Craig Hallum Forecasts Strong Price Appreciation for Cavco Industries (NASDAQ:CVCO) Stock

Cavco Industries (NASDAQ:CVCO) had its target price hoisted by equities researchers at Craig Hallum from $422.00 to $495.00 in a research note issued to investors on Monday, Benzinga reports. The brokerage currently has a “buy” rating on the construction company’s stock. Craig Hallum’s price target indicates a potential upside of 8.15% from the stock’s current price.

Separately, Wedbush raised their target price on shares of Cavco Industries from $425.00 to $455.00 and gave the stock an “outperform” rating in a report on Friday, October 11th.

Cavco Industries Stock Up 3.0 %

Shares of NASDAQ CVCO opened at $457.70 on Monday. The firm’s 50-day moving average price is $423.04 and its two-hundred day moving average price is $388.63. Cavco Industries has a 52-week low of $250.75 and a 52-week high of $460.64. The stock has a market capitalization of $3.78 billion, a P/E ratio of 25.87 and a beta of 1.24.

Cavco Industries (NASDAQ:CVCO) last issued its earnings results on Thursday, October 31st. The construction company reported $5.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.70 by $0.58. Cavco Industries had a net margin of 8.00% and a return on equity of 14.38%. The firm had revenue of $507.46 million for the quarter, compared to analysts’ expectations of $480.10 million. During the same quarter last year, the company posted $4.76 earnings per share. As a group, equities research analysts expect that Cavco Industries will post 17.35 earnings per share for the current year.

Insiders Place Their Bets

In other Cavco Industries news, Director Steven G. Bunger sold 4,000 shares of Cavco Industries stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $409.20, for a total value of $1,636,800.00. Following the transaction, the director now owns 6,547 shares in the company, valued at approximately $2,679,032.40. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, Director Steven G. Bunger sold 4,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $409.20, for a total value of $1,636,800.00. Following the completion of the transaction, the director now owns 6,547 shares of the company’s stock, valued at approximately $2,679,032.40. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Paul Bigbee sold 88 shares of the firm’s stock in a transaction that occurred on Wednesday, September 11th. The stock was sold at an average price of $401.40, for a total transaction of $35,323.20. Following the completion of the transaction, the chief accounting officer now directly owns 1,081 shares of the company’s stock, valued at $433,913.40. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 1.60% of the stock is currently owned by company insiders.

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. Capital World Investors boosted its stake in Cavco Industries by 2.9% in the 1st quarter. Capital World Investors now owns 605,925 shares of the construction company’s stock worth $241,800,000 after purchasing an additional 17,125 shares during the period. Boston Trust Walden Corp lifted its stake in shares of Cavco Industries by 0.8% in the 2nd quarter. Boston Trust Walden Corp now owns 196,046 shares of the construction company’s stock valued at $67,865,000 after purchasing an additional 1,541 shares during the last quarter. Assenagon Asset Management S.A. lifted its stake in shares of Cavco Industries by 1,610.3% in the 3rd quarter. Assenagon Asset Management S.A. now owns 60,835 shares of the construction company’s stock valued at $26,052,000 after purchasing an additional 57,278 shares during the last quarter. Ashford Capital Management Inc. raised its holdings in Cavco Industries by 0.5% in the 1st quarter. Ashford Capital Management Inc. now owns 58,180 shares of the construction company’s stock worth $23,217,000 after acquiring an additional 310 shares during the period. Finally, Handelsbanken Fonder AB raised its holdings in Cavco Industries by 1.4% in the 3rd quarter. Handelsbanken Fonder AB now owns 57,986 shares of the construction company’s stock worth $24,832,000 after acquiring an additional 800 shares during the period. Institutional investors and hedge funds own 95.56% of the company’s stock.

About Cavco Industries

Cavco Industries, Inc designs, produces, and retails factory-built homes primarily in the United States. It operates in two segments, Factory-Built Housing and Financial Services. The company markets its factory-built homes under the Cavco, Fleetwood, Palm Harbor, Nationwide, Fairmont, Friendship, Chariot Eagle, Destiny, Commodore, Colony, Pennwest, R-Anell, Manorwood, MidCountry, and Solitaire brands.