Cavco Industries (NASDAQ:CVCO) Shares Down 1% – Here’s What Happened

Cavco Industries, Inc. (NASDAQ:CVCO) fell 1% during mid-day trading on Thursday . The company traded as low as $513.49 and last traded at $515.86. 50,563 shares traded hands during trading, a decline of 22% from the average session volume of 64,636 shares. The stock had previously closed at $521.23.

Wall Street Analyst Weigh In

Several brokerages have commented on CVCO. StockNews.com raised shares of Cavco Industries from a “hold” rating to a “buy” rating in a research note on Monday, November 4th. Wedbush raised their price objective on Cavco Industries from $425.00 to $455.00 and gave the stock an “outperform” rating in a research note on Friday, October 11th. Finally, Craig Hallum boosted their target price on Cavco Industries from $422.00 to $495.00 and gave the company a “buy” rating in a research note on Monday, November 4th.

Cavco Industries Stock Performance

The firm’s fifty day simple moving average is $449.40 and its 200 day simple moving average is $402.77. The stock has a market capitalization of $4.17 billion, a price-to-earnings ratio of 29.08 and a beta of 1.24.

Cavco Industries (NASDAQ:CVCO) last issued its quarterly earnings data on Thursday, October 31st. The construction company reported $5.28 EPS for the quarter, topping analysts’ consensus estimates of $4.70 by $0.58. The business had revenue of $507.46 million for the quarter, compared to analyst estimates of $480.10 million. Cavco Industries had a net margin of 8.00% and a return on equity of 14.38%. During the same period last year, the business posted $4.76 earnings per share. Analysts forecast that Cavco Industries, Inc. will post 18 earnings per share for the current year.

Insider Activity

In related news, CAO Paul Bigbee sold 100 shares of the firm’s stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $512.23, for a total value of $51,223.00. Following the completion of the transaction, the chief accounting officer now owns 981 shares of the company’s stock, valued at approximately $502,497.63. This trade represents a 9.25 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Julia Sze sold 125 shares of Cavco Industries stock in a transaction on Friday, November 8th. The shares were sold at an average price of $458.68, for a total transaction of $57,335.00. Following the completion of the sale, the director now owns 2,861 shares in the company, valued at $1,312,283.48. The trade was a 4.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 4,313 shares of company stock worth $1,780,681 over the last three months. Corporate insiders own 1.60% of the company’s stock.

Hedge Funds Weigh In On Cavco Industries

Hedge funds have recently modified their holdings of the stock. Blue Trust Inc. boosted its position in Cavco Industries by 9,900.0% during the second quarter. Blue Trust Inc. now owns 100 shares of the construction company’s stock valued at $35,000 after purchasing an additional 99 shares during the last quarter. Farther Finance Advisors LLC raised its stake in shares of Cavco Industries by 390.5% during the 3rd quarter. Farther Finance Advisors LLC now owns 103 shares of the construction company’s stock worth $44,000 after purchasing an additional 82 shares in the last quarter. Avior Wealth Management LLC acquired a new stake in shares of Cavco Industries in the 3rd quarter valued at approximately $64,000. GAMMA Investing LLC grew its stake in shares of Cavco Industries by 30.2% in the third quarter. GAMMA Investing LLC now owns 276 shares of the construction company’s stock valued at $118,000 after buying an additional 64 shares in the last quarter. Finally, nVerses Capital LLC acquired a new position in Cavco Industries during the second quarter worth $138,000. Institutional investors own 95.56% of the company’s stock.

Cavco Industries Company 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.