Renaissance Technologies LLC Increases Stock Holdings in Cavco Industries, Inc. $CVCO

Key Points

• Renaissance Technologies increased its Cavco Industries stake by 216.9% in the first quarter, acquiring 25,960 additional shares and bringing its total holdings to 37,929 shares valued at approximately $18.4 million.
• Cavco reported quarterly EPS of $5.43, below the $5.68 consensus estimate, while revenue of $609.96 million exceeded expectations of $590.54 million. The stock opened at $562.40, with analysts maintaining a “Moderate Buy” consensus and a $625 average price target.
• Institutional investors own 95.56% of Cavco’s shares, while insiders own 1.70% and have sold 3,541 shares worth about $2.12 million over the past 90 days.

Renaissance Technologies LLC boosted its stake in Cavco Industries, Inc. (NASDAQ:CVCO - Free Report) by 216.9% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 37,929 shares of the construction company's stock after acquiring an additional 25,960 shares during the quarter. Renaissance Technologies LLC owned 0.49% of Cavco Industries worth $18,369,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Aster Capital Management DIFC Ltd acquired a new stake in shares of Cavco Industries in the fourth quarter valued at about $46,000. Kemnay Advisory Services Inc. acquired a new position in shares of Cavco Industries during the 4th quarter worth about $50,000. Los Angeles Capital Management LLC acquired a new position in shares of Cavco Industries during the 4th quarter worth about $54,000. Osaic Holdings Inc. lifted its stake in Cavco Industries by 118.2% in the 2nd quarter. Osaic Holdings Inc. now owns 120 shares of the construction company's stock valued at $57,000 after buying an additional 65 shares in the last quarter. Finally, Danske Bank A S purchased a new position in Cavco Industries in the 3rd quarter valued at about $58,000. Hedge funds and other institutional investors own 95.56% of the company's stock.

Cavco Industries Trading Down 0.5%

NASDAQ:CVCO opened at $562.40 on Friday. The company has a market cap of $4.34 billion, a P/E ratio of 23.46 and a beta of 1.28. Cavco Industries, Inc. has a twelve month low of $397.38 and a twelve month high of $713.01. The company's 50-day moving average price is $572.97 and its 200-day moving average price is $551.78.

Cavco Industries (NASDAQ:CVCO - Get Free Report) last announced its quarterly earnings data on Thursday, July 30th. The construction company reported $5.43 earnings per share (EPS) for the quarter, missing the consensus estimate of $5.68 by ($0.25). The business had revenue of $609.96 million for the quarter, compared to analysts' expectations of $590.54 million. Cavco Industries had a net margin of 8.49% and a return on equity of 17.55%. On average, analysts expect that Cavco Industries, Inc. will post 24.5 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on CVCO. UBS Group initiated coverage on Cavco Industries in a report on Friday, June 5th. They issued a "buy" rating and a $700.00 price objective on the stock. Weiss Ratings restated a "hold (c+)" rating on shares of Cavco Industries in a research report on Tuesday, May 26th. Finally, Zacks Research raised Cavco Industries from a "strong sell" rating to a "hold" rating in a research note on Friday, April 3rd. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $625.00.

Insider Transactions at Cavco Industries

In other news, CAO Paul Bigbee sold 200 shares of the company's stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $537.75, for a total value of $107,550.00. Following the completion of the sale, the chief accounting officer directly owned 1,105 shares in the company, valued at $594,213.75. This represents a 15.33% 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, EVP Allison Aden sold 1,473 shares of Cavco Industries stock in a transaction that occurred on Thursday, June 25th. The stock was sold at an average price of $625.00, for a total value of $920,625.00. Following the transaction, the executive vice president owned 9,147 shares in the company, valued at approximately $5,716,875. The trade was a 13.87% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 3,541 shares of company stock worth $2,121,932 in the last ninety days. Insiders own 1.70% of the company's stock.

Cavco Industries Company Profile

Cavco Industries, Inc is a leading designer, manufacturer and retailer of factory-built homes and modular structures. The company produces a range of HUD-code manufactured homes, modular buildings, park model RVs and cabins through its network of production facilities. Its offerings cater to both residential and commercial markets, including customizable single- and multi-section homes, workforce and affordable housing solutions, educational and healthcare modules, as well as specialty lodging products for the recreational vehicle and hospitality industries.

Since its founding in 1967, Cavco has grown through strategic investments and acquisitions, expanding its footprint across the United States and into parts of Canada and Mexico.

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