Cavco Industries (NASDAQ:CVCO) Upgraded to “Buy” at StockNews.com

Cavco Industries (NASDAQ:CVCO) was upgraded by StockNews.com from a “hold” rating to a “buy” rating in a report released on Monday.

Other research analysts also recently issued reports about the company. Wedbush boosted their price objective on Cavco Industries from $425.00 to $455.00 and gave the company an “outperform” rating in a research note on Friday, October 11th. Craig Hallum boosted their price objective on Cavco Industries from $422.00 to $495.00 and gave the company a “buy” rating in a research note on Monday.

Cavco Industries Trading Down 0.6 %

NASDAQ:CVCO traded down $2.51 during mid-day trading on Monday, reaching $444.21. The company’s stock had a trading volume of 49,164 shares, compared to its average volume of 64,360. Cavco Industries has a 12-month low of $250.75 and a 12-month high of $453.50. The firm’s fifty day moving average price is $421.95 and its two-hundred day moving average price is $387.93. The stock has a market cap of $3.66 billion, a P/E ratio of 25.11 and a beta of 1.24.

Cavco Industries (NASDAQ:CVCO) last released its quarterly earnings results on Thursday, October 31st. The construction company reported $5.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.70 by $0.58. The business had revenue of $507.46 million during the quarter, compared to the consensus estimate of $480.10 million. Cavco Industries had a return on equity of 14.43% and a net margin of 8.00%. During the same period in the previous year, the company posted $4.76 EPS. Analysts predict that Cavco Industries will post 17.35 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Steven G. Bunger sold 4,000 shares of the company’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $409.20, for a total transaction of $1,636,800.00. Following the sale, the director now directly owns 6,547 shares of the company’s stock, valued at $2,679,032.40. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CAO Paul Bigbee sold 88 shares of the firm’s stock in a transaction dated Wednesday, September 11th. The stock was sold at an average price of $401.40, for a total transaction of $35,323.20. Following the sale, the chief accounting officer now owns 1,081 shares of the company’s stock, valued at $433,913.40. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Steven G. Bunger sold 4,000 shares of the firm’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $409.20, for a total value of $1,636,800.00. Following the sale, the director now directly owns 6,547 shares in the company, valued at approximately $2,679,032.40. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 4,663 shares of company stock worth $1,882,930 in the last three months. 1.60% of the stock is owned by company insiders.

Institutional Investors Weigh In On Cavco Industries

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Crossmark Global Holdings Inc. purchased a new stake in Cavco Industries in the third quarter valued at about $208,000. Marks Group Wealth Management Inc raised its stake in shares of Cavco Industries by 38.7% in the third quarter. Marks Group Wealth Management Inc now owns 11,137 shares of the construction company’s stock worth $4,769,000 after purchasing an additional 3,106 shares during the last quarter. Amalgamated Bank raised its stake in shares of Cavco Industries by 1.2% in the third quarter. Amalgamated Bank now owns 2,428 shares of the construction company’s stock worth $1,040,000 after purchasing an additional 29 shares during the last quarter. Westbourne Investment Advisors Inc. purchased a new position in shares of Cavco Industries in the third quarter worth about $310,000. Finally, Harbor Capital Advisors Inc. raised 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 acquiring an additional 13,331 shares in the last quarter. 95.56% of the stock is currently owned by hedge funds and other institutional investors.

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.