Raymond James Financial Inc. Has $6.52 Million Stock 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. lowered 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 disclosure with the SEC. The firm owned 12,551 shares of the construction company's stock after selling 820 shares during the quarter. Raymond James Financial Inc. owned 0.15% of Cavco Industries worth $6,522,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in CVCO. CWM LLC boosted its holdings in shares of Cavco Industries by 44.0% in the first quarter. CWM LLC now owns 157 shares of the construction company's stock valued at $82,000 after buying an additional 48 shares during the period. DAVENPORT & Co LLC acquired a new position in shares of Cavco Industries in the first quarter valued at approximately $208,000. GAMMA Investing LLC boosted its holdings in shares of Cavco Industries by 38.7% in the first quarter. GAMMA Investing LLC now owns 441 shares of the construction company's stock valued at $229,000 after buying an additional 123 shares during the period. SkyOak Wealth LLC acquired a new position in shares of Cavco Industries in the first quarter valued at approximately $246,000. Finally, Squarepoint Ops LLC acquired a new position in shares of Cavco Industries in the fourth quarter valued at approximately $267,000. Institutional investors and hedge funds own 95.56% of the company's stock.

Cavco Industries Stock Down 1.4%

Shares of NASDAQ CVCO traded down $7.45 during mid-day trading on Tuesday, reaching $538.74. 73,344 shares of the company were exchanged, compared to its average volume of 108,676. The company's 50-day simple moving average is $466.69 and its 200-day simple moving average is $476.67. The stock has a market capitalization of $4.27 billion, a P/E ratio of 23.43 and a beta of 1.23. Cavco Industries, Inc. has a twelve month low of $393.53 and a twelve month high of $568.97.

Cavco Industries (NASDAQ:CVCO - Get Free Report) last released 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 for the quarter, compared to analyst estimates of $524.97 million. As a group, equities research analysts expect that Cavco Industries, Inc. will post 21.93 EPS for the current year.

Insider Buying and Selling

In other Cavco Industries news, CAO Paul Bigbee sold 300 shares of the firm's stock in a transaction dated Friday, August 29th. The shares were sold at an average price of $530.45, for a total value of $159,135.00. Following the transaction, the chief accounting officer directly owned 774 shares of the company's stock, valued at $410,568.30. This trade represents a 27.93% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Susan L. Blount sold 2,500 shares of the firm's stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $519.30, for a total transaction of $1,298,250.00. Following the completion of the transaction, the director directly owned 3,126 shares in the company, valued at approximately $1,623,331.80. This represents a 44.44% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 5,600 shares of company stock valued at $2,820,884. 1.60% of the stock is owned by company insiders.

Analyst Ratings Changes

CVCO has been the subject of several recent research reports. Wall Street Zen cut shares of Cavco Industries from a "buy" rating to a "hold" rating in a report on Saturday, July 5th. Wedbush restated a "neutral" rating and set a $550.00 target price on shares of Cavco Industries in a report on Monday, August 4th. One research analyst has rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, Cavco Industries presently has a consensus rating of "Moderate Buy" and a consensus target price of $522.50.

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.