post 21.93 earnings per share for the current fiscal year.

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.