Cavco Industries (NASDAQ:CVCO) Director Richard Kerley Sells 500 Shares

Cavco Industries, Inc. (NASDAQ:CVCO) Director Richard Kerley sold 500 shares of the company’s stock in a transaction that occurred on Tuesday, June 9th. The stock was sold at an average price of $588.76, for a total transaction of $294,380.00. Following the completion of the transaction, the director 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 legal filing with the SEC, which is available through the SEC website.

Cavco Industries Stock Up 6.1%

Shares of CVCO stock traded up $34.44 during trading on Thursday, hitting $598.95. The company had a trading volume of 102,479 shares, compared to its average volume of 175,190. The stock’s 50-day moving average is $511.69 and its two-hundred day moving average is $555.05. The stock has a market capitalization of $4.60 billion, a price-to-earnings ratio of 24.99 and a beta of 1.30. Cavco Industries, Inc. has a 52 week low of $393.53 and a 52 week high of $713.01.

Cavco Industries (NASDAQ:CVCO) last posted its quarterly earnings data on Thursday, May 21st. The construction company reported $5.42 earnings per share for the quarter, topping the consensus estimate of $5.30 by $0.12. The company had revenue of $550.13 million for the quarter, compared to analysts’ expectations of $571.06 million. Cavco Industries had a net margin of 8.49% and a return on equity of 17.55%. On average, research analysts predict that Cavco Industries, Inc. will post 25 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on CVCO. Zacks Research raised Cavco Industries from a “strong sell” rating to a “hold” rating in a research note on Friday, April 3rd. UBS Group initiated coverage on Cavco Industries in a research note on Friday, June 5th. They issued a “buy” rating and a $700.00 price target for the company. Finally, Weiss Ratings reissued 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, two have issued a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $625.00.

Institutional Trading of Cavco Industries

A number of large investors have recently added to or reduced their stakes in the company. UBS Group AG increased its position in shares of Cavco Industries by 31.5% during the 4th quarter. UBS Group AG now owns 40,017 shares of the construction company’s stock valued at $23,640,000 after purchasing an additional 9,589 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Cavco Industries by 74.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 32,057 shares of the construction company’s stock worth $18,616,000 after buying an additional 13,694 shares during the period. Oppenheimer & Co. Inc. purchased a new stake in shares of Cavco Industries in the 3rd quarter worth $665,000. M&T Bank Corp purchased a new stake in shares of Cavco Industries during the 4th quarter worth $9,501,000. Finally, Pier Capital LLC lifted its stake in shares of Cavco Industries by 90.8% during the 4th quarter. Pier Capital LLC now owns 12,103 shares of the construction company’s stock worth $7,150,000 after purchasing an additional 5,761 shares during the last quarter. Institutional investors own 95.56% of the company’s stock.

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.