Charles Schwab Investment Management Inc. Sells 1,610 Shares of Cavco Industries, Inc. (NASDAQ:CVCO)

Key Points

• Charles Schwab Investment Management Inc. has reduced its stake in Cavco Industries by 1.5%, now owning approximately 109,367 shares valued at about $56.83 million.
• Other firms like Victory Capital Management and Allspring Global Investments significantly increased their holdings in Cavco, indicating ongoing interest from institutional investors.
• Analysts have recently downgraded Cavco Industries' rating from "buy" to "hold" and set a price target of $550.00, reflecting a cautious outlook on the stock.

Charles Schwab Investment Management Inc. lowered its stake in shares of Cavco Industries, Inc. (NASDAQ:CVCO - Free Report) by 1.5% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 109,367 shares of the construction company's stock after selling 1,610 shares during the quarter. Charles Schwab Investment Management Inc. owned 1.35% of Cavco Industries worth $56,830,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Victory Capital Management Inc. increased 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 purchasing an additional 7,598 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its holdings in 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 acquiring an additional 4,779 shares during the period. GAMMA Investing LLC boosted 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 valued at $229,000 after acquiring an additional 123 shares during the period. Meeder Asset Management Inc. purchased a new position in Cavco Industries during the 1st quarter valued at $1,115,000. Finally, Premier Fund Managers Ltd purchased a new position in Cavco Industries during the 1st quarter valued at $688,000. Institutional investors own 95.56% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on CVCO shares. Wall Street Zen cut Cavco Industries from a "buy" rating to a "hold" rating in a report on Saturday, July 5th. Wedbush restated a "neutral" rating and set a $550.00 price objective on shares of Cavco Industries in a report on Monday, August 4th.

Cavco Industries Trading Down 0.6%

Shares of CVCO stock opened at $480.22 on Friday. Cavco Industries, Inc. has a twelve month low of $384.46 and a twelve month high of $549.99. The stock has a market capitalization of $3.80 billion, a price-to-earnings ratio of 20.82 and a beta of 1.15. The stock has a fifty day simple moving average of $432.90 and a two-hundred day simple moving average of $477.51.

Cavco Industries (NASDAQ:CVCO - Get Free Report) last issued its earnings results 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. Cavco Industries had a return on equity of 18.52% and a net margin of 8.99%. The business had revenue of $556.86 million during the quarter, compared to analysts' expectations of $524.97 million. Research analysts predict that Cavco Industries, Inc. will post 21.93 EPS for the current fiscal year.

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.

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