Assenagon Asset Management S.A. Decreases Stake in Cavco Industries, Inc. $CVCO

Assenagon Asset Management S.A. reduced its position in Cavco Industries, Inc. (NASDAQ:CVCO) by 79.3% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,379 shares of the construction company’s stock after selling 20,618 shares during the period. Assenagon Asset Management S.A.’s holdings in Cavco Industries were worth $2,337,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. CWM LLC lifted its position in shares of 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 in the last quarter. Northwestern Mutual Wealth Management Co. increased its stake in 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 worth $92,000 after acquiring an additional 171 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S bought a new stake in Cavco Industries during the first quarter worth approximately $112,000. DAVENPORT & Co LLC bought a new stake in Cavco Industries during the first quarter worth approximately $208,000. Finally, GAMMA Investing LLC increased its stake in Cavco Industries by 38.7% during the first quarter. GAMMA Investing LLC now owns 441 shares of the construction company’s stock worth $229,000 after acquiring an additional 123 shares during the last quarter. 95.56% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, CAO Paul Bigbee sold 300 shares of the stock in a transaction that occurred on Friday, August 29th. The stock was sold at an average price of $530.45, for a total value of $159,135.00. Following the transaction, the chief accounting officer owned 774 shares of the company’s stock, valued at $410,568.30. This represents a 27.93% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Susan L. Blount sold 2,500 shares of the stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $519.30, for a total value of $1,298,250.00. Following the completion of the transaction, the director directly owned 3,126 shares in the company, valued at approximately $1,623,331.80. This trade represents a 44.44% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 5,600 shares of company stock valued at $2,820,884. 1.60% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several brokerages have weighed in on CVCO. Wall Street Zen cut Cavco Industries from a “buy” rating to a “hold” rating in a research note on Saturday, July 5th. Wedbush reissued a “neutral” rating and set a $550.00 price objective on shares of Cavco Industries in a research note on Monday, August 4th. One investment analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat, Cavco Industries has an average rating of “Moderate Buy” and an average price target of $522.50.

Cavco Industries Stock Performance

CVCO opened at $557.37 on Friday. The stock has a market cap of $4.41 billion, a price-to-earnings ratio of 24.16 and a beta of 1.23. The stock’s 50 day moving average price is $494.74 and its 200-day moving average price is $480.08. Cavco Industries, Inc. has a one year low of $393.53 and a one year high of $577.53.

Cavco Industries (NASDAQ:CVCO) last released its earnings results on Thursday, July 31st. The construction company reported $6.42 EPS for the quarter, beating analysts’ consensus estimates of $5.81 by $0.61. The firm had revenue of $556.86 million for the quarter, compared to analysts’ expectations of $524.97 million. Cavco Industries had a return on equity of 18.52% and a net margin of 8.99%. As a group, analysts predict that Cavco Industries, Inc. will post 21.93 earnings per share for the current fiscal year.

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.