PEAK6 LLC Acquires Shares of 2,159 Cavco Industries, Inc. $CVCO

Key Points

• PEAK6 LLC acquired 2,159 shares of Cavco Industries during the second quarter, valued at approximately $1.33 million. Institutional investors collectively own 95.56% of the company.
• Recent insider activity was negative, with executives selling 3,753 shares worth about $2.27 million over the past 90 days.
• Analyst sentiment is mixed, resulting in a consensus “Hold” rating and an average price target of $700. Cavco recently missed quarterly EPS estimates but exceeded revenue expectations.

PEAK6 LLC acquired a new position in shares of Cavco Industries, Inc. (NASDAQ:CVCO - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 2,159 shares of the construction company's stock, valued at approximately $1,326,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. UBS Group AG grew its position in shares of Cavco Industries by 31.5% in the 4th quarter. UBS Group AG now owns 40,017 shares of the construction company's stock worth $23,640,000 after acquiring an additional 9,589 shares in the last quarter. Fifth Third Bancorp lifted its stake in Cavco Industries by 599.0% during the first quarter. Fifth Third Bancorp now owns 2,824 shares of the construction company's stock worth $1,367,000 after purchasing an additional 2,420 shares during the last quarter. Robotti Robert bought a new position in Cavco Industries during the second quarter worth $19,903,000. Intech Investment Management LLC increased its stake in Cavco Industries by 58.0% during the fourth quarter. Intech Investment Management LLC now owns 5,766 shares of the construction company's stock valued at $3,406,000 after purchasing an additional 2,116 shares during the last quarter. Finally, Pier Capital LLC raised its holdings in shares of Cavco Industries by 90.8% during the fourth quarter. Pier Capital LLC now owns 12,103 shares of the construction company's stock worth $7,150,000 after purchasing an additional 5,761 shares during the period. Institutional investors own 95.56% of the company's stock.

Insider Activity

In other news, Director Richard A. Kerley sold 500 shares of Cavco Industries stock in a transaction that occurred on Tuesday, June 9th. The stock was sold at an average price of $588.76, for a total transaction of $294,380.00. Following the sale, the director owned 6,169 shares of the company's stock, valued at approximately $3,632,060.44. The trade was a 7.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Allison Aden sold 1,473 shares of the business's stock in a transaction that occurred on Thursday, June 25th. The stock was sold at an average price of $625.00, for a total value of $920,625.00. Following the transaction, the executive vice president owned 9,147 shares of the company's stock, valued at approximately $5,716,875. This represents a 13.87% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 3,753 shares of company stock valued at $2,266,918. Insiders own 1.70% of the company's stock.

Wall Street Analysts Forecast Growth

CVCO has been the topic of a number of recent research reports. Zelman & Associates downgraded shares of Cavco Industries from an "outperform" rating to a "neutral" rating in a research report on Thursday, August 6th. UBS Group started coverage on shares of Cavco Industries in a report on Friday, June 5th. They issued a "buy" rating and a $700.00 target price on the stock. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Cavco Industries in a report on Tuesday, May 26th. Finally, Zacks Research cut Cavco Industries from a "hold" rating to a "strong sell" rating in a research report on Monday, August 3rd. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $700.00.

Cavco Industries Price Performance

CVCO stock opened at $582.55 on Monday. Cavco Industries, Inc. has a fifty-two week low of $443.33 and a fifty-two week high of $713.01. The firm's 50-day simple moving average is $584.13 and its 200 day simple moving average is $544.76. The stock has a market cap of $4.48 billion, a PE ratio of 25.35 and a beta of 1.29.

Cavco Industries (NASDAQ:CVCO - Get Free Report) last posted its earnings results on Thursday, July 30th. The construction company reported $5.43 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $5.69 by ($0.26). Cavco Industries had a net margin of 7.89% and a return on equity of 16.51%. The firm had revenue of $609.96 million for the quarter, compared to analyst estimates of $590.54 million. Equities analysts forecast that Cavco Industries, Inc. will post 22.75 EPS for the current fiscal 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source