Cavco Industries, Inc. $CVCO Holdings Lifted by Citigroup Inc.

Key Points

• Citigroup Inc. increased its stake in Cavco Industries by 12.9%, acquiring an additional 2,266 shares to bring its total holdings to 19,809 shares valued at approximately $10.3 million.
• Other institutional investors, like Vanguard Group and GAMMA Investing LLC, also made significant increases in their holdings of Cavco Industries recently, demonstrating strong interest in the company's stock.
• Cavco Industries reported a Q2 EPS of $6.42, exceeding estimates, along with revenue of $556.86 million, amidst positive market sentiment driven by demand for affordable housing.

Citigroup Inc. raised its holdings in shares of Cavco Industries, Inc. (NASDAQ:CVCO - Free Report) by 12.9% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 19,809 shares of the construction company's stock after buying an additional 2,266 shares during the period. Citigroup Inc. owned about 0.24% of Cavco Industries worth $10,293,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Victory Capital Management Inc. raised its stake in shares of Cavco Industries by 103.3% during the first 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 period. Allspring Global Investments Holdings LLC raised its stake in shares of Cavco Industries by 62.7% during the first quarter. Allspring Global Investments Holdings LLC now owns 12,403 shares of the construction company's stock valued at $6,402,000 after purchasing an additional 4,779 shares during the period. GAMMA Investing LLC raised its stake in shares of Cavco Industries by 38.7% during the first quarter. GAMMA Investing LLC now owns 441 shares of the construction company's stock valued at $229,000 after purchasing an additional 123 shares during the period. Meeder Asset Management Inc. purchased a new stake in shares of Cavco Industries during the first quarter valued at approximately $1,115,000. Finally, Premier Fund Managers Ltd purchased a new stake in shares of Cavco Industries during the first quarter valued at approximately $688,000. 95.56% of the stock is owned by institutional investors and hedge funds.

Cavco Industries Price Performance

Shares of NASDAQ:CVCO traded up $2.18 during midday trading on Thursday, reaching $487.29. The company had a trading volume of 190,571 shares, compared to its average volume of 114,357. The stock's fifty day moving average price is $437.86 and its 200-day moving average price is $477.33. The stock has a market capitalization of $3.86 billion, a P/E ratio of 21.12 and a beta of 1.15. Cavco Industries, Inc. has a one year low of $388.68 and a one year high of $549.99.

Cavco Industries (NASDAQ:CVCO - Get Free Report) last released its earnings results on Thursday, July 31st. The construction company reported $6.42 earnings per share for the quarter, beating the consensus estimate of $5.81 by $0.61. Cavco Industries had a net margin of 8.99% and a return on equity of 18.52%. The firm had revenue of $556.86 million during the quarter, compared to analyst estimates of $524.97 million. As a group, sell-side analysts forecast that Cavco Industries, Inc. will post 21.93 earnings per share for the current year.

Insiders Place Their Bets

In other Cavco Industries news, Director Susan L. Blount sold 2,000 shares of the business's stock in a transaction on Thursday, August 14th. The shares were sold at an average price of $483.21, for a total transaction of $966,420.00. Following the completion of the sale, the director owned 3,126 shares in the company, valued at $1,510,514.46. The trade was a 39.02% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.60% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

CVCO has been the topic of a number of analyst reports. Wedbush reiterated a "neutral" rating and set a $550.00 price objective on shares of Cavco Industries in a research note on Monday, August 4th. Wall Street Zen lowered shares of Cavco Industries from a "buy" rating to a "hold" rating in a research note on Saturday, July 5th. One research analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $522.50.

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.