Maryland State Retirement & Pension System Reduces Stock Position in Cavco Industries, Inc. (NASDAQ:CVCO)

Maryland State Retirement & Pension System cut its stake in Cavco Industries, Inc. (NASDAQ:CVCO) by 2.0% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,730 shares of the construction company’s stock after selling 57 shares during the period. Maryland State Retirement & Pension System’s holdings in Cavco Industries were worth $1,218,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in the business. Xponance Inc. grew its position in Cavco Industries by 9.4% in the fourth quarter. Xponance Inc. now owns 596 shares of the construction company’s stock worth $266,000 after acquiring an additional 51 shares during the period. Intech Investment Management LLC grew its position in Cavco Industries by 91.4% in the fourth quarter. Intech Investment Management LLC now owns 4,160 shares of the construction company’s stock worth $1,856,000 after acquiring an additional 1,986 shares during the period. Cibc World Markets Corp purchased a new position in Cavco Industries in the fourth quarter worth approximately $345,000. Commonwealth Equity Services LLC purchased a new position in Cavco Industries in the fourth quarter worth approximately $308,000. Finally, Avantax Advisory Services Inc. grew its position in Cavco Industries by 8.3% in the fourth quarter. Avantax Advisory Services Inc. now owns 720 shares of the construction company’s stock worth $321,000 after acquiring an additional 55 shares during the period. 95.56% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director David A. Greenblatt sold 4,000 shares of the stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $528.88, for a total value of $2,115,520.00. Following the sale, the director now directly owns 15,286 shares in the company, valued at approximately $8,084,459.68. This trade represents a 20.74 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Susan L. Blount sold 750 shares of the stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $471.70, for a total value of $353,775.00. Following the completion of the sale, the director now owns 2,836 shares in the company, valued at approximately $1,337,741.20. The trade was a 20.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 8,644 shares of company stock worth $4,494,608. Corporate insiders own 1.60% of the company’s stock.

Cavco Industries Stock Down 1.6 %

CVCO opened at $512.89 on Friday. Cavco Industries, Inc. has a 52 week low of $331.08 and a 52 week high of $544.08. The business has a fifty day simple moving average of $507.60 and a 200-day simple moving average of $470.36. The firm has a market cap of $4.16 billion, a P/E ratio of 25.24 and a beta of 1.34.

Cavco Industries (NASDAQ:CVCO) last announced its quarterly earnings data on Thursday, January 30th. The construction company reported $6.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.89 by $2.01. Cavco Industries had a return on equity of 16.17% and a net margin of 8.75%. Sell-side analysts expect that Cavco Industries, Inc. will post 21.93 earnings per share for the current year.

Analysts Set New Price Targets

Several brokerages recently weighed in on CVCO. StockNews.com upgraded Cavco Industries from a “hold” rating to a “buy” rating in a research report on Monday, February 3rd. Wedbush restated a “neutral” rating and set a $550.00 price target (up from $480.00) on shares of Cavco Industries in a research report on Monday, February 3rd.

Cavco Industries 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.