Cavco Industries, Inc. (NASDAQ:CVCO) Position Boosted by Picton Mahoney Asset Management

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 grew its stake in shares of Cavco Industries, Inc. (NASDAQ:CVCO - Free Report) by 74,233.3% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,230 shares of the construction company's stock after purchasing 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 quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of CVCO. Victory Capital Management Inc. increased its position in shares of Cavco Industries by 103.3% during the first quarter. Victory Capital Management Inc. now owns 14,953 shares of the construction company's stock worth $7,770,000 after acquiring an additional 7,598 shares during the last quarter. FMR LLC increased its position in shares of Cavco Industries by 118.8% during the fourth quarter. FMR LLC now owns 296,343 shares of the construction company's stock worth $132,237,000 after acquiring an additional 160,899 shares during the last quarter. Allspring Global Investments Holdings LLC increased its position in shares of Cavco Industries by 62.7% during the first quarter. Allspring Global Investments Holdings LLC now owns 12,403 shares of the construction company's stock worth $6,402,000 after acquiring an additional 4,779 shares during the last quarter. GAMMA Investing LLC increased its position in shares of Cavco Industries by 38.7% during the first quarter. GAMMA Investing LLC now owns 441 shares of the construction company's stock worth $229,000 after acquiring an additional 123 shares during the last quarter. Finally, New Age Alpha Advisors LLC purchased a new stake in shares of Cavco Industries during the fourth quarter worth about $215,000. Institutional investors and hedge funds own 95.56% of the company's stock.

Wall Street Analyst Weigh In

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

Cavco Industries Trading Up 4.7%

NASDAQ CVCO traded up $19.14 on Friday, hitting $422.81. 196,742 shares of the stock traded hands, compared to its average volume of 103,069. The stock has a 50-day moving average of $428.65 and a 200 day moving average of $478.51. Cavco Industries, Inc. has a twelve month low of $351.28 and a twelve month high of $549.99. The company has a market capitalization of $3.42 billion, a P/E ratio of 20.37 and a beta of 1.15.

Cavco Industries (NASDAQ:CVCO - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The construction company reported $6.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.81 by $0.61. Cavco Industries had a return on equity of 17.00% and a net margin of 8.49%. The firm had revenue of $556.86 million for the quarter, compared to analysts' expectations of $524.97 million. As a group, equities research analysts expect that Cavco Industries, Inc. will post 21.93 earnings per share for the current year.

Cavco Industries Company 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.