Voya Investment Management LLC Raises Stock Position in Cavco Industries, Inc. $CVCO

Key Points

• Voya Investment Management LLC increased its stake in Cavco Industries by 22.7%, owning approximately 0.07% of the company valued at about $2.86 million after purchasing an additional 1,018 shares.
• Insider sales included a transaction by Director Richard A. Kerley, who sold 500 shares for approximately $240,275, reducing his ownership by 6.52%.
• Analysts currently average a Moderate Buy rating for Cavco Industries, with a price target of $522.50, following recent positive earnings results that exceeded expectations.

Voya Investment Management LLC grew its position in shares of Cavco Industries, Inc. (NASDAQ:CVCO - Free Report) by 22.7% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 5,511 shares of the construction company's stock after buying an additional 1,018 shares during the quarter. Voya Investment Management LLC owned 0.07% of Cavco Industries worth $2,864,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in the company. Victory Capital Management Inc. boosted its holdings in Cavco Industries by 103.3% in the first quarter. Victory Capital Management Inc. now owns 14,953 shares of the construction company's stock worth $7,770,000 after purchasing an additional 7,598 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its holdings in Cavco Industries by 62.7% in the first quarter. Allspring Global Investments Holdings LLC now owns 12,403 shares of the construction company's stock worth $6,402,000 after purchasing an additional 4,779 shares during the last quarter. GAMMA Investing LLC boosted its holdings in Cavco Industries by 38.7% in the first quarter. GAMMA Investing LLC now owns 441 shares of the construction company's stock worth $229,000 after purchasing an additional 123 shares during the last quarter. Meeder Asset Management Inc. purchased a new stake in Cavco Industries in the first quarter worth approximately $1,115,000. Finally, Informed Momentum Co LLC bought a new position in Cavco Industries in the first quarter worth approximately $4,480,000. Hedge funds and other institutional investors own 95.56% of the company's stock.

Cavco Industries Price Performance

Shares of CVCO stock traded up $4.41 on Tuesday, hitting $565.11. 69,629 shares of the stock traded hands, compared to its average volume of 114,589. The firm has a market cap of $4.48 billion, a price-to-earnings ratio of 24.47 and a beta of 1.23. Cavco Industries, Inc. has a 52 week low of $393.53 and a 52 week high of $574.20. The firm has a 50 day simple moving average of $486.68 and a two-hundred day simple moving average of $478.54.

Cavco Industries (NASDAQ:CVCO - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The construction company reported $6.42 EPS for the quarter, beating the consensus estimate of $5.81 by $0.61. The firm had revenue of $556.86 million for the quarter, compared to the consensus estimate of $524.97 million. Cavco Industries had a net margin of 8.99% and a return on equity of 18.52%. Sell-side analysts forecast that Cavco Industries, Inc. will post 21.93 EPS for the current year.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the stock. Wall Street Zen downgraded 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 Monday, August 4th. One equities research analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat, Cavco Industries presently has a consensus rating of "Moderate Buy" and an average price target of $522.50.

Insider Buying and Selling at Cavco Industries

In other Cavco Industries news, Director Richard A. Kerley sold 500 shares of Cavco Industries stock in a transaction on Wednesday, August 20th. The shares were sold at an average price of $480.55, for a total value of $240,275.00. Following the sale, the director directly owned 7,169 shares in the company, valued at approximately $3,445,062.95. The trade was a 6.52% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Susan L. Blount sold 2,500 shares of Cavco Industries stock in a transaction on Friday, August 22nd. The shares were 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 owned 3,126 shares in the company, valued at approximately $1,623,331.80. This 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 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.