Cavco Industries (NASDAQ:CVCO) Trading 6.5% Higher on Better-Than-Expected Earnings

Cavco Industries, Inc. (NASDAQ:CVCO) shares were up 6.5% during trading on Friday following a better than expected earnings announcement. The company traded as high as $506.59 and last traded at $507.66. Approximately 18,396 shares were traded during mid-day trading, a decline of 63% from the average daily volume of 49,988 shares. The stock had previously closed at $476.82.

The construction company reported $6.90 earnings per share for the quarter, topping analysts’ consensus estimates of $4.89 by $2.01. Cavco Industries had a net margin of 8.00% and a return on equity of 14.38%.

Analysts Set New Price Targets

Several analysts recently weighed in on CVCO shares. Wedbush downgraded Cavco Industries from an “outperform” rating to a “neutral” rating and set a $480.00 target price for the company. in a research note on Tuesday, December 3rd. Craig Hallum upped their target price on shares of Cavco Industries from $422.00 to $495.00 and gave the company a “buy” rating in a research note on Monday, November 4th. Finally, StockNews.com lowered shares of Cavco Industries from a “buy” rating to a “hold” rating in a research report on Friday, December 20th.

Insider Transactions at Cavco Industries

In other Cavco Industries news, Director Susan L. Blount sold 750 shares of the company’s stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $471.70, for a total transaction of $353,775.00. Following the sale, the director now directly owns 2,836 shares of the company’s stock, valued at approximately $1,337,741.20. This represents a 20.91 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Julia Sze sold 125 shares of the business’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $458.68, for a total value of $57,335.00. Following the completion of the transaction, the director now directly owns 2,861 shares in the company, valued at $1,312,283.48. The trade was a 4.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 1,850 shares of company stock valued at $889,417. Company insiders own 1.60% of the company’s stock.

Hedge Funds Weigh In On Cavco Industries

Institutional investors and hedge funds have recently bought and sold shares of the business. Farther Finance Advisors LLC increased its position in Cavco Industries by 390.5% in the 3rd quarter. Farther Finance Advisors LLC now owns 103 shares of the construction company’s stock valued at $44,000 after acquiring an additional 82 shares in the last quarter. Avior Wealth Management LLC bought a new stake in shares of Cavco Industries during the third quarter worth $64,000. Blue Trust Inc. lifted its stake in shares of Cavco Industries by 90.0% during the third quarter. Blue Trust Inc. now owns 190 shares of the construction company’s stock valued at $81,000 after acquiring an additional 90 shares during the period. GAMMA Investing LLC boosted its holdings in Cavco Industries by 30.2% in the third quarter. GAMMA Investing LLC now owns 276 shares of the construction company’s stock valued at $118,000 after acquiring an additional 64 shares during the last quarter. Finally, KBC Group NV increased its position in Cavco Industries by 35.2% in the fourth quarter. KBC Group NV now owns 330 shares of the construction company’s stock worth $147,000 after purchasing an additional 86 shares during the period. Institutional investors and hedge funds own 95.56% of the company’s stock.

Cavco Industries Trading Up 6.7 %

The stock has a market capitalization of $4.13 billion, a P/E ratio of 28.75 and a beta of 1.33. The company has a fifty day simple moving average of $473.79 and a two-hundred day simple moving average of $437.63.

Cavco Industries Company Profile

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.