Cavco Industries (NASDAQ:CVCO) Stock Price Down 0.6% Following Insider Selling

Cavco Industries, Inc. (NASDAQ:CVCO)’s share price fell 0.6% during mid-day trading on Wednesday after an insider sold shares in the company. The stock traded as low as $516.72 and last traded at $518.19. 7,950 shares traded hands during mid-day trading, a decline of 88% from the average session volume of 64,448 shares. The stock had previously closed at $521.23.

Specifically, CAO Paul Bigbee sold 100 shares of the firm’s stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $512.23, for a total transaction of $51,223.00. Following the transaction, the chief accounting officer now directly 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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Wall Street Analyst Weigh In

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

Cavco Industries Price Performance

The company has a 50 day moving average price of $444.55 and a 200-day moving average price of $400.17. The stock has a market capitalization of $4.20 billion, a PE ratio of 29.29 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 the consensus estimate of $4.70 by $0.58. Cavco Industries had a net margin of 8.00% and a return on equity of 14.38%. The business had revenue of $507.46 million during the quarter, compared to analyst estimates of $480.10 million. During the same period in the prior year, the business earned $4.76 EPS. As a group, equities analysts anticipate that Cavco Industries, Inc. will post 18 earnings per share for the current year.

Institutional Trading of Cavco Industries

Institutional investors and hedge funds have recently bought and sold shares of the stock. Assenagon Asset Management S.A. raised its position in shares of 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 worth $26,052,000 after acquiring an additional 57,278 shares in the last quarter. Cerity Partners LLC raised its holdings in Cavco Industries by 91.8% in the third quarter. Cerity Partners LLC now owns 46,915 shares of the construction company’s stock worth $20,091,000 after purchasing an additional 22,451 shares in the last quarter. Atom Investors LP bought a new position in Cavco Industries in the third quarter worth $7,572,000. Harbor Capital Advisors Inc. lifted its position in Cavco Industries by 147.0% during the third quarter. Harbor Capital Advisors Inc. now owns 22,399 shares of the construction company’s stock valued at $9,592,000 after buying an additional 13,331 shares during the period. Finally, Geode Capital Management LLC boosted its holdings in shares of Cavco Industries by 6.1% during the 3rd quarter. Geode Capital Management LLC now owns 224,384 shares of the construction company’s stock valued at $96,107,000 after buying an additional 12,822 shares in the last quarter. 95.56% of the stock is currently owned by hedge funds and other institutional investors.

About Cavco Industries

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.