Harbor Capital Advisors Inc. Purchases 887 Shares of Cavco Industries, Inc. $CVCO

Key Points

• Harbor Capital Advisors Inc. increased its stake in Cavco Industries by 3.9%, owning a total of 23,791 shares worth approximately $10.34 million.
• Cavco Industries reported $6.42 earnings per share for the last quarter, exceeding analysts' estimates by $0.61, with revenue of $556.86 million.
• Insider selling activity has occurred, with significant sales by directors, including Richard A. Kerley and Susan L. Blount, indicating a decrease in personal ownership of the stock.

Harbor Capital Advisors Inc. boosted its stake in Cavco Industries, Inc. (NASDAQ:CVCO - Free Report) by 3.9% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 23,791 shares of the construction company's stock after buying an additional 887 shares during the period. Harbor Capital Advisors Inc. owned 0.29% of Cavco Industries worth $10,336,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of CVCO. GAMMA Investing LLC increased its stake in shares of Cavco Industries by 71,961.9% in the first quarter. GAMMA Investing LLC now owns 229,157 shares of the construction company's stock valued at $119,077,000 after purchasing an additional 228,839 shares during the period. Ameriprise Financial Inc. raised its stake in shares of Cavco Industries by 64.0% during the first quarter. Ameriprise Financial Inc. now owns 155,765 shares of the construction company's stock valued at $80,940,000 after purchasing an additional 60,779 shares in the last quarter. Vanguard Group Inc. lifted its holdings in Cavco Industries by 5.1% in the first quarter. Vanguard Group Inc. now owns 774,842 shares of the construction company's stock worth $402,631,000 after purchasing an additional 37,249 shares during the period. Millennium Management LLC increased its stake in shares of Cavco Industries by 628.4% during the first quarter. Millennium Management LLC now owns 39,721 shares of the construction company's stock valued at $20,640,000 after acquiring an additional 34,268 shares during the period. Finally, Broad Bay Capital Management LP grew its holdings in Cavco Industries by 18.3% during the first quarter. Broad Bay Capital Management LP now owns 178,189 shares of the construction company's stock worth $92,592,000 after acquiring an additional 27,503 shares during the period. Institutional investors own 95.56% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on CVCO. Wedbush reissued a "neutral" rating and issued a $550.00 price target on shares of Cavco Industries in a report on Monday, August 4th. Wall Street Zen lowered shares of Cavco Industries from a "buy" rating to a "hold" rating in a research note on Saturday, July 5th. One investment analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, Cavco Industries presently has a consensus rating of "Moderate Buy" and a consensus price target of $522.50.

Cavco Industries Stock Down 1.3%

Shares of CVCO traded down $7.09 during midday trading on Friday, reaching $556.53. 289,119 shares of the stock were exchanged, compared to its average volume of 177,055. The firm has a 50 day simple moving average of $484.52 and a 200-day simple moving average of $478.99. Cavco Industries, Inc. has a 12-month low of $393.53 and a 12-month high of $574.20. The company has a market cap of $4.41 billion, a price-to-earnings ratio of 24.12 and a beta of 1.23.

Cavco Industries (NASDAQ:CVCO - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The construction company reported $6.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.81 by $0.61. The business had revenue of $556.86 million during 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%. Research analysts expect that Cavco Industries, Inc. will post 21.93 earnings per share for the current fiscal year.

Insider Activity at Cavco Industries

In other Cavco Industries news, Director Susan L. Blount sold 2,500 shares of the stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $519.30, for a total value of $1,298,250.00. Following the completion of the sale, the director directly owned 3,126 shares in the company, valued at $1,623,331.80. This represents a 44.44% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Paul Bigbee sold 300 shares of the company's stock in a transaction on Friday, August 29th. The stock was sold at an average price of $530.45, for a total transaction of $159,135.00. Following the completion of the transaction, the chief accounting officer directly owned 774 shares of the company's stock, valued at approximately $410,568.30. The trade was a 27.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 5,600 shares of company stock worth $2,820,884 over the last ninety days. Company insiders own 1.60% of the company's stock.

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.