Mackenzie Financial Corp Boosts Stock Position in Cavco Industries, Inc. (NASDAQ:CVCO)

Key Points

• Mackenzie Financial Corp increased its ownership in Cavco Industries by 112.4%, acquiring an additional 616 shares, bringing its total to 1,164 shares valued at approximately $605,000.
• Analysts have issued mixed ratings for Cavco Industries, with Wedbush maintaining a "neutral" rating and a price target of $550, while Wall Street Zen downgraded it from "buy" to "hold."
• Cavco Industries reported a quarterly earnings per share (EPS) of $6.42, surpassing estimates, with a revenue of $556.86 million against expectations of $524.97 million.

Mackenzie Financial Corp raised its holdings in Cavco Industries, Inc. (NASDAQ:CVCO - Free Report) by 112.4% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,164 shares of the construction company's stock after buying an additional 616 shares during the quarter. Mackenzie Financial Corp's holdings in Cavco Industries were worth $605,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in CVCO. LPL Financial LLC boosted its holdings in Cavco Industries by 174.5% in the fourth quarter. LPL Financial LLC now owns 2,114 shares of the construction company's stock valued at $943,000 after acquiring an additional 1,344 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Cavco Industries by 21.5% during the 4th quarter. JPMorgan Chase & Co. now owns 43,590 shares of the construction company's stock valued at $19,451,000 after purchasing an additional 7,703 shares in the last quarter. Pictet Asset Management Holding SA increased its position in shares of Cavco Industries by 30.2% during the fourth quarter. Pictet Asset Management Holding SA now owns 1,117 shares of the construction company's stock valued at $498,000 after buying an additional 259 shares during the period. O Shaughnessy Asset Management LLC increased its position in shares of Cavco Industries by 8.5% during the fourth quarter. O Shaughnessy Asset Management LLC now owns 763 shares of the construction company's stock valued at $340,000 after buying an additional 60 shares during the period. Finally, Franklin Resources Inc. raised its stake in Cavco Industries by 19.5% in the fourth quarter. Franklin Resources Inc. now owns 11,394 shares of the construction company's stock worth $5,084,000 after buying an additional 1,856 shares in the last quarter. Institutional investors own 95.56% of the company's stock.

Cavco Industries Trading Up 0.6%

CVCO traded up $2.72 during midday trading on Friday, reaching $454.21. The company's stock had a trading volume of 61,549 shares, compared to its average volume of 102,314. Cavco Industries, Inc. has a 1 year low of $359.26 and a 1 year high of $549.99. The firm has a market capitalization of $3.60 billion, a price-to-earnings ratio of 19.69 and a beta of 1.15. The stock's 50-day moving average is $427.86 and its 200-day moving average is $477.40.

Cavco Industries (NASDAQ:CVCO - Get Free Report) last released its earnings results on Thursday, July 31st. The construction company reported $6.42 EPS for the quarter, topping the consensus estimate 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 the consensus estimate of $524.97 million. As a group, equities research analysts forecast that Cavco Industries, Inc. will post 21.93 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research firms have weighed in on CVCO. Wedbush reiterated a "neutral" rating and set a $550.00 target price on shares of Cavco Industries in a report on Monday. Wall Street Zen downgraded Cavco Industries from a "buy" rating to a "hold" rating in a report on Saturday, July 5th.

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.