Park Avenue Securities LLC Buys New Shares in Cavco Industries, Inc. $CVCO

Key Points

• Park Avenue Securities LLC acquired 1,189 shares of Cavco Industries valued at approximately $517,000 during the 2nd quarter.
• Over 95% of Cavco Industries' stock is now owned by institutional investors, highlighting significant institutional interest in the company.
• Cavco Industries reported an EPS of $6.42, surpassing the consensus estimate of $5.81, with revenue reaching $556.86 million during the latest quarter.

Park Avenue Securities LLC bought a new stake in Cavco Industries, Inc. (NASDAQ:CVCO - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 1,189 shares of the construction company's stock, valued at approximately $517,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Farther Finance Advisors LLC boosted its position in Cavco Industries by 151.4% during the second quarter. Farther Finance Advisors LLC now owns 88 shares of the construction company's stock worth $38,000 after purchasing an additional 53 shares during the period. CWM LLC boosted 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. boosted its position in Cavco Industries by 2,850.0% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 177 shares of the construction company's stock worth $92,000 after purchasing an additional 171 shares during the period. BI Asset Management Fondsmaeglerselskab A S bought a new position in Cavco Industries during the first quarter worth $112,000. Finally, DAVENPORT & Co LLC bought a new stake in shares of Cavco Industries in the first quarter valued at about $208,000. 95.56% of the stock is owned by institutional investors.

Insider Activity at Cavco Industries

In related news, Director Richard A. Kerley sold 500 shares of Cavco Industries stock in a transaction on 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 sale, the director owned 7,169 shares of the company's stock, valued at approximately $3,445,062.95. This trade represents a 6.52% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Paul Bigbee sold 300 shares of Cavco Industries stock in a transaction on Friday, August 29th. The shares were sold at an average price of $530.45, for a total transaction of $159,135.00. Following the completion of the sale, the chief accounting officer directly owned 774 shares of the company's stock, valued at approximately $410,568.30. The trade was a 27.93% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 5,600 shares of company stock valued at $2,820,884. 1.60% of the stock is owned by company insiders.

Cavco Industries Stock Performance

Cavco Industries stock opened at $585.63 on Tuesday. Cavco Industries, Inc. has a 52-week low of $393.53 and a 52-week high of $586.55. The firm has a 50 day moving average price of $501.17 and a two-hundred day moving average price of $480.86. The firm has a market cap of $4.64 billion, a price-to-earnings ratio of 25.38 and a beta of 1.23.

Cavco Industries (NASDAQ:CVCO - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The construction company reported $6.42 EPS for the quarter, topping the consensus estimate of $5.81 by $0.61. The company had revenue of $556.86 million during the quarter, compared to the consensus estimate of $524.97 million. Cavco Industries had a net margin of 8.99% and a return on equity of 18.52%. As a group, equities research analysts predict that Cavco Industries, Inc. will post 21.93 EPS for the current fiscal year.

Wall Street Analyst Weigh In

CVCO has been the topic of a number of analyst reports. Wedbush reiterated a "neutral" rating and set a $550.00 price objective on shares of Cavco Industries in a research note on Monday, August 4th. Wall Street Zen downgraded shares of Cavco Industries from a "buy" rating to a "hold" rating in a research note 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, the company presently has a consensus rating of "Moderate Buy" and an average target price of $522.50.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.