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

Other institutional investors and hedge funds have also modified their holdings of the company. CWM LLC lifted its position in Cavco Industries by 44.0% during the first quarter. CWM LLC now owns 157 shares of the construction company's stock worth $82,000 after purchasing an additional 48 shares during the period. Northwestern Mutual Wealth Management Co. increased its stake in shares of Cavco Industries by 2,850.0% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 177 shares of the construction company's stock valued at $92,000 after buying an additional 171 shares during the period. BI Asset Management Fondsmaeglerselskab A S acquired a new position in shares of Cavco Industries in the first quarter valued at approximately $112,000. DAVENPORT & Co LLC acquired a new stake in Cavco Industries during the 1st quarter valued at approximately $208,000. Finally, GAMMA Investing LLC increased its position 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 purchasing an additional 123 shares during the period. 95.56% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

CVCO has been the subject of a number of recent analyst reports. 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 downgraded shares of 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 issued a Hold rating to the stock. According to MarketBeat, Cavco Industries presently has an average rating of "Moderate Buy" and an average target price of $522.50.

Insider Activity

In other Cavco Industries news, Director Susan L. Blount sold 2,500 shares of the stock in a transaction dated 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 transaction, the director owned 3,126 shares of the company's stock, valued at approximately $1,623,331.80. This represents a 44.44% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Richard A. Kerley sold 500 shares of the stock in a transaction dated Wednesday, August 20th. The shares were sold at an average price of $480.55, for a total value of $240,275.00. Following the completion of the transaction, the director directly owned 7,169 shares in the company, valued at approximately $3,445,062.95. This represents a 6.52% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 5,600 shares of company stock valued at $2,820,884. Company insiders own 1.60% of the company's stock.

Cavco Industries Price Performance

Shares of NASDAQ CVCO traded up $0.37 during mid-day trading on Monday, reaching $545.36. 273,678 shares of the company's stock were exchanged, compared to its average volume of 163,312. The firm has a 50-day moving average price of $475.74 and a two-hundred day moving average price of $477.34. Cavco Industries, Inc. has a 52 week low of $393.53 and a 52 week high of $568.97. The firm has a market capitalization of $4.32 billion, a price-to-earnings ratio of 23.64 and a beta of 1.23.

Cavco Industries (NASDAQ:CVCO - Get Free Report) last posted its earnings results on Thursday, July 31st. The construction company reported $6.42 earnings per share for the quarter, beating analysts' consensus estimates of $5.81 by $0.61. The business had revenue of $556.86 million during the quarter, compared to analyst estimates of $524.97 million. Cavco Industries had a return on equity of 18.52% and a net margin of 8.99%. As a group, sell-side analysts forecast that Cavco Industries, Inc. will post 21.93 EPS for the current fiscal year.

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.