M&T Bank Corp Buys New Stake in Cavco Industries, Inc. $CVCO

Key Points

• M&T Bank Corp bought a new stake of 16,083 shares in Cavco Industries in Q4, valued at about $9.5 million, representing roughly 0.21% ownership at the end of the reporting period.
• Company insiders (including Directors Steven Moster and David A. Greenblatt) recently increased their holdings—insiders purchased 1,800 shares worth $866,592 over the last 90 days—while institutional investors own about 95.56% of the stock and insiders hold 1.60%.
• Analyst sentiment is mixed—upgrades from Zelman and Zacks but a downgrade from Weiss—MarketBeat shows an average rating of Moderate Buy with a $550 price target; Cavco recently missed quarterly EPS and revenue estimates and the stock trades near $540 (52-week range $393.53–$713.01).

M&T Bank Corp bought a new stake in Cavco Industries, Inc. (NASDAQ:CVCO - Free Report) in the 4th quarter, according to its most recent filing with the SEC. The fund bought 16,083 shares of the construction company's stock, valued at approximately $9,501,000. M&T Bank Corp owned 0.21% of Cavco Industries at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Robeco Institutional Asset Management B.V. acquired a new position in shares of Cavco Industries in the 3rd quarter valued at $819,000. Allspring Global Investments Holdings LLC lifted its stake in shares of Cavco Industries by 74.0% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 16,317 shares of the construction company's stock valued at $9,580,000 after purchasing an additional 6,942 shares during the period. Bessemer Group Inc. lifted its stake in shares of Cavco Industries by 22.0% in the 3rd quarter. Bessemer Group Inc. now owns 66,614 shares of the construction company's stock valued at $38,684,000 after purchasing an additional 11,996 shares during the period. Principal Financial Group Inc. lifted its stake in shares of Cavco Industries by 13.1% in the 3rd quarter. Principal Financial Group Inc. now owns 47,569 shares of the construction company's stock valued at $27,625,000 after purchasing an additional 5,521 shares during the period. Finally, JPMorgan Chase & Co. lifted its stake in shares of Cavco Industries by 74.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 32,057 shares of the construction company's stock valued at $18,616,000 after purchasing an additional 13,694 shares during the period. 95.56% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Director Steven W. Moster acquired 300 shares of Cavco Industries stock in a transaction on Monday, February 2nd. The stock was bought at an average cost of $456.23 per share, for a total transaction of $136,869.00. Following the completion of the transaction, the director owned 2,976 shares of the company's stock, valued at approximately $1,357,740.48. The trade was a 11.21% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, Director David A. Greenblatt bought 413 shares of the company's stock in a transaction dated Tuesday, February 3rd. The shares were acquired at an average cost of $463.01 per share, with a total value of $191,223.13. Following the acquisition, the director directly owned 15,989 shares of the company's stock, valued at approximately $7,403,066.89. This represents a 2.65% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last ninety days, insiders purchased 1,800 shares of company stock worth $866,592. Company insiders own 1.60% of the company's stock.

Analyst Ratings Changes

Several equities analysts recently issued reports on the stock. Zelman & Associates upgraded shares of Cavco Industries to an "outperform" rating in a research note on Thursday, February 5th. Zacks Research upgraded shares of Cavco Industries from a "strong sell" rating to a "hold" rating in a research note on Friday, April 3rd. Finally, Weiss Ratings cut shares of Cavco Industries from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Thursday, February 26th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $550.00.

Cavco Industries Stock Performance

NASDAQ:CVCO opened at $539.59 on Friday. The company has a fifty day moving average of $523.25 and a two-hundred day moving average of $562.12. The stock has a market capitalization of $4.19 billion, a PE ratio of 23.44 and a beta of 1.33. Cavco Industries, Inc. has a fifty-two week low of $393.53 and a fifty-two week high of $713.01.

Cavco Industries (NASDAQ:CVCO - Get Free Report) last posted its quarterly earnings data on Thursday, January 29th. The construction company reported $5.58 earnings per share for the quarter, missing analysts' consensus estimates of $6.00 by ($0.42). The company had revenue of $580.99 million for the quarter, compared to analyst estimates of $593.37 million. Cavco Industries had a return on equity of 17.84% and a net margin of 8.37%. Research analysts forecast that Cavco Industries, Inc. will post 23.86 earnings per share for the current year.

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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