The Manufacturers Life Insurance Company Acquires Shares of 3,751 Cavco Industries, Inc. $CVCO

Key Points

• The Manufacturers Life Insurance Company initiated a Cavco Industries stake by purchasing 3,751 shares valued at approximately $2.3 million. Institutional investors collectively own 95.56% of CVCO’s outstanding stock.
• Analyst sentiment is mixed, with ratings ranging from Strong Buy to Sell; MarketBeat’s consensus rating is Hold with an average price target of $700. Zacks Research recently downgraded the stock to Strong Sell, while UBS initiated coverage with a Buy rating.
• Cavco reported quarterly EPS of $5.43, below the $5.69 consensus estimate, although revenue of $609.96 million exceeded expectations. Shares opened at $561.85, while insiders sold 3,553 shares worth about $2.16 million over the preceding 90 days.

The Manufacturers Life Insurance Company bought a new stake in shares of Cavco Industries, Inc. (NASDAQ:CVCO - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 3,751 shares of the construction company's stock, valued at approximately $2,305,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Silvant Capital Management LLC purchased a new position in Cavco Industries during the 2nd quarter valued at about $25,000. Global Retirement Partners LLC bought a new position in shares of Cavco Industries during the second quarter valued at approximately $28,000. Allworth Financial LP bought a new position in shares of Cavco Industries during the second quarter valued at approximately $44,000. Aster Capital Management DIFC Ltd purchased a new position in shares of Cavco Industries during the fourth quarter valued at approximately $46,000. Finally, Kemnay Advisory Services Inc. purchased a new position in shares of Cavco Industries during the fourth quarter valued at approximately $50,000. 95.56% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts recently weighed in on CVCO shares. Zacks Research downgraded Cavco Industries from a "hold" rating to a "strong sell" rating in a research note on Monday, August 3rd. UBS Group began coverage on Cavco Industries in a research note on Friday, June 5th. They set a "buy" rating and a $700.00 price objective for the company. Weiss Ratings reissued a "hold (c+)" rating on shares of Cavco Industries in a research note on Friday, August 21st. Finally, Zelman & Associates lowered Cavco Industries from an "outperform" rating to a "neutral" rating in a research report on Thursday, August 6th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Cavco Industries presently has a consensus rating of "Hold" and an average target price of $700.00.

Cavco Industries Stock Up 1.6%

Shares of CVCO opened at $561.85 on Thursday. Cavco Industries, Inc. has a twelve month low of $443.33 and a twelve month high of $713.01. The company has a market capitalization of $4.32 billion, a P/E ratio of 24.45 and a beta of 1.28. The firm has a 50 day moving average of $579.94 and a 200 day moving average of $546.49.

Cavco Industries (NASDAQ:CVCO - Get Free Report) last released 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 $5.69 by ($0.26). The business had revenue of $609.96 million during 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, sell-side analysts expect that Cavco Industries, Inc. will post 22.75 EPS for the current year.

Insider Activity

In related news, Director Richard A. Kerley sold 500 shares of the stock in a transaction on Tuesday, June 9th. The stock was sold at an average price of $588.76, for a total transaction of $294,380.00. Following the sale, the director directly owned 6,169 shares of the company's stock, valued at $3,632,060.44. This trade represents a 7.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Allison Aden sold 1,473 shares of the business's stock in a transaction dated Thursday, June 25th. The stock was sold at an average price of $625.00, for a total value of $920,625.00. Following the completion of the transaction, the executive vice president directly owned 9,147 shares of the company's stock, valued at approximately $5,716,875. This trade represents 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 3,553 shares of company stock valued at $2,159,368 over the last ninety days. 1.70% of the stock is currently owned by corporate insiders.

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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