Deutsche Bank AG Acquires Shares of 13,876 Cavco Industries, Inc. $CVCO

Key Points

• Deutsche Bank acquired 13,876 shares of Cavco Industries during the second quarter, worth approximately $8.5 million and representing a 0.18% stake. Institutional investors collectively own 95.56% of the company.
• Analyst sentiment is mixed: Cavco has an overall “Hold” rating, with one Strong Buy, one Buy, two Hold and one Sell rating; the average price target is $700.
• Cavco reported quarterly revenue of $609.96 million, exceeding expectations, but earnings per share of $5.43 fell short of the $5.69 consensus estimate. Meanwhile, company insiders sold 3,753 shares worth about $2.27 million over the past quarter.

Deutsche Bank AG acquired a new stake in Cavco Industries, Inc. (NASDAQ:CVCO - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 13,876 shares of the construction company's stock, valued at approximately $8,525,000. Deutsche Bank AG owned 0.18% of Cavco Industries at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the business. Royal Bank of Canada raised its position in Cavco Industries by 5.2% in the 1st quarter. Royal Bank of Canada now owns 18,951 shares of the construction company's stock valued at $9,849,000 after purchasing an additional 934 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Cavco Industries by 1.9% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,799 shares of the construction company's stock worth $2,494,000 after purchasing an additional 90 shares during the last quarter. United Services Automobile Association purchased a new position in Cavco Industries during the 1st quarter worth $266,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in Cavco Industries by 15.4% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 17,876 shares of the construction company's stock worth $9,289,000 after purchasing an additional 2,384 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. increased its stake in Cavco Industries by 12.4% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 199 shares of the construction company's stock valued at $86,000 after purchasing an additional 22 shares during the period. 95.56% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on CVCO. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Cavco Industries in a report on Tuesday, May 26th. Zelman & Associates cut Cavco Industries from an "outperform" rating to a "neutral" rating in a research report on Thursday, August 6th. Zacks Research downgraded Cavco Industries from a "hold" rating to a "strong sell" rating in a research note on Monday, August 3rd. Finally, UBS Group began coverage on Cavco Industries in a research note on Friday, June 5th. They set a "buy" rating and a $700.00 price objective for the company. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, two have given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $700.00.

Insider Activity

In related news, EVP Allison Aden sold 1,473 shares of the stock in a transaction dated Thursday, June 25th. The shares were 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 directly owned 9,147 shares of the company's stock, valued at $5,716,875. This represents a 13.87% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Richard A. Kerley sold 500 shares of the firm's stock in a transaction dated Tuesday, June 9th. The shares were sold at an average price of $588.76, for a total transaction of $294,380.00. Following the completion of the sale, the director owned 6,169 shares of the company's stock, valued at approximately $3,632,060.44. The trade was a 7.50% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 3,753 shares of company stock valued at $2,266,918 over the last quarter. Corporate insiders own 1.70% of the company's stock.

Cavco Industries Price Performance

NASDAQ:CVCO opened at $582.55 on Monday. The firm's fifty day moving average price is $584.13 and its 200 day moving average price is $544.76. Cavco Industries, Inc. has a 1-year low of $443.33 and a 1-year high of $713.01. The firm has a market cap of $4.48 billion, a price-to-earnings ratio of 25.35 and a beta of 1.29.

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 analysts' consensus estimates of $5.69 by ($0.26). Cavco Industries had a return on equity of 16.51% and a net margin of 7.89%.The firm had revenue of $609.96 million for the quarter, compared to analysts' expectations of $590.54 million. As a group, analysts expect that Cavco Industries, Inc. will post 22.75 earnings per share for the current fiscal year.

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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