Cavco Industries (NASDAQ:CVCO) Stock: Insider Seth Schuknecht Sells 542 Shares

Key Points

• EVP Seth Schuknecht sold 542 Cavco shares at an average price of $685, worth $371,270. After the sale, he directly owned 1,323 shares, a 29.06% reduction in his position.
• Cavco reported quarterly EPS of $7.17, beating the $5.52 consensus estimate, while revenue of $656.38 million also exceeded expectations.
• Analysts’ consensus rating is “Moderate Buy”, with an average price target of $695. Shares closed at $643.97 on Thursday, down $34.76.

Cavco Industries, Inc. (NASDAQ:CVCO - Get Free Report) EVP Seth Schuknecht sold 542 shares of the business's stock in a transaction on Wednesday, November 4th. The stock was sold at an average price of $685.00, for a total value of $371,270.00. Following the completion of the sale, the executive vice president directly owned 1,323 shares in the company, valued at $906,255. This represents a 29.06% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link.

Cavco Industries Price Performance

Shares of Cavco Industries stock traded down $34.76 during trading on Thursday, hitting $643.97. The stock had a trading volume of 163,308 shares, compared to its average volume of 145,067. The firm has a market cap of $4.91 billion, a P/E ratio of 27.29, a PEG ratio of 1.76 and a beta of 1.29. The business has a fifty day moving average of $553.82 and a two-hundred day moving average of $551.75. Cavco Industries, Inc. has a fifty-two week low of $443.33 and a fifty-two week high of $713.01.

Cavco Industries (NASDAQ:CVCO - Get Free Report) last announced its earnings results on Thursday, October 29th. The construction company reported $7.17 earnings per share for the quarter, beating the consensus estimate of $5.52 by $1.65. The business had revenue of $656.38 million during 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%. As a group, research analysts forecast that Cavco Industries, Inc. will post 24.62 earnings per share for the current year.

Analysts Set New Price Targets

CVCO has been the subject of several research reports. Zelman & Associates lowered shares of Cavco Industries from an "outperform" rating to a "neutral" rating in a research report on Thursday, August 6th. Northland Securities initiated coverage on shares of Cavco Industries in a report on Wednesday, October 28th. They issued an "outperform" rating and a $650.00 target price on the stock. Zacks Research upgraded shares of Cavco Industries from a "strong sell" rating to a "hold" rating in a report on Tuesday, September 29th. Oppenheimer restated an "outperform" rating and issued a $735.00 price target (up from $720.00) on shares of Cavco Industries in a research report on Monday. Finally, Weiss Ratings raised Cavco Industries from a "hold (c+)" rating to a "buy (b-)" rating in a report on Tuesday. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $695.00.

Institutional Trading of Cavco Industries

Several large investors have recently added to or reduced their stakes in CVCO. Illinois Municipal Retirement Fund increased its position in Cavco Industries by 6.2% in the 3rd quarter. Illinois Municipal Retirement Fund now owns 4,148 shares of the construction company's stock worth $2,324,000 after purchasing an additional 242 shares during the last quarter. Keybank National Association OH raised its stake in shares of Cavco Industries by 32.3% during the 3rd quarter. Keybank National Association OH now owns 1,105 shares of the construction company's stock worth $619,000 after purchasing an additional 270 shares in the last quarter. Allspring Global Investments Holdings LLC raised its stake in shares of Cavco Industries by 4.9% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 9,860 shares of the construction company's stock worth $5,691,000 after purchasing an additional 459 shares in the last quarter. Hohimer Wealth Management LLC lifted its holdings in shares of Cavco Industries by 5.8% during the 3rd quarter. Hohimer Wealth Management LLC now owns 457 shares of the construction company's stock valued at $256,000 after buying an additional 25 shares during the last quarter. Finally, Brighton Jones LLC acquired a new stake in shares of Cavco Industries during the 3rd quarter valued at about $203,000. 95.56% of the stock is owned by institutional investors and hedge funds.

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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