Deutsche Bank AG Sells 4,770 Shares of Cavco Industries, Inc. $CVCO

Key Points

• Deutsche Bank AG decreased its holdings in Cavco Industries by 25.3%, selling 4,770 shares, and now owns approximately 14,048 shares worth $7.3 million.
• Other hedge funds significantly increased their stakes in Cavco Industries, with Victory Capital Management boosting its holding by 103.3% during the same period.
• Analysts have recently downgraded Cavco Industries from a "buy" to a "hold" rating, with target prices ranging around $550.00.

Deutsche Bank AG cut its holdings in Cavco Industries, Inc. (NASDAQ:CVCO - Free Report) by 25.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 14,048 shares of the construction company's stock after selling 4,770 shares during the quarter. Deutsche Bank AG owned approximately 0.17% of Cavco Industries worth $7,300,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Vanguard Group Inc. grew its position in shares of Cavco Industries by 5.1% in the 1st quarter. Vanguard Group Inc. now owns 774,842 shares of the construction company's stock worth $402,631,000 after buying an additional 37,249 shares during the period. Jefferies Financial Group Inc. purchased a new stake in shares of Cavco Industries in the 1st quarter worth about $981,000. Empirical Financial Services LLC d.b.a. Empirical Wealth Management grew its position in shares of Cavco Industries by 9.1% in the 1st quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 2,312 shares of the construction company's stock worth $1,201,000 after buying an additional 192 shares during the period. Premier Fund Managers Ltd purchased a new stake in shares of Cavco Industries in the 1st quarter worth about $688,000. Finally, Meeder Asset Management Inc. purchased a new stake in shares of Cavco Industries in the 1st quarter worth about $1,115,000. 95.56% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Susan L. Blount sold 2,000 shares of the stock in a transaction that occurred on Thursday, August 14th. The shares were sold at an average price of $483.21, for a total value of $966,420.00. Following the transaction, the director owned 3,126 shares in the company, valued at $1,510,514.46. This represents a 39.02% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.60% of the stock is currently owned by insiders.

Cavco Industries Stock Up 1.2%

Shares of NASDAQ CVCO traded up $5.72 during trading on Tuesday, reaching $489.75. 115,979 shares of the company traded hands, compared to its average volume of 103,317. The firm has a 50 day simple moving average of $434.07 and a 200-day simple moving average of $477.41. The stock has a market capitalization of $3.88 billion, a PE ratio of 21.23 and a beta of 1.15. Cavco Industries, Inc. has a 52-week low of $384.46 and a 52-week high of $549.99.

Cavco Industries (NASDAQ:CVCO - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The construction company reported $6.42 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $5.81 by $0.61. The firm had revenue of $556.86 million for the quarter, compared to the consensus estimate of $524.97 million. Cavco Industries had a net margin of 8.99% and a return on equity of 18.52%. As a group, research analysts predict that Cavco Industries, Inc. will post 21.93 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on CVCO. Wedbush reiterated a "neutral" rating and issued a $550.00 price target on shares of Cavco Industries in a research note on Monday, August 4th. Wall Street Zen cut shares of Cavco Industries from a "buy" rating to a "hold" rating in a research note on Saturday, July 5th. One research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $522.50.

Cavco Industries Company 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.