Cavco Industries (NASDAQ:CVCO) Announces Earnings Results

Cavco Industries (NASDAQ:CVCO) posted its earnings results on Thursday. The construction company reported $5.58 EPS for the quarter, missing analysts’ consensus estimates of $6.00 by ($0.42), Zacks reports. Cavco Industries had a net margin of 9.18% and a return on equity of 19.13%. The company had revenue of $580.99 million during the quarter, compared to analyst estimates of $593.37 million.

Cavco Industries Stock Performance

CVCO stock traded up $1.39 during mid-day trading on Thursday, reaching $617.50. The company had a trading volume of 195,545 shares, compared to its average volume of 197,224. The firm has a fifty day simple moving average of $616.57 and a 200 day simple moving average of $550.81. Cavco Industries has a fifty-two week low of $393.53 and a fifty-two week high of $713.01. The company has a market capitalization of $4.82 billion, a price-to-earnings ratio of 25.37 and a beta of 1.31.

Insider Transactions at Cavco Industries

In other Cavco Industries news, Director Richard A. Kerley sold 500 shares of the business’s stock in a transaction that occurred on Friday, November 7th. The shares were sold at an average price of $568.99, for a total transaction of $284,495.00. Following the completion of the transaction, the director owned 6,669 shares in the company, valued at $3,794,594.31. The trade was a 6.97% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 1.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Cavco Industries

Several institutional investors have recently modified their holdings of CVCO. CIBC Private Wealth Group LLC increased its stake in Cavco Industries by 72.5% in the third quarter. CIBC Private Wealth Group LLC now owns 119 shares of the construction company’s stock valued at $69,000 after purchasing an additional 50 shares during the last quarter. CIBC Bancorp USA Inc. purchased a new position in shares of Cavco Industries in the 3rd quarter valued at $473,000. Danske Bank A S acquired a new stake in Cavco Industries during the 3rd quarter worth $58,000. Abel Hall LLC purchased a new stake in Cavco Industries in the third quarter valued at $203,000. Finally, Verition Fund Management LLC boosted its stake in Cavco Industries by 59.7% in the third quarter. Verition Fund Management LLC now owns 4,831 shares of the construction company’s stock valued at $2,806,000 after acquiring an additional 1,806 shares in the last quarter. 95.56% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on CVCO shares. CJS Securities upgraded shares of Cavco Industries to a “strong-buy” rating in a report on Thursday, December 11th. Zacks Research cut Cavco Industries from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 16th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Cavco Industries in a research report on Monday, December 29th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, Cavco Industries currently has an average rating of “Moderate Buy” and an average target price of $550.00.

About Cavco Industries

Cavco Industries, Inc is a leading designer, manufacturer and retailer of factory-built homes and modular structures. The company produces a range of HUD-code manufactured homes, modular buildings, park model RVs and cabins through its network of production facilities. Its offerings cater to both residential and commercial markets, including customizable single- and multi-section homes, workforce and affordable housing solutions, educational and healthcare modules, as well as specialty lodging products for the recreational vehicle and hospitality industries.

Since its founding in 1967, Cavco has grown through strategic investments and acquisitions, expanding its footprint across the United States and into parts of Canada and Mexico.