Cavco Industries (NASDAQ:CVCO) Posts Earnings Results, Beats Estimates By $0.12 EPS

Cavco Industries (NASDAQ:CVCO) posted its quarterly earnings data on Thursday. The construction company reported $5.42 EPS for the quarter, beating analysts’ consensus estimates of $5.30 by $0.12, Zacks reports. Cavco Industries had a net margin of 8.37% and a return on equity of 17.84%.

Cavco Industries Stock Down 0.7%

NASDAQ:CVCO traded down $3.62 during trading hours on Thursday, reaching $491.49. 132,049 shares of the company’s stock were exchanged, compared to its average volume of 177,623. The company has a market capitalization of $3.81 billion, a P/E ratio of 21.35 and a beta of 1.31. Cavco Industries has a 12 month low of $393.53 and a 12 month high of $713.01. The business’s 50-day simple moving average is $495.78 and its two-hundred day simple moving average is $556.51.

Analyst Upgrades and Downgrades

A number of research firms recently commented on CVCO. Zelman & Associates upgraded shares of Cavco Industries to an “outperform” rating in a research note on Thursday, February 5th. Weiss Ratings cut shares of Cavco Industries from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday, February 26th. Finally, Zacks Research upgraded shares of Cavco Industries from a “strong sell” rating to a “hold” rating in a report on Friday, April 3rd. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $550.00.

Insiders Place Their Bets

In related news, EVP Allison Aden sold 129 shares of the firm’s stock in a transaction that occurred on Friday, May 15th. The shares were sold at an average price of $455.76, for a total transaction of $58,793.04. Following the completion of the sale, the executive vice president directly owned 8,806 shares in the company, valued at approximately $4,013,422.56. This trade represents a 1.44% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders own 1.60% of the company’s stock.

Hedge Funds Weigh In On Cavco Industries

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. State Street Corp boosted its stake in Cavco Industries by 6.1% in the 2nd quarter. State Street Corp now owns 380,682 shares of the construction company’s stock worth $165,380,000 after purchasing an additional 21,837 shares during the period. Boston Partners boosted its stake in Cavco Industries by 82.8% in the 3rd quarter. Boston Partners now owns 369,177 shares of the construction company’s stock worth $213,866,000 after purchasing an additional 167,230 shares during the period. Price T Rowe Associates Inc. MD boosted its stake in Cavco Industries by 53.6% in the 4th 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 during the period. Ameriprise Financial Inc. boosted its stake in Cavco Industries by 0.7% in the 3rd quarter. Ameriprise Financial Inc. now owns 147,036 shares of the construction company’s stock worth $85,388,000 after purchasing an additional 963 shares during the period. Finally, Schroder Investment Management Group boosted its stake in Cavco Industries by 4.4% in the 4th quarter. Schroder Investment Management Group now owns 116,590 shares of the construction company’s stock worth $69,884,000 after purchasing an additional 4,962 shares during the period. Institutional investors and hedge funds own 95.56% of the company’s stock.

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.