Squarepoint Ops LLC Sells 3,594 Shares of Cavco Industries, Inc. $CVCO

Key Points

• Squarepoint Ops LLC cut its Cavco Industries stake by 89.8% in the second quarter, selling 3,594 shares and retaining 407 shares valued at approximately $250,000. Institutional investors collectively own 95.56% of the company.
• Cavco reported quarterly revenue of $609.96 million, exceeding expectations, but earnings per share of $5.43 fell short of the $5.69 consensus estimate. Analysts expect full-year EPS of $22.75.
• Analyst sentiment is mixed, with recent downgrades including a “strong sell” from Zacks Research; the stock carries an overall “Hold” rating and a consensus price target of $700, compared with its $541.84 opening price.

Squarepoint Ops LLC decreased its position in shares of Cavco Industries, Inc. (NASDAQ:CVCO - Free Report) by 89.8% during the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 407 shares of the construction company's stock after selling 3,594 shares during the quarter. Squarepoint Ops LLC's holdings in Cavco Industries were worth $250,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Silvant Capital Management LLC bought a new position in shares of Cavco Industries during the second quarter worth $25,000. Global Retirement Partners LLC bought a new stake in Cavco Industries in the 2nd quarter valued at $28,000. Allworth Financial LP bought a new stake in Cavco Industries in the 2nd quarter valued at $44,000. Persistent Asset Partners Ltd bought a new position in shares of Cavco Industries during the 2nd quarter valued at about $52,000. Finally, Clearstead Advisors LLC grew its position in shares of Cavco Industries by 186.0% during the fourth quarter. Clearstead Advisors LLC now owns 123 shares of the construction company's stock valued at $73,000 after purchasing an additional 80 shares in the last quarter. Institutional investors own 95.56% of the company's stock.

Insider Buying and Selling

In other Cavco Industries news, CAO Paul Bigbee sold 342 shares of the company's stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $592.00, for a total transaction of $202,464.00. Following the completion of the sale, the chief accounting officer owned 736 shares in the company, valued at $435,712. This represents a 31.73% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 1.70% of the stock is owned by company insiders.

Cavco Industries Price Performance

Shares of NASDAQ:CVCO opened at $541.84 on Thursday. The firm has a market capitalization of $4.17 billion, a PE ratio of 23.58 and a beta of 1.28. The business has a 50 day simple moving average of $567.06 and a two-hundred day simple moving average of $542.64. Cavco Industries, Inc. has a 1 year low of $443.33 and a 1 year high of $713.01.

Cavco Industries (NASDAQ:CVCO - Get Free Report) last released its earnings results on Thursday, July 30th. The construction company reported $5.43 earnings per share for the quarter, missing analysts' consensus estimates of $5.69 by ($0.26). Cavco Industries had a return on equity of 16.51% and a net margin of 7.89%.The business had revenue of $609.96 million during the quarter, compared to analysts' expectations of $590.54 million. Equities research analysts expect that Cavco Industries, Inc. will post 22.75 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

CVCO has been the subject of several research analyst reports. Weiss Ratings cut Cavco Industries from a "hold (c+)" rating to a "hold (c)" rating in a report on Monday, September 14th. Zelman & Associates cut Cavco Industries from an "outperform" rating to a "neutral" rating in a report on Thursday, August 6th. Zacks Research cut Cavco Industries from a "hold" rating to a "strong sell" rating in a report on Monday, August 3rd. Finally, UBS Group started coverage on Cavco Industries in a research report on Friday, June 5th. They set a "buy" rating and a $700.00 target price for the company. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, Cavco Industries has an average rating of "Hold" and a consensus target price of $700.00.

Cavco Industries Profile

Cavco Industries, Inc is a manufacturer of factory-built housing and related products. The company produces manufactured homes, modular homes, park model recreational vehicles and other factory-built structures for residential, commercial and recreational applications. Its homes are sold under a range of brands, including Cavco, Fleetwood, Palm Harbor and Nationwide Homes.

Cavco markets its products through an independent dealer network as well as company-owned retail locations. It also provides financing and insurance services for manufactured-home buyers through affiliated businesses, including CountryPlace Mortgage and insurance operations.

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