Handelsbanken Fonder AB Sells 6,035 Shares of Cavco Industries, Inc. $CVCO

Key Points

• Handelsbanken Fonder reduced its Cavco Industries stake by 13%, selling 6,035 shares and retaining 40,551 shares worth approximately $24.9 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 and Zelman & Associates downgraded the stock. The overall consensus rating remains Hold with a $700 average target.
• Cavco shares opened at $598.38, near their 50-day average, after the company reported quarterly EPS of $5.43—below estimates—but revenue of $609.96 million, above expectations.

Handelsbanken Fonder AB trimmed its stake in shares of Cavco Industries, Inc. (NASDAQ:CVCO - Free Report) by 13.0% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 40,551 shares of the construction company's stock after selling 6,035 shares during the quarter. Handelsbanken Fonder AB owned approximately 0.53% of Cavco Industries worth $24,914,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Aster Capital Management DIFC Ltd acquired a new position in shares of Cavco Industries during the fourth quarter worth $46,000. Kemnay Advisory Services Inc. acquired a new stake in shares of Cavco Industries during the 4th quarter valued at $50,000. Los Angeles Capital Management LLC bought a new stake in Cavco Industries during the 4th quarter worth $54,000. Osaic Holdings Inc. grew its position in Cavco Industries by 118.2% during the 2nd quarter. Osaic Holdings Inc. now owns 120 shares of the construction company's stock worth $57,000 after acquiring an additional 65 shares during the last quarter. Finally, Danske Bank A S acquired a new position in Cavco Industries in the 3rd quarter worth about $58,000. Institutional investors and hedge funds own 95.56% of the company's stock.

Insider Buying and Selling

In related news, CAO Paul Bigbee sold 200 shares of the company's stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $537.75, for a total value of $107,550.00. Following the sale, the chief accounting officer directly owned 1,105 shares in the company, valued at $594,213.75. This represents a 15.33% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Richard A. Kerley sold 500 shares of the stock in a transaction that occurred on Tuesday, June 9th. The shares were sold at an average price of $588.76, for a total transaction of $294,380.00. Following the sale, the director directly owned 6,169 shares of the company's stock, valued at $3,632,060.44. This represents a 7.50% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 3,571 shares of company stock valued at $2,139,031 over the last ninety days. 1.70% of the stock is owned by company insiders.

Analyst Ratings Changes

Several research firms have commented on CVCO. UBS Group assumed coverage on Cavco Industries in a research report on Friday, June 5th. They issued a "buy" rating and a $700.00 target price for the company. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Cavco Industries in a research note on Tuesday, May 26th. Zacks Research lowered shares of Cavco Industries from a "hold" rating to a "strong sell" rating in a report on Monday, August 3rd. Finally, Zelman & Associates lowered shares of Cavco Industries from an "outperform" rating to a "neutral" rating in a 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 given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $700.00.

Cavco Industries Stock Up 0.7%

Shares of NASDAQ:CVCO opened at $598.38 on Thursday. The firm has a market cap of $4.60 billion, a P/E ratio of 26.04 and a beta of 1.29. Cavco Industries, Inc. has a 12-month low of $443.33 and a 12-month high of $713.01. The business has a fifty day simple moving average of $580.94 and a 200 day simple moving average of $544.70.

Cavco Industries (NASDAQ:CVCO - Get Free Report) last released its quarterly earnings results 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 company had revenue of $609.96 million during the quarter, compared to the consensus estimate of $590.54 million. Cavco Industries had a net margin of 7.89% and a return on equity of 16.51%. As a group, equities research analysts expect that Cavco Industries, Inc. will post 22.75 EPS for the current 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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