Cavco Industries (NASDAQ:CVCO) Sets New 1-Year High – Here’s What Happened

Shares of Cavco Industries, Inc. (NASDAQ:CVCO) reached a new 52-week high during trading on Thursday . The company traded as high as $617.54 and last traded at $615.3570, with a volume of 205354 shares. The stock had previously closed at $599.11.

Analyst Ratings Changes

Several research analysts have weighed in on the stock. Zacks Research lowered shares of Cavco Industries from a “strong-buy” rating to a “hold” rating in a research report on Tuesday. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Cavco Industries in a research note on Monday. Finally, CJS Securities raised Cavco Industries to a “strong-buy” rating in a report on Thursday, December 11th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $550.00.

Cavco Industries Stock Performance

The company has a 50-day moving average of $563.57 and a 200-day moving average of $507.05. The stock has a market capitalization of $4.79 billion, a price-to-earnings ratio of 25.23 and a beta of 1.28.

Cavco Industries (NASDAQ:CVCO) last announced its earnings results on Thursday, October 30th. The construction company reported $6.55 EPS for the quarter, beating analysts’ consensus estimates of $6.30 by $0.25. Cavco Industries had a return on equity of 19.13% and a net margin of 9.18%.The firm had revenue of $556.53 million for the quarter, compared to analysts’ expectations of $542.92 million. As a group, analysts expect that Cavco Industries, Inc. will post 21.93 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Richard A. Kerley sold 500 shares of the business’s stock in a transaction dated Friday, November 7th. The shares were sold at an average price of $568.99, for a total value of $284,495.00. Following the completion of the transaction, the director owned 6,669 shares of the company’s stock, valued at approximately $3,794,594.31. The trade was a 6.97% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 1.60% of the company’s stock.

Institutional Investors Weigh In On Cavco Industries

A number of hedge funds and other institutional investors have recently modified their holdings of CVCO. AIA Group Ltd purchased a new position in shares of Cavco Industries during the third quarter valued at approximately $691,000. Swiss Life Asset Management Ltd acquired a new position in Cavco Industries in the 3rd quarter valued at $204,000. CIBC Private Wealth Group LLC lifted its stake in shares of Cavco Industries by 72.5% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 119 shares of the construction company’s stock worth $69,000 after purchasing an additional 50 shares during the period. CIBC Bancorp USA Inc. acquired a new stake in shares of Cavco Industries during the third quarter worth $473,000. Finally, Danske Bank A S acquired a new stake in shares of Cavco Industries during the third quarter worth $58,000. 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.