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

Other hedge funds also recently added to or reduced their stakes in the company. CWM LLC increased its holdings in 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 in the last quarter. ClearAlpha Technologies LP purchased a new position in Cavco Industries in the fourth quarter valued at about $204,000. DAVENPORT & Co LLC purchased a new position in Cavco Industries in the first quarter valued at about $208,000. New Age Alpha Advisors LLC purchased a new position in Cavco Industries in the fourth quarter valued at about $215,000. Finally, Tower Research Capital LLC TRC increased its holdings 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 buying an additional 181 shares in the last quarter. 95.56% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. Wall Street Zen lowered shares of Cavco Industries from a "buy" rating to a "hold" rating in a research report on Saturday, July 5th. Wedbush reiterated a "neutral" rating and issued a $550.00 price target on shares of Cavco Industries in a research report on Tuesday, May 27th.

Cavco Industries Trading Up 0.4%

Shares of CVCO stock traded up $1.53 during trading hours on Monday, hitting $419.00. The company's stock had a trading volume of 26,898 shares, compared to its average volume of 102,020. The business has a fifty day moving average of $437.04 and a 200-day moving average of $479.88. The stock has a market cap of $3.39 billion, a price-to-earnings ratio of 20.18 and a beta of 1.15. Cavco Industries, Inc. has a twelve month low of $351.28 and a twelve month high of $549.99.

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

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.