Raymond James Financial Inc. Decreases Holdings in Cavco Industries, Inc. $CVCO

Key Points

• Raymond James Financial Inc. reduced its stake in Cavco Industries by 6.1%, selling 820 shares during the first quarter, leaving them with 12,551 shares valued at approximately $6.5 million.
• Despite the reduction by Raymond James, several institutional investors, including CWM LLC and DAVENPORT & Co LLC, increased their stakes in Cavco Industries, indicating a strong interest in the company.
• Cavco Industries reported stronger than expected earnings, with a net revenue of $556.86 million for the quarter, significantly exceeding the consensus estimate of $524.97 million.

Raymond James Financial Inc. lessened its position in shares of Cavco Industries, Inc. (NASDAQ:CVCO - Free Report) by 6.1% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 12,551 shares of the construction company's stock after selling 820 shares during the period. Raymond James Financial Inc. owned approximately 0.15% of Cavco Industries worth $6,522,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently bought and sold shares of CVCO. CWM LLC raised its stake 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 acquiring an additional 48 shares in the last quarter. DAVENPORT & Co LLC acquired a new position in Cavco Industries during the first quarter worth about $208,000. GAMMA Investing LLC raised its stake in 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 in the last quarter. SkyOak Wealth LLC acquired a new position in Cavco Industries during the first quarter worth about $246,000. Finally, Squarepoint Ops LLC acquired a new position in Cavco Industries during the fourth quarter worth about $267,000. Institutional investors and hedge funds own 95.56% of the company's stock.

Insider Activity at Cavco Industries

In related news, Director Richard A. Kerley sold 500 shares of the firm's stock in a transaction dated Wednesday, August 20th. The shares were sold at an average price of $480.55, for a total transaction of $240,275.00. Following the transaction, the director directly owned 7,169 shares of the company's stock, valued at $3,445,062.95. This trade represents a 6.52% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Paul Bigbee sold 300 shares of the business's stock in a transaction dated Friday, August 29th. The stock was sold at an average price of $530.45, for a total transaction of $159,135.00. Following the completion of the transaction, the chief accounting officer directly owned 774 shares in the company, valued at $410,568.30. This trade represents a 27.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 5,600 shares of company stock valued at $2,820,884 over the last ninety days. Corporate insiders own 1.60% of the company's stock.

Analysts Set New Price Targets

Several research firms have recently issued reports on CVCO. Wall Street Zen downgraded Cavco Industries from a "buy" rating to a "hold" rating in a research note on Saturday, July 5th. Wedbush restated a "neutral" rating and issued a $550.00 price target on shares of Cavco Industries in a research report on Monday, August 4th. One investment analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $522.50.

Cavco Industries Stock Down 1.7%

Cavco Industries stock traded down $9.40 during mid-day trading on Friday, hitting $545.84. 170,673 shares of the stock were exchanged, compared to its average volume of 145,288. The stock has a market capitalization of $4.32 billion, a price-to-earnings ratio of 23.66 and a beta of 1.23. Cavco Industries, Inc. has a 12 month low of $393.53 and a 12 month high of $568.97. The firm's fifty day simple moving average is $464.45 and its two-hundred day simple moving average is $476.86.

Cavco Industries (NASDAQ:CVCO - Get Free Report) last posted its quarterly earnings results 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 net margin of 8.99% and a return on equity of 18.52%. The business had revenue of $556.86 million during the quarter, compared to analysts' expectations of $524.97 million. As a group, analysts forecast that Cavco Industries, Inc. will post 21.93 earnings per share for the current fiscal 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.