Man Group plc Makes New $4.40 Million Investment in Cavco Industries, Inc. $CVCO

Key Points

• Man Group plc purchased 7,167 Cavco Industries shares worth approximately $4.4 million, giving it a 0.09% stake. Institutional investors and hedge funds collectively own 95.56% of CVCO.
• Cavco reported quarterly EPS of $5.43, below the $5.69 consensus estimate, while revenue of $609.96 million exceeded expectations. The stock recently opened at $568.40, with a 12-month range of $443.33 to $713.01.
• Analyst sentiment is mixed, with the stock carrying an overall “Hold” rating and an average price target of $700. Insiders sold 3,553 shares worth approximately $2.16 million over the past 90 days.

Man Group plc purchased a new stake in Cavco Industries, Inc. (NASDAQ:CVCO - Free Report) during the second quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 7,167 shares of the construction company's stock, valued at approximately $4,403,000. Man Group plc owned approximately 0.09% of Cavco Industries at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in CVCO. Parkside Financial Bank & Trust increased its stake in shares of Cavco Industries by 13.4% during the fourth quarter. Parkside Financial Bank & Trust now owns 152 shares of the construction company's stock worth $90,000 after buying an additional 18 shares during the period. Sheets Smith Wealth Management lifted its stake in Cavco Industries by 0.9% in the first quarter. Sheets Smith Wealth Management now owns 2,250 shares of the construction company's stock worth $1,090,000 after acquiring an additional 20 shares during the last quarter. Northwestern Mutual Wealth Management Co. grew its holdings in Cavco Industries by 12.4% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 199 shares of the construction company's stock worth $86,000 after acquiring an additional 22 shares in the last quarter. GAMMA Investing LLC grew its holdings in Cavco Industries by 8.6% during the 2nd quarter. GAMMA Investing LLC now owns 415 shares of the construction company's stock worth $255,000 after acquiring an additional 33 shares in the last quarter. Finally, Aristides Capital LLC increased its position in shares of Cavco Industries by 4.6% in the 4th quarter. Aristides Capital LLC now owns 902 shares of the construction company's stock valued at $533,000 after purchasing an additional 40 shares during the last quarter. 95.56% of the stock is owned by institutional investors and hedge funds.

Cavco Industries Stock Performance

CVCO stock opened at $568.40 on Monday. Cavco Industries, Inc. has a twelve month low of $443.33 and a twelve month high of $713.01. The company's 50 day moving average is $582.13 and its two-hundred day moving average is $546.75. The stock has a market cap of $4.37 billion, a P/E ratio of 24.73 and a beta of 1.29.

Cavco Industries (NASDAQ:CVCO - Get Free Report) last issued its earnings results on Thursday, July 30th. The construction company reported $5.43 earnings per share (EPS) for the quarter, missing the consensus estimate of $5.69 by ($0.26). The company had revenue of $609.96 million during the quarter, compared to analyst estimates of $590.54 million. Cavco Industries had a net margin of 7.89% and a return on equity of 16.51%. On average, equities research analysts predict that Cavco Industries, Inc. will post 22.75 earnings per share for the current year.

Insider Activity at Cavco Industries

In other Cavco Industries news, EVP Allison Aden sold 1,473 shares of the firm's stock in a transaction dated Thursday, June 25th. The stock was sold at an average price of $625.00, for a total transaction of $920,625.00. Following the transaction, the executive vice president owned 9,147 shares of the company's stock, valued at approximately $5,716,875. This trade represents a 13.87% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Paul Bigbee sold 342 shares of Cavco Industries stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of $592.00, for a total value of $202,464.00. Following the sale, the chief accounting officer owned 736 shares in the company, valued at $435,712. This trade represents a 31.73% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 3,553 shares of company stock valued at $2,159,368 over the last ninety days. Insiders own 1.70% of the company's stock.

Analysts Set New Price Targets

CVCO has been the subject of several recent analyst reports. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Cavco Industries in a research report on Friday, August 21st. UBS Group initiated coverage on Cavco Industries in a report on Friday, June 5th. They issued a "buy" rating and a $700.00 target price on the stock. Zacks Research cut Cavco Industries from a "hold" rating to a "strong sell" rating in a research note on Monday, August 3rd. Finally, Zelman & Associates downgraded Cavco Industries from an "outperform" rating to a "neutral" rating in a report on Thursday, August 6th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $700.00.

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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