Cavco Industries, Inc. $CVCO Stock Sold by State of Alaska Department of Revenue

State of Alaska Department of Revenue cut its position in shares of Cavco Industries, Inc. (NASDAQ:CVCO) by 56.7% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,292 shares of the construction company’s stock after selling 1,693 shares during the period. State of Alaska Department of Revenue’s holdings in Cavco Industries were worth $723,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also made changes to their positions in the company. BlackRock Inc. bought a new position in shares of Cavco Industries during the 2nd quarter worth $767,112,000. Jupiter Topco LLC bought a new stake in shares of Cavco Industries in the second quarter valued at about $42,954,000. Neumeier Poma Investment Counsel LLC bought a new stake in shares of Cavco Industries in the second quarter valued at about $42,826,587. Bessemer Group Inc. raised its holdings in shares of Cavco Industries by 3.5% in the first quarter. Bessemer Group Inc. now owns 59,878 shares of the construction company’s stock valued at $28,998,000 after acquiring an additional 2,008 shares in the last quarter. Finally, Punch & Associates Investment Management Inc. bought a new stake in shares of Cavco Industries in the second quarter valued at about $33,133,000. 95.56% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have issued reports on CVCO. Weiss Ratings upgraded shares of Cavco Industries from a “hold (c)” rating to a “hold (c+)” rating in a report on Tuesday, September 29th. Zacks Research raised shares of Cavco Industries from a “strong sell” rating to a “hold” rating in a research report on Tuesday, September 29th. Oppenheimer initiated coverage on shares of Cavco Industries in a report on Wednesday, September 30th. They issued an “outperform” rating and a $720.00 price target for the company. Finally, Zelman & Associates cut shares of Cavco Industries from an “outperform” rating to a “neutral” rating in a research report on Thursday, August 6th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $710.00.

Cavco Industries Trading Up 6.0%

Shares of CVCO stock opened at $547.44 on Friday. The business’s fifty day simple moving average is $553.67 and its 200-day simple moving average is $550.61. The company has a market cap of $4.21 billion, a PE ratio of 22.47 and a beta of 1.27. Cavco Industries, Inc. has a 12-month low of $443.33 and a 12-month high of $713.01.

Cavco Industries (NASDAQ:CVCO) last posted its quarterly earnings data on Thursday, July 30th. The construction company reported $5.43 earnings per share for the quarter, missing analysts’ consensus estimates of $5.69 by ($0.26). Cavco Industries had a return on equity of 16.51% and a net margin of 7.89%. The business had revenue of $609.96 million during the quarter, compared to analyst estimates of $590.54 million. On average, equities analysts forecast that Cavco Industries, Inc. will post 22.66 earnings per share for the current year.

Insider Buying and Selling

In other Cavco Industries news, CAO Paul Bigbee sold 342 shares of the stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of $592.00, for a total value of $202,464.00. Following the completion of the sale, the chief accounting officer directly owned 736 shares in the company, valued at approximately $435,712. This trade represents a 31.73% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 1.70% of the company’s stock.

About Cavco Industries

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.