Crown Advisors Management Inc. Cuts Position in Cavco Industries, Inc. (NASDAQ:CVCO)

Key Points

• Crown Advisors Management Inc. has reduced its stake in Cavco Industries, cutting its holdings by 50% to 6,000 shares, accounting for approximately 2.7% of its portfolio.
• Several hedge funds increased their investments in Cavco Industries, with Victory Capital Management Inc. leading with a 103.3% increase, now holding 14,953 shares valued at $7,770,000.
• Cavco Industries reported a strong quarter with earnings per share of $6.42, exceeding analysts' expectations and generating revenue of $556.86 million.

Crown Advisors Management Inc. trimmed its holdings in Cavco Industries, Inc. (NASDAQ:CVCO - Free Report) by 50.0% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 6,000 shares of the construction company's stock after selling 6,000 shares during the period. Cavco Industries accounts for about 2.7% of Crown Advisors Management Inc.'s investment portfolio, making the stock its 15th largest position. Crown Advisors Management Inc. owned about 0.07% of Cavco Industries worth $3,117,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in the business. Informed Momentum Co LLC purchased a new position in Cavco Industries in the 1st quarter valued at about $4,480,000. HighTower Advisors LLC lifted its holdings in Cavco Industries by 2.6% in the 1st quarter. HighTower Advisors LLC now owns 1,571 shares of the construction company's stock valued at $816,000 after purchasing an additional 40 shares in the last quarter. Public Sector Pension Investment Board lifted its holdings in Cavco Industries by 42.2% in the 1st quarter. Public Sector Pension Investment Board now owns 28,786 shares of the construction company's stock valued at $14,958,000 after purchasing an additional 8,546 shares in the last quarter. Nuveen LLC purchased a new position in Cavco Industries in the 1st quarter valued at about $11,748,000. Finally, Invesco Ltd. lifted its holdings in Cavco Industries by 7.5% in the 1st quarter. Invesco Ltd. now owns 196,210 shares of the construction company's stock valued at $101,957,000 after purchasing an additional 13,753 shares in the last quarter. 95.56% of the stock is owned by institutional investors and hedge funds.

Cavco Industries Stock Down 0.6%

Shares of CVCO stock traded down $3.13 during trading hours on Friday, hitting $480.22. 93,119 shares of the company were exchanged, compared to its average volume of 106,836. The firm has a market cap of $3.80 billion, a PE ratio of 20.82 and a beta of 1.15. Cavco Industries, Inc. has a 1 year low of $384.46 and a 1 year high of $549.99. The firm has a fifty day moving average of $432.90 and a 200 day moving average of $477.58.

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

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on CVCO. Wall Street Zen lowered shares of 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 price objective on shares of Cavco Industries in a report on Monday, August 4th.

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.