Gabelli Funds LLC Trims Stake in Cavco Industries, Inc. $CVCO

Gabelli Funds LLC lowered its stake in shares of Cavco Industries, Inc. (NASDAQ:CVCO) by 16.7% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 54,280 shares of the construction company’s stock after selling 10,880 shares during the quarter. Gabelli Funds LLC’s holdings in Cavco Industries were worth $28,206,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in CVCO. Marshall Wace LLP grew its holdings in shares of Cavco Industries by 305.9% during the fourth quarter. Marshall Wace LLP now owns 2,841 shares of the construction company’s stock worth $1,268,000 after buying an additional 2,141 shares during the last quarter. First Trust Advisors LP grew its holdings in shares of Cavco Industries by 15.5% during the fourth quarter. First Trust Advisors LP now owns 4,799 shares of the construction company’s stock worth $2,141,000 after buying an additional 645 shares during the last quarter. MetLife Investment Management LLC grew its holdings in shares of Cavco Industries by 3.9% during the fourth quarter. MetLife Investment Management LLC now owns 5,023 shares of the construction company’s stock worth $2,241,000 after buying an additional 189 shares during the last quarter. Tower Research Capital LLC TRC grew its holdings in shares of Cavco Industries by 58.6% during the fourth quarter. Tower Research Capital LLC TRC now owns 490 shares of the construction company’s stock worth $219,000 after buying an additional 181 shares during the last quarter. Finally, State of Tennessee Department of Treasury grew its holdings in shares of Cavco Industries by 5.7% during the fourth quarter. State of Tennessee Department of Treasury now owns 4,056 shares of the construction company’s stock worth $1,810,000 after buying an additional 218 shares during the last quarter. Hedge funds and other institutional investors own 95.56% of the company’s stock.

Cavco Industries Trading Up 0.2%

CVCO stock opened at $520.62 on Wednesday. The company has a market cap of $4.12 billion, a P/E ratio of 22.57 and a beta of 1.15. Cavco Industries, Inc. has a 52 week low of $390.46 and a 52 week high of $549.99. The company’s 50-day moving average price is $444.98 and its 200 day moving average price is $476.78.

Cavco Industries (NASDAQ:CVCO) last released its quarterly earnings data on Thursday, July 31st. The construction company reported $6.42 EPS for the quarter, topping analysts’ consensus estimates of $5.81 by $0.61. The firm had revenue of $556.86 million for the quarter, compared to the consensus estimate of $524.97 million. Cavco Industries had a net margin of 8.99% and a return on equity of 18.52%. On average, equities research analysts expect that Cavco Industries, Inc. will post 21.93 earnings per share for the current year.

Insider Buying and Selling at Cavco Industries

In other Cavco Industries news, CAO Paul Bigbee sold 300 shares of the firm’s stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $522.68, for a total transaction of $156,804.00. Following the completion of the transaction, the chief accounting officer directly owned 1,074 shares in the company, valued at approximately $561,358.32. This trade represents a 21.83% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Richard A. Kerley sold 500 shares of the firm’s stock in a transaction dated Wednesday, August 20th. The shares were sold at an average price of $480.55, for a total transaction of $240,275.00. Following the transaction, the director owned 7,169 shares of the company’s stock, valued at $3,445,062.95. This trade represents a 6.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 5,300 shares of company stock worth $2,661,749. 1.60% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the company. Wedbush reissued a “neutral” rating and set a $550.00 price target on shares of Cavco Industries in a report on Monday, August 4th. Wall Street Zen lowered Cavco Industries from a “buy” rating to a “hold” rating in a report on Saturday, July 5th. One investment analyst has rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $522.50.

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.