Pinnbrook Capital Management LP Acquires New Shares in Cavco Industries, Inc. $CVCO

Pinnbrook Capital Management LP acquired a new position in Cavco Industries, Inc. (NASDAQ:CVCO) in the 3rd quarter, Holdings Channel reports. The firm acquired 6,657 shares of the construction company’s stock, valued at approximately $3,866,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Robeco Institutional Asset Management B.V. acquired a new position in shares of Cavco Industries in the 3rd quarter valued at $819,000. Jump Financial LLC increased its position in shares of Cavco Industries by 3,047.3% during the 2nd quarter. Jump Financial LLC now owns 23,070 shares of the construction company’s stock worth $10,022,000 after purchasing an additional 22,337 shares during the last quarter. Allspring Global Investments Holdings LLC raised its holdings in Cavco Industries by 74.0% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 16,317 shares of the construction company’s stock valued at $9,580,000 after buying an additional 6,942 shares during the period. Confluence Investment Management LLC raised its holdings in Cavco Industries by 62.6% in the 3rd quarter. Confluence Investment Management LLC now owns 12,287 shares of the construction company’s stock valued at $7,135,000 after buying an additional 4,729 shares during the period. Finally, Caxton Associates LLP acquired a new position in Cavco Industries in the second quarter valued at about $1,238,000. Institutional investors and hedge funds own 95.56% of the company’s stock.

Insider Activity

In other Cavco Industries news, Director David A. Greenblatt bought 413 shares of Cavco Industries stock in a transaction on Tuesday, February 3rd. The shares were bought at an average cost of $463.01 per share, for a total transaction of $191,223.13. Following the acquisition, the director directly owned 15,989 shares in the company, valued at $7,403,066.89. This represents a 2.65% increase 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, Director Steven W. Moster bought 300 shares of Cavco Industries stock in a transaction on Monday, February 2nd. The shares were acquired at an average price of $456.23 per share, for a total transaction of $136,869.00. Following the completion of the acquisition, the director owned 2,976 shares in the company, valued at $1,357,740.48. This represents a 11.21% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last quarter, insiders acquired 1,800 shares of company stock valued at $866,592. 1.60% of the stock is currently owned by company insiders.

Cavco Industries Trading Down 0.4%

CVCO opened at $496.59 on Friday. The stock’s 50-day moving average price is $591.43 and its 200 day moving average price is $573.08. Cavco Industries, Inc. has a 12-month low of $393.53 and a 12-month high of $713.01. The firm has a market cap of $3.85 billion, a price-to-earnings ratio of 21.57 and a beta of 1.28.

Cavco Industries (NASDAQ:CVCO) last released its earnings results on Thursday, January 29th. The construction company reported $5.58 earnings per share for the quarter, missing the consensus estimate of $6.00 by ($0.42). The firm had revenue of $580.99 million during the quarter, compared to analyst estimates of $593.37 million. Cavco Industries had a net margin of 8.37% and a return on equity of 17.84%. On average, research analysts forecast that Cavco Industries, Inc. will post 21.93 earnings per share for the current year.

Wall Street Analysts Forecast Growth

CVCO has been the subject of several research analyst reports. CJS Securities raised shares of Cavco Industries to a “strong-buy” rating in a research note on Thursday, December 11th. Zacks Research downgraded shares of Cavco Industries from a “hold” rating to a “strong sell” rating in a research note on Monday, February 9th. Zelman & Associates upgraded shares of Cavco Industries to an “outperform” rating in a report on Thursday, February 5th. Finally, Weiss Ratings downgraded shares of Cavco Industries from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday, February 26th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus 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.