Corient Private Wealth LP Purchases Shares of 4,883 Cavco Industries, Inc. $CVCO

Key Points

• Corient Private Wealth LP purchased 4,883 shares of Cavco Industries valued at approximately $3 million, while institutional investors collectively own 95.56% of the company.
• Cavco reported quarterly EPS of $5.43, below the $5.69 consensus estimate, though revenue of $609.96 million exceeded expectations of $590.54 million.
• Analyst sentiment is mixed, with Cavco carrying an overall “Hold” rating and an average price target of $700 versus its reported share price of $552.85.

Corient Private Wealth LP acquired a new position in Cavco Industries, Inc. (NASDAQ:CVCO - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 4,883 shares of the construction company's stock, valued at approximately $3,000,000. Corient Private Wealth LP owned 0.06% of Cavco Industries as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the business. Northwestern Mutual Wealth Management Co. grew its position in Cavco Industries by 852,093.4% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 1,798,128 shares of the construction company's stock valued at $1,062,226,000 after buying an additional 1,797,917 shares during the period. BlackRock Inc. bought a new position in Cavco Industries in the second quarter worth approximately $767,112,000. Boston Partners boosted its stake in shares of Cavco Industries by 82.8% during the 3rd quarter. Boston Partners now owns 369,177 shares of the construction company's stock worth $213,866,000 after acquiring an additional 167,230 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of Cavco Industries by 53.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 213,572 shares of the construction company's stock worth $126,166,000 after acquiring an additional 74,542 shares during the last quarter. Finally, Jupiter Topco LLC bought a new stake in shares of Cavco Industries during the 2nd quarter valued at $42,954,000. Institutional investors own 95.56% of the company's stock.

Cavco Industries Price Performance

CVCO opened at $552.85 on Wednesday. The firm has a market cap of $4.25 billion, a P/E ratio of 24.06 and a beta of 1.28. Cavco Industries, Inc. has a 1-year low of $443.33 and a 1-year high of $713.01. The company has a 50 day simple moving average of $580.93 and a two-hundred day simple moving average of $546.57.

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

Insiders Place Their Bets

In other news, EVP Allison Aden sold 1,473 shares of the business's stock in a transaction dated Thursday, June 25th. The stock was sold at an average price of $625.00, for a total value of $920,625.00. Following the transaction, the executive vice president directly owned 9,147 shares in the company, valued at $5,716,875. The trade was a 13.87% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Paul Bigbee sold 342 shares of the company's stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of $592.00, for a total value of $202,464.00. Following the completion of the transaction, the chief accounting officer directly owned 736 shares of the company's stock, valued at approximately $435,712. This trade represents a 31.73% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 3,553 shares of company stock worth $2,159,368. Corporate insiders own 1.70% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on CVCO shares. Weiss Ratings restated a "hold (c+)" rating on shares of Cavco Industries in a research note on Friday, August 21st. Zacks Research downgraded Cavco Industries from a "hold" rating to a "strong sell" rating in a research report on Monday, August 3rd. Zelman & Associates lowered Cavco Industries from an "outperform" rating to a "neutral" rating in a report on Thursday, August 6th. Finally, UBS Group assumed coverage on Cavco Industries in a research report on Friday, June 5th. They issued a "buy" rating and a $700.00 price target for the company. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Cavco Industries presently has an average rating of "Hold" and an average target price of $700.00.

About Cavco Industries

Cavco Industries, Inc is a leading designer, manufacturer and retailer of factory-built homes and modular structures. The company produces a range of HUD-code manufactured homes, modular buildings, park model RVs and cabins through its network of production facilities. Its offerings cater to both residential and commercial markets, including customizable single- and multi-section homes, workforce and affordable housing solutions, educational and healthcare modules, as well as specialty lodging products for the recreational vehicle and hospitality industries.

Since its founding in 1967, Cavco has grown through strategic investments and acquisitions, expanding its footprint across the United States and into parts of Canada and Mexico.

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