Cavco Industries (NASDAQ:CVCO) Raised to Strong-Buy at Zacks Research

Cavco Industries (NASDAQ:CVCO) was upgraded by equities research analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research note issued to investors on Wednesday,Zacks.com reports.

A number of other brokerages also recently issued reports on CVCO. Wedbush restated a “neutral” rating and set a $550.00 price objective on shares of Cavco Industries in a research report on Monday, August 4th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Cavco Industries in a report on Wednesday. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, Cavco Industries presently has an average rating of “Buy” and an average target price of $550.00.

Cavco Industries Stock Performance

Shares of NASDAQ:CVCO opened at $573.88 on Wednesday. Cavco Industries has a 52 week low of $393.53 and a 52 week high of $602.57. The firm has a market cap of $4.48 billion, a PE ratio of 24.88 and a beta of 1.21. The firm’s fifty day moving average is $548.22 and its 200-day moving average is $490.48.

Cavco Industries (NASDAQ:CVCO) last announced its earnings results on Thursday, October 30th. The construction company reported $6.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $6.30 by $0.25. The business had revenue of $556.53 million during the quarter, compared to analyst estimates of $542.92 million. Cavco Industries had a return on equity of 18.52% and a net margin of 8.99%. Sell-side analysts forecast that Cavco Industries will post 21.93 EPS for the current year.

Insider Activity

In related news, Director Richard A. Kerley sold 500 shares of the company’s stock in a transaction dated Wednesday, August 20th. The stock was sold at an average price of $480.55, for a total transaction of $240,275.00. Following the sale, the director owned 7,169 shares in the company, valued at $3,445,062.95. This represents a 6.52% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Paul Bigbee sold 300 shares of the firm’s 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 sale, the chief accounting officer directly owned 774 shares of the company’s stock, valued at $410,568.30. This represents a 27.93% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 5,600 shares of company stock valued at $2,820,884 in the last ninety days. 1.60% of the stock is owned by company insiders.

Institutional Trading of Cavco Industries

Several large investors have recently modified their holdings of the stock. Salomon & Ludwin LLC acquired a new position in shares of Cavco Industries during the 3rd quarter valued at $31,000. Farther Finance Advisors LLC grew its holdings in Cavco Industries by 151.4% in the second quarter. Farther Finance Advisors LLC now owns 88 shares of the construction company’s stock worth $38,000 after purchasing an additional 53 shares during the period. Mather Group LLC. bought a new stake in Cavco Industries in the third quarter valued at $63,000. Osaic Holdings Inc. increased its stake in Cavco Industries by 118.2% in the second quarter. Osaic Holdings Inc. now owns 120 shares of the construction company’s stock valued at $57,000 after purchasing an additional 65 shares in the last quarter. Finally, Parkside Financial Bank & Trust raised its holdings in shares of Cavco Industries by 1,814.3% during the second quarter. Parkside Financial Bank & Trust now owns 134 shares of the construction company’s stock valued at $58,000 after purchasing an additional 127 shares during the period. Institutional investors and hedge funds own 95.56% of the company’s stock.

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.