Cavco Industries (NASDAQ:CVCO) Announces Earnings Results, Misses Estimates By $0.42 EPS

Cavco Industries (NASDAQ:CVCO) announced its earnings results on Thursday. The construction company reported $5.58 earnings per share for the quarter, missing the consensus estimate of $6.00 by ($0.42), Zacks reports. Cavco Industries had a return on equity of 19.13% and a net margin of 9.18%.

Cavco Industries Trading Up 0.2%

CVCO stock traded up $1.39 during trading on Thursday, hitting $617.50. 195,360 shares of the company’s stock were exchanged, compared to its average volume of 195,800. The business has a 50-day moving average price of $616.57 and a two-hundred day moving average price of $550.81. Cavco Industries has a 52-week low of $393.53 and a 52-week high of $713.01. The stock has a market capitalization of $4.82 billion, a price-to-earnings ratio of 25.37 and a beta of 1.31.

Insider Transactions at Cavco Industries

In other Cavco Industries news, Director Richard A. Kerley sold 500 shares of the firm’s stock in a transaction dated Friday, November 7th. The stock was sold at an average price of $568.99, for a total transaction of $284,495.00. Following the transaction, the director owned 6,669 shares of the company’s stock, valued at approximately $3,794,594.31. This trade represents a 6.97% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 1.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Cavco Industries

Hedge funds have recently modified their holdings of the business. CIBC Private Wealth Group LLC increased 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 during the period. CIBC Bancorp USA Inc. acquired a new stake in Cavco Industries in the 3rd quarter valued at about $473,000. Danske Bank A S purchased a new position in Cavco Industries during the third quarter worth $58,000. Abel Hall LLC purchased a new position in Cavco Industries in the 3rd quarter valued at about $203,000. Finally, Verition Fund Management LLC lifted its stake in shares of Cavco Industries by 59.7% during the 3rd quarter. Verition Fund Management LLC now owns 4,831 shares of the construction company’s stock worth $2,806,000 after purchasing an additional 1,806 shares during the period. 95.56% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on CVCO shares. CJS Securities raised Cavco Industries to a “strong-buy” rating in a research note on Thursday, December 11th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Cavco Industries in a research report on Monday, December 29th. Finally, Zacks Research cut shares of Cavco Industries from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 16th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $550.00.

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.