Wedbush Reiterates “Neutral” Rating for Cavco Industries (NASDAQ:CVCO)

Cavco Industries (NASDAQ:CVCO)‘s stock had its “neutral” rating reaffirmed by equities research analysts at Wedbush in a report issued on Tuesday,Benzinga reports. They currently have a $550.00 price objective on the construction company’s stock. Wedbush’s price target indicates a potential upside of 16.47% from the stock’s current price.

Separately, Wall Street Zen downgraded Cavco Industries from a “buy” rating to a “hold” rating in a research report on Thursday, May 15th.

Cavco Industries Stock Performance

NASDAQ CVCO opened at $472.21 on Tuesday. The company has a market capitalization of $3.83 billion, a PE ratio of 23.28 and a beta of 1.29. The business’s fifty day moving average is $499.85 and its 200 day moving average is $494.41. Cavco Industries has a fifty-two week low of $331.08 and a fifty-two week high of $549.99.

Cavco Industries (NASDAQ:CVCO) last issued its quarterly earnings data on Thursday, May 22nd. The construction company reported $5.40 earnings per share for the quarter, topping the consensus estimate of $5.23 by $0.17. The company had revenue of $508.36 million for the quarter, compared to analysts’ expectations of $504.15 million. Cavco Industries had a return on equity of 16.17% and a net margin of 8.75%. On average, sell-side analysts forecast that Cavco Industries will post 21.93 EPS for the current year.

Insider Activity at Cavco Industries

In other Cavco Industries news, Director David A. Greenblatt sold 4,000 shares of the company’s stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $528.88, for a total transaction of $2,115,520.00. Following the transaction, the director now directly owns 15,286 shares in the company, valued at approximately $8,084,459.68. This represents a 20.74% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 1.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Cavco Industries

Large investors have recently modified their holdings of the company. Harvest Fund Management Co. Ltd purchased a new stake in shares of Cavco Industries during the fourth quarter valued at approximately $67,000. Smartleaf Asset Management LLC increased its position in Cavco Industries by 387.9% in the fourth quarter. Smartleaf Asset Management LLC now owns 161 shares of the construction company’s stock worth $72,000 after buying an additional 128 shares during the period. CWM LLC increased its position in Cavco Industries by 44.0% in the first quarter. CWM LLC now owns 157 shares of the construction company’s stock worth $82,000 after buying an additional 48 shares during the period. Northwestern Mutual Wealth Management Co. increased its holdings in shares of Cavco Industries by 2,850.0% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 177 shares of the construction company’s stock valued at $92,000 after purchasing an additional 171 shares during the period. Finally, Blue Trust Inc. boosted its stake in Cavco Industries by 28.9% during the fourth quarter. Blue Trust Inc. now owns 245 shares of the construction company’s stock valued at $105,000 after buying an additional 55 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.