Cavco Industries (NASDAQ:CVCO) Trading Up 6.5% Following Earnings Beat

Shares of Cavco Industries, Inc. (NASDAQ:CVCO) shot up 6.5% on Friday following a stronger than expected earnings report. The company traded as high as $506.59 and last traded at $507.66. 18,396 shares changed hands during trading, a decline of 63% from the average session volume of 49,988 shares. The stock had previously closed at $476.82.

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

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. Craig Hallum raised their target price on Cavco Industries from $422.00 to $495.00 and gave the company a “buy” rating in a report on Monday, November 4th. StockNews.com downgraded Cavco Industries from a “buy” rating to a “hold” rating in a report on Friday, December 20th. Finally, Wedbush downgraded Cavco Industries from an “outperform” rating to a “neutral” rating and set a $480.00 target price on the stock. in a report on Tuesday, December 3rd.

Insider Activity at Cavco Industries

In other Cavco Industries news, CAO Paul Bigbee sold 100 shares of Cavco Industries stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $512.23, for a total transaction of $51,223.00. Following the transaction, the chief accounting officer now directly owns 981 shares of the company’s stock, valued at approximately $502,497.63. The trade was a 9.25 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Susan L. Blount sold 750 shares of Cavco Industries stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $485.56, for a total value of $364,170.00. Following the transaction, the director now directly owns 2,086 shares in the company, valued at $1,012,878.16. The trade was a 26.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,850 shares of company stock valued at $889,417 in the last 90 days. 1.60% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Fisher Asset Management LLC increased its position in Cavco Industries by 8.5% in the 3rd quarter. Fisher Asset Management LLC now owns 71,487 shares of the construction company’s stock valued at $30,614,000 after buying an additional 5,620 shares in the last quarter. Blue Trust Inc. increased its position in Cavco Industries by 90.0% in the 3rd quarter. Blue Trust Inc. now owns 190 shares of the construction company’s stock valued at $81,000 after buying an additional 90 shares in the last quarter. Cerity Partners LLC increased its position in Cavco Industries by 91.8% in the 3rd quarter. Cerity Partners LLC now owns 46,915 shares of the construction company’s stock valued at $20,091,000 after buying an additional 22,451 shares in the last quarter. 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 buying an additional 82 shares in the last quarter. Finally, Barclays PLC increased its position in Cavco Industries by 162.0% in the 3rd quarter. Barclays PLC now owns 17,234 shares of the construction company’s stock valued at $7,381,000 after buying an additional 10,656 shares in the last quarter. 95.56% of the stock is owned by institutional investors.

Cavco Industries Trading Up 6.4 %

The firm has a market capitalization of $4.11 billion, a P/E ratio of 28.75 and a beta of 1.33. The business has a 50-day moving average of $473.79 and a 200 day 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.