Premier Fund Managers Ltd Invests $688,000 in Cavco Industries, Inc. (NASDAQ:CVCO)

Key Points

• Premier Fund Managers Ltd acquired a new stake in Cavco Industries by purchasing 1,337 shares valued at approximately $688,000, as reported in its SEC filing.
• Other institutional investors have significantly increased holdings, with GAMMA Investing LLC boosting its stake by 71,961.9% to own 229,157 shares worth $119,077,000.
• Cavco Industries reported an EPS of $5.40 for the last quarter, surpassing analysts' expectations of $5.23, with revenue reaching $508.36 million.

Premier Fund Managers Ltd purchased a new position in shares of Cavco Industries, Inc. (NASDAQ:CVCO - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 1,337 shares of the construction company's stock, valued at approximately $688,000.

Several other institutional investors have also modified their holdings of CVCO. Meeder Asset Management Inc. purchased a new stake in Cavco Industries in the 1st quarter valued at about $1,115,000. Picton Mahoney Asset Management raised its holdings in Cavco Industries by 74,233.3% in the 1st quarter. Picton Mahoney Asset Management now owns 2,230 shares of the construction company's stock valued at $1,158,000 after buying an additional 2,227 shares during the period. Mackenzie Financial Corp grew its position in Cavco Industries by 112.4% in the 1st quarter. Mackenzie Financial Corp now owns 1,164 shares of the construction company's stock valued at $605,000 after acquiring an additional 616 shares in the last quarter. Convergence Investment Partners LLC acquired a new position in Cavco Industries in the 1st quarter valued at about $590,000. Finally, KLP Kapitalforvaltning AS grew its position in Cavco Industries by 33.3% in the 1st quarter. KLP Kapitalforvaltning AS now owns 2,000 shares of the construction company's stock valued at $1,039,000 after acquiring an additional 500 shares in the last quarter. Hedge funds and other institutional investors own 95.56% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. Wall Street Zen downgraded Cavco Industries from a "buy" rating to a "hold" rating in a research report on Saturday, July 5th. Wedbush reaffirmed a "neutral" rating and issued a $550.00 target price on shares of Cavco Industries in a research report on Tuesday, May 27th.

Cavco Industries Stock Up 4.7%

NASDAQ CVCO traded up $19.14 during trading on Friday, hitting $422.81. The stock had a trading volume of 196,742 shares, compared to its average volume of 127,044. The company has a market capitalization of $3.42 billion, a PE ratio of 18.33 and a beta of 1.15. The firm has a 50 day moving average price of $427.65 and a 200 day moving average price of $478.31. Cavco Industries, Inc. has a twelve month low of $351.28 and a twelve month high of $549.99.

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 analysts' consensus estimates of $5.81 by $0.61. Cavco Industries had a return on equity of 18.57% and a net margin of 8.99%. The business had revenue of $556.86 million during the quarter, compared to the consensus estimate of $524.97 million. On average, sell-side analysts anticipate that Cavco Industries, Inc. will post 21.93 earnings per share for the current year.

Cavco Industries 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.