Fifth Third Bancorp Grows Holdings in Cavco Industries, Inc. $CVCO

Key Points

• Fifth Third Bancorp increased its stake in Cavco Industries by 599% in the first quarter, ending with 2,824 shares worth about $1.37 million.
• Several other institutional investors also added to or initiated positions in CVCO, and hedge funds and other institutions now own 95.56% of the company.
• Cavco reported Q1 EPS of $5.42, topping estimates, while analysts currently rate the stock a Moderate Buy with an average target price of $625.

Fifth Third Bancorp lifted its position in Cavco Industries, Inc. (NASDAQ:CVCO - Free Report) by 599.0% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,824 shares of the construction company's stock after purchasing an additional 2,420 shares during the period. Fifth Third Bancorp's holdings in Cavco Industries were worth $1,367,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors also recently modified their holdings of CVCO. Aster Capital Management DIFC Ltd purchased a new position in shares of Cavco Industries during the fourth quarter valued at about $46,000. Kemnay Advisory Services Inc. purchased a new position in Cavco Industries during the 4th quarter valued at approximately $50,000. Los Angeles Capital Management LLC bought a new stake in Cavco Industries in the 4th quarter worth approximately $54,000. Danske Bank A S purchased a new stake in shares of Cavco Industries during the 3rd quarter worth approximately $58,000. Finally, CIBC Private Wealth Group LLC raised its holdings in shares of Cavco Industries by 72.5% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 119 shares of the construction company's stock worth $69,000 after acquiring an additional 50 shares in the last quarter. Hedge funds and other institutional investors own 95.56% of the company's stock.

Insider Buying and Selling

In other Cavco Industries news, EVP Allison Aden sold 1,473 shares of the firm's stock in a transaction on 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 owned 9,147 shares in the company, valued at approximately $5,716,875. This trade represents a 13.87% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Richard A. Kerley sold 500 shares of the 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. In the last three months, insiders have sold 3,541 shares of company stock worth $2,121,932. Insiders own 1.70% of the company's stock.

Cavco Industries Stock Up 1.4%

CVCO opened at $569.77 on Friday. Cavco Industries, Inc. has a 52-week low of $397.38 and a 52-week high of $713.01. The company has a market cap of $4.39 billion, a P/E ratio of 23.77 and a beta of 1.28. The firm's 50-day moving average price is $565.24 and its 200-day moving average price is $553.70.

Cavco Industries (NASDAQ:CVCO - Get Free Report) last issued its quarterly earnings data on Thursday, May 21st. The construction company reported $5.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.30 by $0.12. Cavco Industries had a return on equity of 17.55% and a net margin of 8.49%.The business had revenue of $550.13 million during the quarter, compared to analysts' expectations of $571.06 million. On average, research analysts anticipate that Cavco Industries, Inc. will post 24.5 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

CVCO has been the subject of a number of recent research reports. Weiss Ratings reissued a "hold (c+)" rating on shares of Cavco Industries in a research note on Tuesday, May 26th. Zacks Research raised shares of Cavco Industries from a "strong sell" rating to a "hold" rating in a report on Friday, April 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 on the stock. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat, Cavco Industries presently has a consensus rating of "Moderate Buy" and an average target price of $625.00.

Cavco Industries Profile

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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