Millennium Management LLC Grows Position in Cavco Industries, Inc. $CVCO

Key Points

• Millennium Management LLC increased its stake in Cavco Industries, Inc. by 628.4% during Q1, holding nearly 39,721 shares valued at approximately $20.64 million.
• Cavco Industries reported $6.42 EPS in its latest quarterly earnings, exceeding expectations and generating revenue of $556.86 million.
• Despite strong performance, shares of Cavco Industries declined 1.7%, with current trading around $544.99 after having a 52-week high of $568.97.

Millennium Management LLC lifted its position in Cavco Industries, Inc. (NASDAQ:CVCO - Free Report) by 628.4% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 39,721 shares of the construction company's stock after purchasing an additional 34,268 shares during the quarter. Millennium Management LLC owned about 0.49% of Cavco Industries worth $20,640,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of CVCO. Captrust Financial Advisors raised its stake in shares of Cavco Industries by 3.6% in the fourth quarter. Captrust Financial Advisors now owns 1,329 shares of the construction company's stock worth $593,000 after purchasing an additional 46 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Cavco Industries by 3.0% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,709 shares of the construction company's stock worth $2,101,000 after purchasing an additional 137 shares during the last quarter. ProShare Advisors LLC raised its stake in shares of Cavco Industries by 42.8% in the fourth quarter. ProShare Advisors LLC now owns 2,492 shares of the construction company's stock worth $1,112,000 after purchasing an additional 747 shares during the last quarter. Rafferty Asset Management LLC raised its position in Cavco Industries by 49.0% during the fourth quarter. Rafferty Asset Management LLC now owns 5,483 shares of the construction company's stock valued at $2,447,000 after acquiring an additional 1,802 shares in the last quarter. Finally, State of Wyoming raised its position in Cavco Industries by 0.8% during the fourth quarter. State of Wyoming now owns 3,066 shares of the construction company's stock valued at $1,368,000 after acquiring an additional 24 shares in the last quarter. 95.56% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Cavco Industries

In related news, Director Susan L. Blount sold 2,500 shares of the company's stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $519.30, for a total transaction of $1,298,250.00. Following the completion of the transaction, the director owned 3,126 shares in the company, valued at $1,623,331.80. This represents a 44.44% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Richard A. Kerley sold 500 shares of Cavco Industries stock in a transaction that occurred on Wednesday, August 20th. The stock was sold at an average price of $480.55, for a total value of $240,275.00. Following the completion of the sale, the director directly owned 7,169 shares in the company, valued at $3,445,062.95. This represents a 6.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 5,600 shares of company stock valued at $2,820,884 over the last 90 days. Corporate insiders own 1.60% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have commented on CVCO. Wedbush restated a "neutral" rating and issued a $550.00 price objective 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 investment analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, Cavco Industries currently has an average rating of "Moderate Buy" and an average price target of $522.50.

Cavco Industries Stock Up 2.3%

Shares of Cavco Industries stock traded up $12.90 on Thursday, reaching $563.62. The company's stock had a trading volume of 225,753 shares, compared to its average volume of 175,296. Cavco Industries, Inc. has a 52-week low of $393.53 and a 52-week high of $574.20. The company has a market capitalization of $4.46 billion, a P/E ratio of 24.43 and a beta of 1.23. The stock has a 50-day moving average price of $482.38 and a 200-day moving average price of $478.73.

Cavco Industries (NASDAQ:CVCO - Get Free Report) last released its quarterly 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. The firm had revenue of $556.86 million for the quarter, compared to analysts' expectations of $524.97 million. Cavco Industries had a net margin of 8.99% and a return on equity of 18.52%. Sell-side analysts forecast that Cavco Industries, Inc. will post 21.93 earnings per share for the current fiscal year.

About Cavco Industries

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.