Picton Mahoney Asset Management Acquires 2,227 Shares of Cavco Industries, Inc. (NASDAQ:CVCO)

Key Points

• Picton Mahoney Asset Management significantly increased its stake in Cavco Industries by purchasing an additional 2,227 shares, raising its total holding to 2,230 shares valued at approximately $1.16 million.
• Several institutional investors, including JPMorgan Chase & Co. and Norges Bank, also expanded their positions in Cavco Industries, indicating strong interest in the company, which is primarily involved in the factory-built homes market.
• Cavco Industries reported a quarterly earnings per share of $5.40, surpassing analysts' expectations, and its stock is currently experiencing a slight decline with a price of $403.12.

Picton Mahoney Asset Management raised its stake in shares of Cavco Industries, Inc. (NASDAQ:CVCO - Free Report) by 74,233.3% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,230 shares of the construction company's stock after buying an additional 2,227 shares during the quarter. Picton Mahoney Asset Management's holdings in Cavco Industries were worth $1,158,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Commonwealth Equity Services LLC purchased a new position in shares of Cavco Industries during the fourth quarter worth about $308,000. KLP Kapitalforvaltning AS purchased a new stake in shares of Cavco Industries during the fourth quarter valued at approximately $669,000. LPL Financial LLC boosted its stake in shares of Cavco Industries by 174.5% during the fourth quarter. LPL Financial LLC now owns 2,114 shares of the construction company's stock valued at $943,000 after purchasing an additional 1,344 shares during the period. JPMorgan Chase & Co. boosted its stake in shares of Cavco Industries by 21.5% during the fourth quarter. JPMorgan Chase & Co. now owns 43,590 shares of the construction company's stock valued at $19,451,000 after purchasing an additional 7,703 shares during the period. Finally, Norges Bank purchased a new stake in shares of Cavco Industries during the fourth quarter valued at approximately $17,730,000. Hedge funds and other institutional investors own 95.56% of the company's stock.

Cavco Industries Stock Performance

CVCO stock traded up $19.14 on Friday, reaching $422.81. The company's stock had a trading volume of 196,742 shares, compared to its average volume of 127,044. The business has a fifty day simple moving average of $427.65 and a two-hundred day simple moving average of $478.37. Cavco Industries, Inc. has a 12-month low of $351.28 and a 12-month high of $549.99. The firm has a market cap of $3.42 billion, a PE ratio of 18.33 and a beta of 1.15.

Cavco Industries (NASDAQ:CVCO - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The construction company reported $6.42 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $5.81 by $0.61. The business had revenue of $556.86 million during the quarter, compared to the consensus estimate of $524.97 million. Cavco Industries had a return on equity of 18.57% and a net margin of 8.99%. As a group, research analysts anticipate that Cavco Industries, Inc. will post 21.93 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of analysts recently commented on the company. Wedbush reaffirmed a "neutral" rating and issued a $550.00 price target on shares of Cavco Industries in a research note on Tuesday, May 27th. Wall Street Zen lowered Cavco Industries from a "buy" rating to a "hold" rating in a research note on Saturday, July 5th.

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.