Convergence Investment Partners LLC Purchases New Shares in Cavco Industries, Inc. (NASDAQ:CVCO)

Convergence Investment Partners LLC purchased a new position in Cavco Industries, Inc. (NASDAQ:CVCO - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 1,136 shares of the construction company's stock, valued at approximately $590,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. CWM LLC raised its holdings in shares of Cavco Industries by 44.0% during the first quarter. CWM LLC now owns 157 shares of the construction company's stock worth $82,000 after purchasing an additional 48 shares during the last quarter. ClearAlpha Technologies LP acquired a new stake in Cavco Industries during the fourth quarter valued at $204,000. DAVENPORT & Co LLC acquired a new stake in Cavco Industries during the first quarter valued at $208,000. New Age Alpha Advisors LLC acquired a new stake in Cavco Industries during the fourth quarter valued at $215,000. Finally, Tower Research Capital LLC TRC grew its position in Cavco Industries by 58.6% during the fourth quarter. Tower Research Capital LLC TRC now owns 490 shares of the construction company's stock valued at $219,000 after buying an additional 181 shares during the period. Hedge funds and other institutional investors own 95.56% of the company's stock.

Cavco Industries Price Performance

CVCO traded up $5.44 on Friday, reaching $417.47. 65,660 shares of the company's stock were exchanged, compared to its average volume of 156,992. The stock has a market cap of $3.38 billion, a PE ratio of 20.11 and a beta of 1.15. Cavco Industries, Inc. has a twelve month low of $351.28 and a twelve month high of $549.99. The stock's fifty day moving average price is $437.04 and its 200-day moving average price is $479.39.

Cavco Industries (NASDAQ:CVCO - Get Free Report) last posted its quarterly earnings results on Thursday, May 22nd. The construction company reported $5.40 earnings per share for the quarter, topping analysts' consensus estimates of $5.23 by $0.17. Cavco Industries had a net margin of 8.49% and a return on equity of 17.00%. The firm had revenue of $508.36 million for the quarter, compared to analyst estimates of $504.15 million. As a group, research analysts predict that Cavco Industries, Inc. will post 21.93 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. Wall Street Zen lowered shares of Cavco Industries from a "buy" rating to a "hold" rating in a research report on Saturday, July 5th. Wedbush reiterated a "neutral" rating and issued a $550.00 target price on shares of Cavco Industries in a research report on Tuesday, May 27th.

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.