Royce & Associates LP Lowers Holdings in Cavco Industries, Inc. (NASDAQ:CVCO)

Key Points

• Royce & Associates LP reduced its holdings in Cavco Industries, Inc. by 13.7%, now owning approximately 0.47% of the company's stock, valued at $19.8 million.
• Several hedge funds have modified their stakes in Cavco, with CWM LLC increasing its position by 44.0% and multiple new investors entering during recent quarters.
• Cavco Industries reported quarterly earnings of $5.40 per share, surpassing expectations, and had a market capitalization of $3.38 billion as trading activity showed significant share price movement.

Royce & Associates LP lessened its stake in Cavco Industries, Inc. (NASDAQ:CVCO - Free Report) by 13.7% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 38,134 shares of the construction company's stock after selling 6,041 shares during the quarter. Royce & Associates LP owned approximately 0.47% of Cavco Industries worth $19,816,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings 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 valued at $82,000 after purchasing an additional 48 shares in the last quarter. ClearAlpha Technologies LP bought a new position in Cavco Industries during the 4th quarter worth about $204,000. DAVENPORT & Co LLC bought a new position in Cavco Industries during the 1st quarter worth about $208,000. New Age Alpha Advisors LLC purchased a new stake in Cavco Industries during the fourth quarter valued at approximately $215,000. Finally, Tower Research Capital LLC TRC boosted its stake in Cavco Industries by 58.6% in the fourth quarter. Tower Research Capital LLC TRC now owns 490 shares of the construction company's stock valued at $219,000 after acquiring an additional 181 shares in the last quarter. Hedge funds and other institutional investors own 95.56% of the company's stock.

Cavco Industries Stock Performance

Shares of NASDAQ CVCO traded up $5.44 during mid-day trading on Friday, reaching $417.47. The company's stock had a trading volume of 65,660 shares, compared to its average volume of 156,992. The stock has a 50-day moving average of $437.04 and a two-hundred day moving average of $479.39. The stock has a market capitalization of $3.38 billion, a P/E ratio of 20.11 and a beta of 1.15. Cavco Industries, Inc. has a 1-year low of $351.28 and a 1-year high of $549.99.

Cavco Industries (NASDAQ:CVCO - Get Free Report) last released its quarterly earnings data on Thursday, May 22nd. The construction company reported $5.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.23 by $0.17. The firm had revenue of $508.36 million during the quarter, compared to analysts' expectations of $504.15 million. Cavco Industries had a net margin of 8.49% and a return on equity of 17.00%. Analysts predict that Cavco Industries, Inc. will post 21.93 EPS for the current fiscal year.

Analyst Ratings Changes

CVCO has been the subject of a number of recent analyst reports. Wall Street Zen cut shares of Cavco Industries from a "buy" rating to a "hold" rating in a research note on Saturday, July 5th. Wedbush reissued a "neutral" rating and set a $550.00 price target on shares of Cavco Industries in a report on Tuesday, May 27th.

About Cavco Industries

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.