PEAK6 LLC Buys New Position in Cavco Industries, Inc. $CVCO

PEAK6 LLC bought a new stake in shares of Cavco Industries, Inc. (NASDAQ:CVCO) during the 2nd quarter, HoldingsChannel.com reports. The institutional investor bought 2,159 shares of the construction company’s stock, valued at approximately $1,326,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in CVCO. Northwestern Mutual Wealth Management Co. lifted its stake in shares of Cavco Industries by 852,093.4% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 1,798,128 shares of the construction company’s stock worth $1,062,226,000 after acquiring an additional 1,797,917 shares during the period. BlackRock Inc. acquired a new position in shares of Cavco Industries during the second quarter valued at approximately $767,112,000. Boston Partners increased its stake in shares of Cavco Industries by 82.8% during the third quarter. Boston Partners now owns 369,177 shares of the construction company’s stock valued at $213,866,000 after acquiring an additional 167,230 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in Cavco Industries by 53.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 213,572 shares of the construction company’s stock worth $126,166,000 after purchasing an additional 74,542 shares in the last quarter. Finally, Bank of New York Mellon Corp bought a new stake in Cavco Industries during the second quarter worth approximately $28,096,000. 95.56% of the stock is currently owned by institutional investors.

Cavco Industries Price Performance

CVCO opened at $582.55 on Monday. The firm has a market capitalization of $4.48 billion, a P/E ratio of 25.35 and a beta of 1.29. The stock has a fifty day moving average of $584.13 and a 200-day moving average of $544.76. Cavco Industries, Inc. has a 12-month low of $443.33 and a 12-month high of $713.01.

Cavco Industries (NASDAQ:CVCO) last issued its quarterly earnings results on Thursday, July 30th. The construction company reported $5.43 earnings per share for the quarter, missing analysts’ consensus estimates of $5.69 by ($0.26). Cavco Industries had a net margin of 7.89% and a return on equity of 16.51%. The business had revenue of $609.96 million for the quarter, compared to analysts’ expectations of $590.54 million. On average, analysts expect that Cavco Industries, Inc. will post 22.75 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Richard A. Kerley sold 500 shares of the firm’s stock in a transaction that occurred on Tuesday, June 9th. The shares were sold at an average price of $588.76, for a total transaction of $294,380.00. Following the completion of the sale, the director directly owned 6,169 shares in the company, valued at approximately $3,632,060.44. This trade represents a 7.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Allison Aden sold 1,473 shares of the business’s stock in a transaction that occurred on Thursday, June 25th. The shares were sold at an average price of $625.00, for a total transaction of $920,625.00. Following the transaction, the executive vice president directly owned 9,147 shares in the company, valued at $5,716,875. The trade was a 13.87% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 3,753 shares of company stock worth $2,266,918 in the last 90 days. Company insiders own 1.70% of the company’s stock.

Analyst Ratings Changes

CVCO has been the subject of a number of research analyst reports. Zelman & Associates downgraded Cavco Industries from an “outperform” rating to a “neutral” rating in a research report on Thursday, August 6th. UBS Group assumed coverage on shares of Cavco Industries in a research report on Friday, June 5th. They set a “buy” rating and a $700.00 price objective for the company. Zacks Research downgraded shares of Cavco Industries from a “hold” rating to a “strong sell” rating in a report on Monday, August 3rd. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of Cavco Industries in a research report on Tuesday, May 26th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $700.00.

About Cavco Industries

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.