Principal Financial Group Inc. Cuts Stock Position in Cavco Industries, Inc. (NASDAQ:CVCO)

Principal Financial Group Inc. trimmed its stake in shares of Cavco Industries, Inc. (NASDAQ:CVCO) by 1.0% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 41,333 shares of the construction company’s stock after selling 405 shares during the quarter. Principal Financial Group Inc.’s holdings in Cavco Industries were worth $17,700,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of CVCO. Assenagon Asset Management S.A. lifted its stake in Cavco Industries by 1,610.3% in the 3rd quarter. Assenagon Asset Management S.A. now owns 60,835 shares of the construction company’s stock valued at $26,052,000 after buying an additional 57,278 shares in the last quarter. Cerity Partners LLC lifted its position in shares of Cavco Industries by 91.8% in the third quarter. Cerity Partners LLC now owns 46,915 shares of the construction company’s stock valued at $20,091,000 after acquiring an additional 22,451 shares in the last quarter. Atom Investors LP acquired a new stake in shares of Cavco Industries in the third quarter worth approximately $7,572,000. Harbor Capital Advisors Inc. increased its position in shares of Cavco Industries by 147.0% during the third quarter. Harbor Capital Advisors Inc. now owns 22,399 shares of the construction company’s stock worth $9,592,000 after purchasing an additional 13,331 shares in the last quarter. Finally, Geode Capital Management LLC raised its stake in Cavco Industries by 6.1% in the 3rd 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 last quarter. Institutional investors and hedge funds own 95.56% of the company’s stock.

Cavco Industries Stock Down 0.3 %

Shares of CVCO opened at $449.28 on Friday. Cavco Industries, Inc. has a 52-week low of $304.10 and a 52-week high of $544.08. The stock has a fifty day simple moving average of $468.25 and a two-hundred day simple moving average of $418.62. The company has a market capitalization of $3.64 billion, a PE ratio of 25.40 and a beta of 1.29.

Cavco Industries (NASDAQ:CVCO) last released its quarterly earnings data on Thursday, October 31st. The construction company reported $5.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.70 by $0.58. The firm had revenue of $507.46 million during the quarter, compared to analysts’ expectations 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 earned $4.76 earnings per share. As a group, equities analysts anticipate that Cavco Industries, Inc. will post 18 earnings per share for the current fiscal year.

Insider Activity at Cavco Industries

In other news, CAO Paul Bigbee sold 100 shares of the business’s stock in a transaction that occurred 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 sale, the chief accounting officer now directly owns 981 shares of the company’s stock, valued at approximately $502,497.63. The trade was a 9.25 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Julia Sze sold 125 shares of the company’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $458.68, for a total transaction of $57,335.00. Following the completion of the transaction, the director now owns 2,861 shares in the company, valued at approximately $1,312,283.48. This represents a 4.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,100 shares of company stock worth $535,642. Insiders own 1.60% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently issued reports on CVCO. Craig Hallum upped their target price on shares of Cavco Industries from $422.00 to $495.00 and gave the stock a “buy” rating in a report on Monday, November 4th. StockNews.com downgraded shares of Cavco Industries from a “buy” rating to a “hold” rating in a report on Friday, December 20th. Finally, Wedbush lowered shares of Cavco Industries from an “outperform” rating to a “neutral” rating and set a $480.00 target price on the stock. in a research note on Tuesday, December 3rd.

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.