Marks Group Wealth Management Inc Sells 3,937 Shares of Cavco Industries, Inc. $CVCO

Key Points

• Marks Group Wealth Management reduced its Cavco Industries stake by 38.2% in the fourth quarter, selling 3,937 shares and leaving it with 6,378 shares valued at about $3.77 million.
• Institutional ownership remains very high, with 95.56% of Cavco stock held by institutional investors. Several firms, including Northwestern Mutual Wealth Management and Boston Partners, increased their holdings significantly.
• Cavco reported mixed quarterly results and positive analyst sentiment: EPS of $5.42 beat estimates, while revenue of $550.13 million missed expectations. The stock was up 2.4%, and analysts currently rate it a “Moderate Buy” with an average target price of $625.

Marks Group Wealth Management Inc cut its stake in shares of Cavco Industries, Inc. (NASDAQ:CVCO - Free Report) by 38.2% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 6,378 shares of the construction company's stock after selling 3,937 shares during the quarter. Marks Group Wealth Management Inc owned approximately 0.08% of Cavco Industries worth $3,768,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Northwestern Mutual Wealth Management Co. lifted its holdings in shares of Cavco Industries by 852,093.4% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 1,798,128 shares of the construction company's stock valued at $1,062,226,000 after acquiring an additional 1,797,917 shares during the period. State Street Corp lifted its holdings in shares of Cavco Industries by 6.1% during the second quarter. State Street Corp now owns 380,682 shares of the construction company's stock valued at $165,380,000 after acquiring an additional 21,837 shares during the period. Boston Partners lifted its holdings in shares of Cavco Industries by 82.8% during the third quarter. Boston Partners now owns 369,177 shares of the construction company's stock valued at $213,866,000 after acquiring an additional 167,230 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Cavco Industries by 0.4% during the fourth quarter. Geode Capital Management LLC now owns 232,847 shares of the construction company's stock valued at $137,569,000 after acquiring an additional 1,018 shares during the period. Finally, Fiduciary Management Inc. WI lifted its holdings in shares of Cavco Industries by 14.3% during the fourth quarter. Fiduciary Management Inc. WI now owns 195,713 shares of the construction company's stock valued at $115,615,000 after acquiring an additional 24,488 shares during the period. 95.56% of the stock is owned by institutional investors.

Insider Buying and Selling at Cavco Industries

In other news, CAO Paul Bigbee sold 200 shares of the firm's stock in a transaction 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 transaction, the chief accounting officer directly owned 1,105 shares in the company, valued at $594,213.75. This trade represents a 15.33% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Allison Aden sold 129 shares of the stock in a transaction dated Friday, May 15th. The shares were sold at an average price of $455.76, for a total value of $58,793.04. Following the completion of the transaction, the executive vice president directly owned 8,806 shares in the company, valued at $4,013,422.56. The trade was a 1.44% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 360 shares of company stock worth $182,127 over the last 90 days. 1.60% of the stock is owned by corporate insiders.

Cavco Industries Stock Up 2.4%

Cavco Industries stock opened at $562.96 on Tuesday. The business's 50-day simple moving average is $507.48 and its 200 day simple moving average is $554.66. The stock has a market cap of $4.32 billion, a price-to-earnings ratio of 23.49 and a beta of 1.30. Cavco Industries, Inc. has a 12-month low of $393.53 and a 12-month high of $713.01.

Cavco Industries (NASDAQ:CVCO - Get Free Report) last posted its quarterly earnings results on Thursday, May 21st. The construction company reported $5.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.30 by $0.12. The business had revenue of $550.13 million for the quarter, compared to analysts' expectations of $571.06 million. Cavco Industries had a return on equity of 17.55% and a net margin of 8.49%. As a group, sell-side analysts expect that Cavco Industries, Inc. will post 25 EPS for the current year.

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. Weiss Ratings reissued a "hold (c+)" rating on shares of Cavco Industries in a report on Tuesday, May 26th. UBS Group assumed coverage on Cavco Industries in a report on Friday. They set a "buy" rating and a $700.00 price objective for the company. Finally, Zacks Research upgraded Cavco Industries from a "strong sell" rating to a "hold" rating in a research note on Friday, April 3rd. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, Cavco Industries presently has an average rating of "Moderate Buy" and an average target price of $625.00.

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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