Cavco Industries (NASDAQ:CVCO) Releases Earnings Results, Beats Expectations By $0.12 EPS

Cavco Industries (NASDAQ:CVCO) released its quarterly earnings results on Thursday. The construction company reported $5.42 EPS for the quarter, topping analysts’ consensus estimates of $5.30 by $0.12, Zacks reports. Cavco Industries had a return on equity of 17.84% and a net margin of 8.37%.The company had revenue of $550.13 million for the quarter, compared to analyst estimates of $571.06 million.

Cavco Industries Stock Down 0.7%

CVCO stock opened at $491.49 on Friday. The business has a 50 day moving average price of $495.17 and a two-hundred day moving average price of $556.24. The company has a market cap of $3.81 billion, a price-to-earnings ratio of 21.35 and a beta of 1.31. Cavco Industries has a twelve month low of $393.53 and a twelve month high of $713.01.

Insiders Place Their Bets

In other Cavco Industries news, EVP Allison Aden sold 129 shares of the firm’s stock in a transaction that occurred on Friday, May 15th. The stock was sold at an average price of $455.76, for a total value of $58,793.04. Following the completion of the transaction, the executive vice president directly owned 8,806 shares in the company, valued at $4,013,422.56. This trade represents a 1.44% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 1.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Aster Capital Management DIFC Ltd bought a new position in Cavco Industries in the fourth quarter valued at approximately $46,000. Kemnay Advisory Services Inc. bought a new position in Cavco Industries in the fourth quarter valued at approximately $50,000. Los Angeles Capital Management LLC bought a new position in Cavco Industries in the fourth quarter valued at approximately $54,000. Danske Bank A S bought a new position in Cavco Industries in the third quarter valued at approximately $58,000. Finally, CIBC Private Wealth Group LLC grew its stake in Cavco Industries by 72.5% in the third quarter. CIBC Private Wealth Group LLC now owns 119 shares of the construction company’s stock valued at $69,000 after purchasing an additional 50 shares in the last quarter. 95.56% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages recently issued reports on CVCO. Zelman & Associates raised Cavco Industries to an “outperform” rating in a research report on Thursday, February 5th. Zacks Research raised Cavco Industries from a “strong sell” rating to a “hold” rating in a research report on Friday, April 3rd. Finally, Weiss Ratings lowered Cavco Industries from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday, February 26th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, Cavco Industries has an average rating of “Moderate Buy” and an average price target of $550.00.

Cavco Industries Company Profile

Cavco Industries, Inc is a leading designer, manufacturer and retailer of factory-built homes and modular structures. The company produces a range of HUD-code manufactured homes, modular buildings, park model RVs and cabins through its network of production facilities. Its offerings cater to both residential and commercial markets, including customizable single- and multi-section homes, workforce and affordable housing solutions, educational and healthcare modules, as well as specialty lodging products for the recreational vehicle and hospitality industries.

Since its founding in 1967, Cavco has grown through strategic investments and acquisitions, expanding its footprint across the United States and into parts of Canada and Mexico.