Truist Financial Corp Reduces Stake in Cavco Industries, Inc. $CVCO

Key Points

• Truist Financial Corp reduced its stake in Cavco Industries by 9.8% during Q2, leaving it with approximately 11,174 shares valued at $4.85 million.
• Several hedge funds have increased their holdings in Cavco Industries, with Victory Capital Management raising its stake by over 100% in the first quarter.
• Despite insider selling, Cavco Industries reported better-than-expected earnings of $6.42 per share, exceeding analyst estimates and indicating continued demand in the affordable housing market.

Truist Financial Corp cut its stake in Cavco Industries, Inc. (NASDAQ:CVCO - Free Report) by 9.8% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 11,174 shares of the construction company's stock after selling 1,211 shares during the quarter. Truist Financial Corp owned about 0.14% of Cavco Industries worth $4,854,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the business. Victory Capital Management Inc. grew its holdings in shares of Cavco Industries by 103.3% during the first quarter. Victory Capital Management Inc. now owns 14,953 shares of the construction company's stock valued at $7,770,000 after buying an additional 7,598 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its position in Cavco Industries by 62.7% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 12,403 shares of the construction company's stock valued at $6,402,000 after acquiring an additional 4,779 shares in the last quarter. GAMMA Investing LLC boosted its stake in Cavco Industries by 38.7% during the 1st quarter. GAMMA Investing LLC now owns 441 shares of the construction company's stock valued at $229,000 after purchasing an additional 123 shares during the last quarter. Meeder Asset Management Inc. bought a new stake in shares of Cavco Industries in the 1st quarter worth $1,115,000. Finally, Informed Momentum Co LLC bought a new stake in shares of Cavco Industries in the 1st quarter worth $4,480,000. Institutional investors own 95.56% of the company's stock.

Insider Activity at Cavco Industries

In other news, CAO Paul Bigbee sold 300 shares of the firm's stock in a transaction on Friday, August 29th. The stock was sold at an average price of $530.45, for a total transaction of $159,135.00. Following the transaction, the chief accounting officer owned 774 shares in the company, valued at approximately $410,568.30. This trade represents a 27.93% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Susan L. Blount sold 2,500 shares of the company's stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $519.30, for a total transaction of $1,298,250.00. Following the completion of the sale, the director directly owned 3,126 shares of the company's stock, valued at approximately $1,623,331.80. This trade represents a 44.44% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 5,600 shares of company stock worth $2,820,884. Insiders own 1.60% of the company's stock.

Cavco Industries Stock Performance

Shares of NASDAQ:CVCO opened at $503.19 on Wednesday. The firm has a market cap of $3.99 billion, a price-to-earnings ratio of 21.81 and a beta of 1.23. The firm has a fifty day moving average price of $517.72 and a 200 day moving average price of $482.81. Cavco Industries, Inc. has a fifty-two week low of $393.53 and a fifty-two week high of $600.00.

Cavco Industries (NASDAQ:CVCO - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The construction company reported $6.42 earnings per share for the quarter, topping the consensus estimate of $5.81 by $0.61. The company had revenue of $556.86 million for the quarter, compared to analysts' expectations of $524.97 million. Cavco Industries had a net margin of 8.99% and a return on equity of 18.52%. As a group, research analysts predict that Cavco Industries, Inc. will post 21.93 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Cavco Industries in a research report on Saturday, September 27th. Wedbush reaffirmed a "neutral" rating and set a $550.00 price target on shares of Cavco Industries in a report on Monday, August 4th. Finally, Wall Street Zen cut shares of Cavco Industries from a "buy" rating to a "hold" rating in a report on Saturday, July 5th. Two research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $522.50.

Cavco Industries Company Profile

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.

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