Corient Private Wealth LP Increases Stake in Cavco Industries, Inc. $CVCO

Key Points

• Corient Private Wealth increased its Cavco Industries stake by 296% in the second quarter, bringing its holdings to 5,509 shares worth approximately $3.4 million. Institutional investors collectively own 95.56% of the company.
• Analyst sentiment is mixed: UBS initiated coverage with a Buy rating and a $700 price target, while Zacks Research downgraded the stock to Strong Sell. The overall consensus rating is Hold with an average price target of $700.
• Cavco reported quarterly revenue of $609.96 million, exceeding estimates, but earnings of $5.43 per share fell short of the $5.69 consensus. Company insiders sold 1,845 shares worth about $1.14 million over the past 90 days.

Corient Private Wealth LP boosted its stake in Cavco Industries, Inc. (NASDAQ:CVCO - Free Report) by 296.0% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 5,509 shares of the construction company's stock after buying an additional 4,118 shares during the period. Corient Private Wealth LP owned 0.07% of Cavco Industries worth $3,385,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Fifth Third Bancorp grew its stake in Cavco Industries by 599.0% in the first quarter. Fifth Third Bancorp now owns 2,824 shares of the construction company's stock worth $1,367,000 after purchasing an additional 2,420 shares during the period. Robotti Robert purchased a new position in Cavco Industries during the second quarter valued at $19,903,000. Intech Investment Management LLC boosted its holdings in shares of Cavco Industries by 58.0% during the 4th quarter. Intech Investment Management LLC now owns 5,766 shares of the construction company's stock valued at $3,406,000 after buying an additional 2,116 shares in the last quarter. California State Teachers Retirement System boosted its holdings in shares of Cavco Industries by 24.1% during the 1st quarter. California State Teachers Retirement System now owns 9,319 shares of the construction company's stock valued at $4,513,000 after buying an additional 1,808 shares in the last quarter. Finally, Militia Capital Management LLC purchased a new stake in shares of Cavco Industries in the 1st quarter worth about $1,811,000. 95.56% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on CVCO shares. Zacks Research lowered shares of Cavco Industries from a "hold" rating to a "strong sell" rating in a research note on Monday, August 3rd. UBS Group assumed coverage on shares of Cavco Industries in a research note on Friday, June 5th. They set a "buy" rating and a $700.00 target price for the company. Weiss Ratings lowered shares of Cavco Industries from a "hold (c+)" rating to a "hold (c)" rating in a report on Monday, September 14th. Finally, Zelman & Associates cut Cavco Industries from an "outperform" rating to a "neutral" rating in a research report on Thursday, August 6th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $700.00.

Insider Activity

In other news, CAO Paul Bigbee sold 342 shares of the stock in a transaction that occurred on Tuesday, August 18th. The shares were sold at an average price of $592.00, for a total value of $202,464.00. Following the transaction, the chief accounting officer owned 736 shares in the company, valued at $435,712. This represents a 31.73% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Allison Aden sold 1,473 shares of the stock in a transaction that occurred on Thursday, June 25th. The stock was sold at an average price of $625.00, for a total transaction of $920,625.00. Following the completion of the transaction, the executive vice president owned 9,147 shares in the company, valued at $5,716,875. This trade represents a 13.87% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 1,845 shares of company stock valued at $1,140,188 in the last ninety days. Insiders own 1.70% of the company's stock.

Cavco Industries Price Performance

CVCO stock opened at $531.04 on Monday. Cavco Industries, Inc. has a 1 year low of $443.33 and a 1 year high of $713.01. The company has a market cap of $4.08 billion, a P/E ratio of 23.11 and a beta of 1.28. The stock's fifty day moving average price is $567.91 and its 200-day moving average price is $543.07.

Cavco Industries (NASDAQ:CVCO - Get Free Report) last posted its quarterly earnings data on Thursday, July 30th. The construction company reported $5.43 EPS for the quarter, missing analysts' consensus estimates of $5.69 by ($0.26). The firm had revenue of $609.96 million for the quarter, compared to analysts' expectations of $590.54 million. Cavco Industries had a net margin of 7.89% and a return on equity of 16.51%. As a group, analysts expect that Cavco Industries, Inc. will post 22.75 earnings per share for the current year.

Cavco Industries Profile

Cavco Industries, Inc is a manufacturer of factory-built housing and related products. The company produces manufactured homes, modular homes, park model recreational vehicles and other factory-built structures for residential, commercial and recreational applications. Its homes are sold under a range of brands, including Cavco, Fleetwood, Palm Harbor and Nationwide Homes.

Cavco markets its products through an independent dealer network as well as company-owned retail locations. It also provides financing and insurance services for manufactured-home buyers through affiliated businesses, including CountryPlace Mortgage and insurance operations.

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