Ieq Capital LLC Takes Position in Cavco Industries, Inc. $CVCO

Key Points

• Ieq Capital LLC made a new investment in Cavco Industries, acquiring 466 shares worth approximately $242,000 in the first quarter.
• Cavco Industries experienced significant increases in holdings from other institutional investors, with 95.56% of its stock owned by hedge funds and institutions.
• Insider transactions included a director selling 500 shares for $240,275, reflecting a 6.52% decrease in their ownership.

Ieq Capital LLC bought a new position in Cavco Industries, Inc. (NASDAQ:CVCO - Free Report) in the first quarter, according to its most recent disclosure with the SEC. The firm bought 466 shares of the construction company's stock, valued at approximately $242,000.

Other hedge funds have also modified their holdings of the company. Victory Capital Management Inc. grew its holdings in shares of Cavco Industries by 103.3% during the 1st quarter. Victory Capital Management Inc. now owns 14,953 shares of the construction company's stock worth $7,770,000 after purchasing an additional 7,598 shares during the period. Allspring Global Investments Holdings LLC boosted its holdings in Cavco Industries by 62.7% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 12,403 shares of the construction company's stock valued at $6,402,000 after acquiring an additional 4,779 shares during the period. GAMMA Investing LLC boosted its holdings in Cavco Industries by 38.7% during the 1st quarter. GAMMA Investing LLC now owns 441 shares of the construction company's stock valued at $229,000 after acquiring an additional 123 shares during the period. Meeder Asset Management Inc. purchased a new position in shares of Cavco Industries in the 1st quarter valued at about $1,115,000. Finally, Informed Momentum Co LLC purchased a new position in shares of Cavco Industries in the 1st quarter valued at about $4,480,000. 95.56% of the stock is currently owned by hedge funds and other institutional investors.

Cavco Industries Price Performance

Shares of NASDAQ:CVCO traded down $4.45 during trading on Tuesday, reaching $541.74. The company had a trading volume of 141,293 shares, compared to its average volume of 155,702. The firm has a market capitalization of $4.29 billion, a price-to-earnings ratio of 23.48 and a beta of 1.23. The stock's fifty day moving average price is $468.47 and its 200 day moving average price is $477.12. Cavco Industries, Inc. has a fifty-two week low of $393.53 and a fifty-two week high of $568.97.

Cavco Industries (NASDAQ:CVCO - Get Free Report) last released its 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. Cavco Industries had a return on equity of 18.52% and a net margin of 8.99%.The business had revenue of $556.86 million for the quarter, compared to analyst estimates of $524.97 million. On average, equities analysts anticipate that Cavco Industries, Inc. will post 21.93 EPS for the current fiscal year.

Insider Activity at Cavco Industries

In related news, Director Susan L. Blount sold 2,500 shares of Cavco Industries stock in a transaction that occurred on 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 sale, the director directly owned 3,126 shares in the company, valued at $1,623,331.80. The trade was a 44.44% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CAO Paul Bigbee sold 300 shares of Cavco Industries stock in a transaction that occurred on Friday, August 29th. The shares were sold at an average price of $530.45, for a total value of $159,135.00. Following the completion of the sale, the chief accounting officer owned 774 shares in the company, valued at approximately $410,568.30. This trade represents a 27.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 5,600 shares of company stock worth $2,820,884 over the last three months. 1.60% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on CVCO. Wedbush reissued a "neutral" rating and set a $550.00 target price on shares of Cavco Industries in a research report on Monday, August 4th. Wall Street Zen lowered Cavco Industries from a "buy" rating to a "hold" rating in a research report on Saturday, July 5th. One equities research analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $522.50.

Cavco Industries 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.