Confluence Investment Management LLC Acquires Shares of 11,726 Cavco Industries, Inc. (NASDAQ:CVCO)

Confluence Investment Management LLC acquired a new stake in shares of Cavco Industries, Inc. (NASDAQ:CVCO) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 11,726 shares of the construction company’s stock, valued at approximately $4,679,000. Confluence Investment Management LLC owned approximately 0.14% of Cavco Industries as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Norges Bank purchased a new position in Cavco Industries during the fourth quarter worth about $21,059,000. Pacer Advisors Inc. raised its stake in Cavco Industries by 38.0% during the fourth quarter. Pacer Advisors Inc. now owns 169,643 shares of the construction company’s stock worth $58,802,000 after purchasing an additional 46,726 shares during the period. American Century Companies Inc. raised its stake in Cavco Industries by 18.0% during the third quarter. American Century Companies Inc. now owns 208,156 shares of the construction company’s stock worth $55,299,000 after purchasing an additional 31,707 shares during the period. Boston Trust Walden Corp raised its stake in Cavco Industries by 16.0% during the fourth quarter. Boston Trust Walden Corp now owns 195,904 shares of the construction company’s stock worth $67,904,000 after purchasing an additional 27,087 shares during the period. Finally, Cerity Partners LLC purchased a new position in Cavco Industries during the fourth quarter worth about $6,085,000. 95.56% of the stock is owned by hedge funds and other institutional investors.

Cavco Industries Price Performance

Shares of CVCO opened at $354.82 on Wednesday. Cavco Industries, Inc. has a 1-year low of $233.84 and a 1-year high of $400.99. The stock has a market cap of $2.94 billion, a PE ratio of 19.34 and a beta of 1.25. The firm has a 50-day simple moving average of $362.99 and a two-hundred day simple moving average of $355.21.

Cavco Industries (NASDAQ:CVCO) last announced its quarterly earnings results on Thursday, May 23rd. The construction company reported $4.03 earnings per share for the quarter, missing analysts’ consensus estimates of $5.13 by ($1.10). The company had revenue of $420.12 million for the quarter, compared to analyst estimates of $499.50 million. Cavco Industries had a net margin of 8.79% and a return on equity of 15.46%. As a group, sell-side analysts expect that Cavco Industries, Inc. will post 19.77 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Separately, Wedbush lifted their target price on shares of Cavco Industries from $380.00 to $425.00 and gave the stock an “outperform” rating in a research note on Monday, May 20th.

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.