StockNews.com Upgrades Cavco Industries (NASDAQ:CVCO) to Buy

Cavco Industries (NASDAQ:CVCO) was upgraded by StockNews.com from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Monday.

Several other brokerages have also recently commented on CVCO. Craig Hallum upped their target price on Cavco Industries from $422.00 to $495.00 and gave the company a “buy” rating in a report on Monday. Wedbush increased their price objective on shares of Cavco Industries from $425.00 to $455.00 and gave the stock an “outperform” rating in a research report on Friday, October 11th.

Cavco Industries Stock Performance

CVCO stock opened at $457.70 on Monday. The company has a market capitalization of $3.78 billion, a P/E ratio of 25.87 and a beta of 1.24. The company has a fifty day moving average price of $423.04 and a 200-day moving average price of $388.63. Cavco Industries has a 52-week low of $250.75 and a 52-week high of $460.64.

Cavco Industries (NASDAQ:CVCO) last announced its earnings results on Thursday, October 31st. The construction company reported $5.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.70 by $0.58. Cavco Industries had a return on equity of 14.38% and a net margin of 8.00%. The business had revenue of $507.46 million during the quarter, compared to analyst estimates of $480.10 million. During the same period last year, the company earned $4.76 EPS. As a group, sell-side analysts forecast that Cavco Industries will post 17.35 earnings per share for the current fiscal year.

Insider Activity at Cavco Industries

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

Institutional Investors Weigh In On Cavco Industries

Hedge funds and other institutional investors have recently modified their holdings of the company. Capital World Investors grew its position in Cavco Industries by 2.9% in the 1st quarter. Capital World Investors now owns 605,925 shares of the construction company’s stock valued at $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 second quarter. Boston Trust Walden Corp now owns 196,046 shares of the construction company’s stock valued at $67,865,000 after buying an additional 1,541 shares in the last quarter. Assenagon Asset Management S.A. grew its holdings in shares of Cavco Industries by 1,610.3% during the third quarter. Assenagon Asset Management S.A. now owns 60,835 shares of the construction company’s stock valued at $26,052,000 after buying an additional 57,278 shares during the last quarter. Ashford Capital Management Inc. increased its position in shares of Cavco Industries by 0.5% during the first 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 in the last quarter. Finally, Handelsbanken Fonder AB raised its holdings in shares of 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 last quarter. Institutional investors 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.