Convergence Investment Partners LLC Invests $590,000 in Cavco Industries, Inc. (NASDAQ:CVCO)

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

A number of other hedge funds have also modified their holdings of CVCO. Stephens Inc. AR boosted its holdings in Cavco Industries by 3.8% in the first quarter. Stephens Inc. AR now owns 629 shares of the construction company's stock worth $327,000 after purchasing an additional 23 shares in the last quarter. State of Wyoming boosted its holdings in Cavco Industries by 0.8% in the fourth quarter. State of Wyoming now owns 3,066 shares of the construction company's stock worth $1,368,000 after purchasing an additional 24 shares in the last quarter. Summit Investment Advisors Inc. boosted its holdings in Cavco Industries by 3.6% in the fourth quarter. Summit Investment Advisors Inc. now owns 866 shares of the construction company's stock worth $386,000 after purchasing an additional 30 shares in the last quarter. Ancora Advisors LLC boosted its holdings in Cavco Industries by 0.4% in the fourth quarter. Ancora Advisors LLC now owns 10,070 shares of the construction company's stock worth $4,494,000 after purchasing an additional 40 shares in the last quarter. Finally, Arizona State Retirement System boosted its holdings in Cavco Industries by 1.9% in the first quarter. Arizona State Retirement System now owns 2,197 shares of the construction company's stock worth $1,142,000 after purchasing an additional 41 shares in the last quarter. 95.56% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on CVCO shares. Wall Street Zen cut shares of 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 target on shares of Cavco Industries in a report on Tuesday, May 27th.

Cavco Industries Stock Up 1.3%

CVCO stock traded up $5.44 during mid-day trading on Friday, reaching $417.47. 65,660 shares of the stock traded hands, compared to its average volume of 156,992. Cavco Industries, Inc. has a 52 week low of $351.28 and a 52 week high of $549.99. The business has a 50-day moving average of $437.04 and a two-hundred day moving average of $479.63. The firm has a market capitalization of $3.38 billion, a PE ratio of 20.11 and a beta of 1.15.

Cavco Industries (NASDAQ:CVCO - Get Free Report) last released its earnings results on Thursday, May 22nd. The construction company reported $5.40 earnings per share for the quarter, beating the consensus estimate of $5.23 by $0.17. Cavco Industries had a net margin of 8.49% and a return on equity of 17.00%. The business had revenue of $508.36 million during the quarter, compared to analysts' expectations of $504.15 million. On average, equities research analysts anticipate 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.