Cavco Industries (NASDAQ:CVCO) Insider Brian Cira Sells 2,382 Shares of Stock

Key Points

• Insider Brian Cira sold 2,382 Cavco shares at an average price of $666.91, for about $1.59 million. After the sale, he held 1,908 shares, a 55.52% reduction in his position.
• Cavco beat quarterly earnings expectations, reporting EPS of $7.17 versus the $5.52 consensus and revenue of $656.38 million versus $613.12 million expected.
• Analysts’ consensus rating is Moderate Buy, with an average price target of $695. Shares recently traded at $642.31.

Cavco Industries, Inc. (NASDAQ:CVCO - Get Free Report) insider Brian Cira sold 2,382 shares of the firm's stock in a transaction dated Tuesday, November 10th. The shares were sold at an average price of $666.91, for a total transaction of $1,588,579.62. Following the transaction, the insider directly owned 1,908 shares in the company, valued at $1,272,464.28. This trade represents a 55.52% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website.

Cavco Industries Price Performance

Shares of NASDAQ:CVCO traded up $0.30 during trading hours on Friday, hitting $642.31. The company's stock had a trading volume of 73,856 shares, compared to its average volume of 143,367. The firm's fifty day moving average price is $564.08 and its 200 day moving average price is $550.82. Cavco Industries, Inc. has a 52 week low of $443.33 and a 52 week high of $713.01. The company has a market capitalization of $4.90 billion, a price-to-earnings ratio of 27.22, a P/E/G ratio of 1.76 and a beta of 1.29.

Cavco Industries (NASDAQ:CVCO - Get Free Report) last released its quarterly earnings data on Thursday, October 29th. The construction company reported $7.17 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $5.52 by $1.65. The firm had revenue of $656.38 million for the quarter, compared to the consensus estimate of $613.12 million. Cavco Industries had a net margin of 7.68% and a return on equity of 16.60%. On average, equities research analysts predict that Cavco Industries, Inc. will post 24.62 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Fifth Third Bancorp lifted its position in Cavco Industries by 599.0% during the 1st quarter. Fifth Third Bancorp now owns 2,824 shares of the construction company's stock worth $1,367,000 after acquiring an additional 2,420 shares during the period. Robotti Robert acquired a new position in shares of Cavco Industries in the second quarter valued at about $19,903,000. California State Teachers Retirement System increased its holdings in shares of Cavco Industries by 24.1% in the first quarter. California State Teachers Retirement System now owns 9,319 shares of the construction company's stock valued at $4,513,000 after purchasing an additional 1,808 shares during the period. Philadelphia Financial Management of San Francisco LLC acquired a new position in shares of Cavco Industries in the second quarter valued at about $5,412,688. Finally, The Manufacturers Life Insurance Company purchased a new position in shares of Cavco Industries in the second quarter worth about $2,305,000. Institutional investors own 95.56% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. Northland Securities assumed coverage on Cavco Industries in a report on Wednesday, October 28th. They issued an "outperform" rating and a $650.00 price target on the stock. Zacks Research raised Cavco Industries from a "strong sell" rating to a "hold" rating in a research report on Tuesday, September 29th. Oppenheimer restated an "outperform" rating and set a $735.00 price objective (up from $720.00) on shares of Cavco Industries in a research note on Monday, November 2nd. Weiss Ratings raised Cavco Industries from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Tuesday, November 3rd. Finally, Zelman & Associates lowered Cavco Industries from an "outperform" rating to a "neutral" rating in a research note on Thursday, August 6th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat, Cavco Industries presently has an average rating of "Moderate Buy" and a consensus price target of $695.00.

About Cavco Industries

Cavco Industries, Inc. designs and manufactures factory-built housing, including manufactured and modular homes, park model recreational vehicles, and related structures. Its homes are sold under a range of brand names and are designed for uses that include permanent residences, vacation homes, and workforce housing. Founded in 1965 and headquartered in Phoenix, Arizona, Cavco serves customers across the United States through a network of independent retailers, company-owned retail locations, and other housing channels.

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