Russell Investments Group Ltd. lessened its position in shares of Cavco Industries, Inc. (NASDAQ:CVCO - Free Report) by 6.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 12,722 shares of the construction company's stock after selling 927 shares during the period. Russell Investments Group Ltd. owned approximately 0.16% of Cavco Industries worth $5,677,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also modified their holdings of the company. Loomis Sayles & Co. L P purchased a new stake in Cavco Industries during the fourth quarter worth approximately $20,382,000. Norges Bank purchased a new stake in Cavco Industries during the 4th quarter worth $17,730,000. Raymond James Financial Inc. acquired a new stake in Cavco Industries in the 4th quarter valued at $5,967,000. Geode Capital Management LLC raised its position in Cavco Industries by 6.1% in the third quarter. Geode Capital Management LLC now owns 224,384 shares of the construction company's stock valued at $96,107,000 after purchasing an additional 12,822 shares during the period. Finally, JPMorgan Chase & Co. lifted its stake in shares of Cavco Industries by 55.3% during the third quarter. JPMorgan Chase & Co. now owns 35,887 shares of the construction company's stock worth $15,368,000 after purchasing an additional 12,780 shares in the last quarter. 95.56% of the stock is owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
Several research firms recently commented on CVCO. StockNews.com lowered Cavco Industries from a "buy" rating to a "hold" rating in a research report on Wednesday, April 2nd. Wedbush reissued a "neutral" rating and set a $550.00 target price (up from $480.00) on shares of Cavco Industries in a research report on Monday, February 3rd.
Read Our Latest Analysis on CVCO
Cavco Industries Stock Performance
Shares of NASDAQ CVCO traded up $8.30 during midday trading on Friday, reaching $477.75. 70,524 shares of the company's stock were exchanged, compared to its average volume of 63,852. Cavco Industries, Inc. has a 52-week low of $331.08 and a 52-week high of $544.08. The business's fifty day moving average price is $508.80 and its two-hundred day moving average price is $480.55. The stock has a market capitalization of $3.87 billion, a PE ratio of 23.51 and a beta of 1.19.
Cavco Industries (NASDAQ:CVCO - Get Free Report) last issued its quarterly earnings data on Thursday, January 30th. The construction company reported $6.90 earnings per share for the quarter, beating analysts' consensus estimates of $4.89 by $2.01. Cavco Industries had a return on equity of 16.17% and a net margin of 8.75%. Analysts predict that Cavco Industries, Inc. will post 21.93 earnings per share for the current fiscal year.
Insider Buying and Selling
In other news, Director David A. Greenblatt sold 4,000 shares of the company's stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $528.88, for a total value of $2,115,520.00. Following the sale, the director now owns 15,286 shares in the company, valued at approximately $8,084,459.68. This represents a 20.74 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Susan L. Blount sold 2,000 shares of Cavco Industries stock in a transaction dated Tuesday, February 4th. The stock was sold at an average price of $507.18, for a total value of $1,014,360.00. Following the completion of the transaction, the director now owns 2,836 shares of the company's stock, valued at $1,438,362.48. This trade represents a 41.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 7,894 shares of company stock worth $4,140,833. Insiders own 1.60% of the company's stock.
Cavco Industries Company Profile
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Free Report)
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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