Cavco Industries (NASDAQ:CVCO) Hits New 52-Week High – Here’s Why

Cavco Industries, Inc. (NASDAQ:CVCO) shares hit a new 52-week high during trading on Friday . The company traded as high as $601.71 and last traded at $596.89, with a volume of 3404 shares traded. The stock had previously closed at $593.26.

Analysts Set New Price Targets

A number of equities research analysts recently commented on CVCO shares. Wedbush reaffirmed a “neutral” rating and set a $550.00 target price on shares of Cavco Industries in a report on Monday, August 4th. Wall Street Zen cut shares of Cavco Industries from a “buy” rating to a “hold” rating in a research note on Saturday, July 5th. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of Cavco Industries in a research note on Wednesday, October 8th. Two analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $522.50.

Cavco Industries Price Performance

The stock’s fifty day moving average is $541.84 and its 200-day moving average is $486.35. The stock has a market capitalization of $4.68 billion, a PE ratio of 25.61 and a beta of 1.23.

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

Insider Activity at Cavco Industries

In other news, CAO Paul Bigbee sold 300 shares of the business’s stock in a transaction dated Friday, August 29th. The shares were sold at an average price of $530.45, for a total transaction of $159,135.00. Following the completion of the sale, the chief accounting officer owned 774 shares of the company’s stock, valued at $410,568.30. The trade was a 27.93% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at 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 completion of the transaction, the director directly owned 7,169 shares in the company, valued at $3,445,062.95. This represents a 6.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 5,600 shares of company stock valued at $2,820,884. 1.60% of the stock is owned by company insiders.

Institutional Trading of Cavco Industries

Several large investors have recently made changes to their positions in the company. GAMMA Investing LLC lifted its holdings in Cavco Industries by 38.7% in the 1st quarter. GAMMA Investing LLC now owns 441 shares of the construction company’s stock valued at $229,000 after purchasing an additional 123 shares in the last quarter. Allspring Global Investments Holdings LLC raised its position in shares of Cavco Industries by 62.7% in the first quarter. Allspring Global Investments Holdings LLC now owns 12,403 shares of the construction company’s stock valued at $6,402,000 after buying an additional 4,779 shares during the last quarter. DAVENPORT & Co LLC purchased a new position in shares of Cavco Industries in the first quarter worth about $208,000. Principal Financial Group Inc. boosted its position in Cavco Industries by 1.5% during the first quarter. Principal Financial Group Inc. now owns 42,761 shares of the construction company’s stock worth $22,220,000 after acquiring an additional 638 shares during the last quarter. Finally, OneDigital Investment Advisors LLC boosted its position in Cavco Industries by 4.1% during the first quarter. OneDigital Investment Advisors LLC now owns 2,229 shares of the construction company’s stock worth $1,158,000 after acquiring an additional 87 shares during 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.