Royal Bank of Canada Sells 2,585 Shares of Cavco Industries, Inc. $CVCO

Key Points

• Royal Bank of Canada cut its Cavco Industries stake by 27.2% in the first quarter, selling 2,585 shares and retaining 6,931 shares valued at approximately $3.36 million. Institutional investors collectively own 95.56% of the company.
• Cavco insiders sold 3,442 shares worth about $2.08 million over the past 90 days, including sales by Chief Accounting Officer Paul Bigbee and Director Richard A. Kerley.
• Analyst sentiment is mixed, with a consensus “Hold” rating and a $700 price target. Cavco recently reported quarterly EPS of $5.43, below estimates, while revenue of $609.96 million exceeded expectations.

Royal Bank of Canada reduced its position in shares of Cavco Industries, Inc. (NASDAQ:CVCO - Free Report) by 27.2% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 6,931 shares of the construction company's stock after selling 2,585 shares during the quarter. Royal Bank of Canada owned about 0.09% of Cavco Industries worth $3,357,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Aster Capital Management DIFC Ltd bought a new stake in shares of Cavco Industries during the fourth quarter valued at approximately $46,000. Kemnay Advisory Services Inc. acquired a new position in shares of Cavco Industries during the fourth quarter worth approximately $50,000. Los Angeles Capital Management LLC bought a new position in shares of Cavco Industries in the 4th quarter worth $54,000. Osaic Holdings Inc. grew its position 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 purchasing an additional 65 shares during the period. Finally, Danske Bank A S acquired a new stake in Cavco Industries in the 3rd quarter valued at $58,000. Institutional investors own 95.56% of the company's stock.

Insider Activity at Cavco Industries

In other Cavco Industries news, CAO Paul Bigbee sold 200 shares of the company's stock in a transaction dated Thursday, May 28th. The shares were 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 of the company's stock, valued at approximately $594,213.75. This represents a 15.33% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Richard A. Kerley sold 500 shares of the company's stock in a transaction dated Tuesday, June 9th. The stock was sold at an average price of $588.76, for a total transaction of $294,380.00. Following the completion of the sale, the director directly owned 6,169 shares of the company's stock, valued at $3,632,060.44. The trade was a 7.50% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 3,442 shares of company stock valued at $2,080,238 over the last ninety days. Corporate insiders own 1.70% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. Zelman & Associates downgraded shares of Cavco Industries from an "outperform" rating to a "neutral" rating in a report on Thursday, August 6th. UBS Group began coverage on shares of Cavco Industries in a report on Friday, June 5th. They set a "buy" rating and a $700.00 price objective for the company. Zacks Research downgraded shares of Cavco Industries from a "hold" rating to a "strong sell" rating in a research report on Monday, August 3rd. Finally, Weiss Ratings restated a "hold (c+)" rating on shares of Cavco Industries in a report on Tuesday, May 26th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $700.00.

Cavco Industries Trading Down 0.3%

Shares of Cavco Industries stock opened at $605.05 on Friday. The stock has a fifty day simple moving average of $583.18 and a 200 day simple moving average of $544.70. Cavco Industries, Inc. has a 12-month low of $443.33 and a 12-month high of $713.01. The company has a market capitalization of $4.65 billion, a P/E ratio of 26.33 and a beta of 1.29.

Cavco Industries (NASDAQ:CVCO - Get Free Report) last issued its quarterly earnings data on Thursday, July 30th. The construction company reported $5.43 earnings per share for the quarter, missing the consensus estimate of $5.69 by ($0.26). The company had revenue of $609.96 million for the quarter, compared to the consensus estimate of $590.54 million. Cavco Industries had a net margin of 7.89% and a return on equity of 16.51%. On average, analysts predict that Cavco Industries, Inc. will post 22.75 EPS for the current year.

About Cavco Industries

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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