Cavco Industries, Inc. $CVCO is Robotti Robert's 6th Largest Position

Key Points

• Robotti Robert has reduced its stake in Cavco Industries by 2.6%, now owning 40,343 shares which make up 4.2% of its portfolio.
• Institutional investors control 95.56% of Cavco Industries' stock, with significant increases in ownership from firms like LPL Financial LLC and Wells Fargo.
• Cavco Industries reported earnings of $6.42 per share in its last quarter, surpassing estimates by $0.61, and had a revenue of $556.86 million compared to expectations of $524.97 million.

Robotti Robert lessened its position in shares of Cavco Industries, Inc. (NASDAQ:CVCO - Free Report) by 2.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 40,343 shares of the construction company's stock after selling 1,065 shares during the period. Cavco Industries accounts for 4.2% of Robotti Robert's investment portfolio, making the stock its 6th largest position. Robotti Robert owned about 0.50% of Cavco Industries worth $20,963,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Victory Capital Management Inc. lifted its position in shares of Cavco Industries by 103.3% during the 1st quarter. Victory Capital Management Inc. now owns 14,953 shares of the construction company's stock valued at $7,770,000 after buying an additional 7,598 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its position in shares of Cavco Industries by 62.7% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 12,403 shares of the construction company's stock valued at $6,402,000 after buying an additional 4,779 shares during the last quarter. GAMMA Investing LLC lifted its holdings in Cavco Industries by 38.7% during the 1st quarter. GAMMA Investing LLC now owns 441 shares of the construction company's stock worth $229,000 after purchasing an additional 123 shares in the last quarter. Meeder Asset Management Inc. purchased a new stake in Cavco Industries during the 1st quarter worth about $1,115,000. Finally, Informed Momentum Co LLC purchased a new stake in Cavco Industries during the 1st quarter worth about $4,480,000. Hedge funds and other institutional investors own 95.56% of the company's stock.

Insider Activity at Cavco Industries

In related news, Director Susan L. Blount sold 2,000 shares of the firm's stock in a transaction that occurred on Thursday, August 14th. The stock was sold at an average price of $483.21, for a total transaction of $966,420.00. Following the transaction, the director directly owned 3,126 shares in the company, valued at $1,510,514.46. This trade represents a 39.02% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 1.60% of the company's stock.

Cavco Industries Stock Up 1.7%

Shares of Cavco Industries stock traded up $8.20 during trading on Tuesday, hitting $492.23. 101,384 shares of the stock traded hands, compared to its average volume of 103,230. The stock has a market cap of $3.90 billion, a price-to-earnings ratio of 21.34 and a beta of 1.15. The firm's fifty day moving average is $434.07 and its 200-day moving average is $477.41. Cavco Industries, Inc. has a 52 week low of $384.46 and a 52 week high of $549.99.

Cavco Industries (NASDAQ:CVCO - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The construction company reported $6.42 EPS for the quarter, beating 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%. On average, analysts forecast that Cavco Industries, Inc. will post 21.93 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on CVCO. Wedbush reissued a "neutral" rating and set a $550.00 price objective on shares of Cavco Industries in a report on Monday, August 4th. Wall Street Zen cut Cavco Industries from a "buy" rating to a "hold" rating in a report on Saturday, July 5th. One analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price 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.