Cavco Industries (NASDAQ:CVCO) Stock: Insider Richard Kerley Sells 459 Shares

Key Points

• Director Richard Kerley sold 459 Cavco shares at an average of $676.87, worth about $310,683. After the sale, he owned 6,000 shares, a 7.11% reduction in his position.
• Cavco reported quarterly EPS of $7.17, beating the $5.52 analyst consensus, while revenue of $656.38 million also exceeded expectations.
• Shares fell $34.76 to $643.97 in Thursday trading. Analysts’ consensus rating was “Moderate Buy,” with an average price target of $695.

Cavco Industries, Inc. (NASDAQ:CVCO - Get Free Report) Director Richard Kerley sold 459 shares of the stock in a transaction on Wednesday, November 4th. The shares were sold at an average price of $676.87, for a total value of $310,683.33. Following the sale, the director owned 6,000 shares of the company's stock, valued at $4,061,220. This trade represents a 7.11% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link.

Cavco Industries Price Performance

Shares of CVCO traded down $34.76 during trading hours on Thursday, hitting $643.97. 163,308 shares of the company were exchanged, compared to its average volume of 145,067. The company has a market capitalization of $4.91 billion, a PE ratio of 27.29, a PEG ratio of 1.76 and a beta of 1.29. The firm has a fifty day simple moving average of $553.82 and a 200-day simple moving average of $551.75. Cavco Industries, Inc. has a one year low of $443.33 and a one year high of $713.01.

Cavco Industries (NASDAQ:CVCO - Get Free Report) last issued its earnings results on Thursday, October 29th. The construction company reported $7.17 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $5.52 by $1.65. The business had revenue of $656.38 million for the quarter, compared to analysts' expectations of $613.12 million. Cavco Industries had a return on equity of 16.60% and a net margin of 7.68%. Sell-side analysts expect that Cavco Industries, Inc. will post 24.62 EPS for the current year.

Institutional Trading of Cavco Industries

A number of hedge funds have recently modified their holdings of the business. Silvant Capital Management LLC acquired a new position in Cavco Industries during the second quarter valued at $25,000. Global Retirement Partners LLC acquired a new stake in Cavco Industries during the 2nd quarter worth about $28,000. Root Financial Partners LLC acquired a new stake in Cavco Industries during the 3rd quarter worth about $28,000. Signaturefd LLC boosted its position in Cavco Industries by 96.3% during the 3rd quarter. Signaturefd LLC now owns 53 shares of the construction company's stock worth $30,000 after acquiring an additional 26 shares during the period. Finally, IFP Advisors Inc grew its stake in Cavco Industries by 2,850.0% during the 2nd quarter. IFP Advisors Inc now owns 59 shares of the construction company's stock valued at $36,000 after acquiring an additional 57 shares in the last quarter. Hedge funds and other institutional investors own 95.56% of the company's stock.

Analyst Upgrades and Downgrades

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

Cavco Industries Company Profile

Cavco Industries, Inc is a manufacturer of factory-built housing and related products. The company designs and produces manufactured homes, modular homes, park model recreational vehicles, and commercial structures for residential, hospitality, and other applications. Its homes are sold through independent retailers, company-owned retail locations, and a network of housing dealers.

Cavco markets its products under several brands, including Cavco, Fleetwood Homes, Palm Harbor Homes, Nationwide Homes, Solitaire Homes, and CountryPlace.

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