Cavco Industries, Inc. $CVCO Position Increased by Broad Bay Capital Management LP

Key Points

• Broad Bay Capital Management LP increased its stake in Cavco Industries, taking ownership of 178,189 shares, which now represent about 13.6% of its portfolio.
• Cavco Industries has recently experienced significant interest from institutional investors, with several firms increasing their stakes, including CWM LLC by 44.0% and Northwestern Mutual Wealth Management Co. by 2,850.0%.
• The company reported an earnings per share (EPS) of $6.42 for the last quarter, surpassing analysts' estimates and contributing to a market capitalization of $4.20 billion.

Broad Bay Capital Management LP lifted its position in shares of Cavco Industries, Inc. (NASDAQ:CVCO - Free Report) by 18.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 178,189 shares of the construction company's stock after purchasing an additional 27,503 shares during the quarter. Cavco Industries accounts for approximately 13.6% of Broad Bay Capital Management LP's portfolio, making the stock its largest holding. Broad Bay Capital Management LP owned 2.20% of Cavco Industries worth $92,592,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the company. Vanguard Group Inc. boosted 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 buying an additional 37,249 shares in the last quarter. GAMMA Investing LLC boosted its stake in shares of Cavco Industries by 71,961.9% during the 1st quarter. GAMMA Investing LLC now owns 229,157 shares of the construction company's stock worth $119,077,000 after acquiring an additional 228,839 shares in the last quarter. Invesco Ltd. grew its position in shares of Cavco Industries by 7.5% during the 1st quarter. Invesco Ltd. now owns 196,210 shares of the construction company's stock valued at $101,957,000 after acquiring an additional 13,753 shares during the period. GW&K Investment Management LLC grew its position in shares of Cavco Industries by 0.8% during the 1st quarter. GW&K Investment Management LLC now owns 190,227 shares of the construction company's stock valued at $98,848,000 after acquiring an additional 1,512 shares during the period. Finally, Ameriprise Financial Inc. increased its stake in shares of Cavco Industries by 64.0% in the 1st quarter. Ameriprise Financial Inc. now owns 155,765 shares of the construction company's stock valued at $80,940,000 after purchasing an additional 60,779 shares in the last quarter. 95.56% of the stock is currently owned by institutional investors and hedge funds.

Cavco Industries Stock Performance

Shares of CVCO traded up $7.21 during trading hours on Wednesday, hitting $531.92. 103,083 shares of the stock were exchanged, compared to its average volume of 106,580. The stock's 50-day moving average price is $457.17 and its two-hundred day moving average price is $476.70. Cavco Industries, Inc. has a 12-month low of $390.46 and a 12-month high of $549.99. The company has a market cap of $4.21 billion, a price-to-earnings ratio of 23.02 and a beta of 1.23.

Cavco Industries (NASDAQ:CVCO - Get Free Report) last announced 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 company had revenue of $556.86 million for the quarter, compared to analysts' expectations of $524.97 million. Cavco Industries had a net margin of 8.99% and a return on equity of 18.52%. On average, research analysts expect that Cavco Industries, Inc. will post 21.93 earnings per share for the current year.

Insider Buying and Selling at Cavco Industries

In other Cavco Industries news, Director Susan L. Blount sold 2,500 shares of the firm's 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 of the company's stock, valued at $1,623,331.80. This trade represents a 44.44% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through 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 value of $159,135.00. Following the transaction, the chief accounting officer owned 774 shares in the company, valued at approximately $410,568.30. This represents a 27.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 5,600 shares of company stock worth $2,820,884. Insiders own 1.60% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have commented on the company. Wall Street Zen lowered Cavco Industries from a "buy" rating to a "hold" rating in a report on Saturday, July 5th. Wedbush reiterated a "neutral" rating and set 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 assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $522.50.

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.