Essex Investment Management Co. LLC cut its stake in Cavco Industries Inc. (NASDAQ:CVCO) by 27.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 12,340 shares of the company’s stock after selling 4,665 shares during the period. Essex Investment Management Co. LLC’s holdings in Cavco Industries were worth $1,156,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. TIAA CREF Investment Management LLC boosted its stake in shares of Cavco Industries by 1.1% in the first quarter. TIAA CREF Investment Management LLC now owns 37,514 shares of the company’s stock valued at $3,506,000 after buying an additional 393 shares during the last quarter. Algert Global LLC boosted its stake in shares of Cavco Industries by 34.0% in the first quarter. Algert Global LLC now owns 6,930 shares of the company’s stock valued at $648,000 after buying an additional 1,760 shares during the last quarter. BNP Paribas Arbitrage SA bought a new stake in shares of Cavco Industries during the second quarter valued at approximately $243,000. Capstone Asset Management Co. bought a new stake in shares of Cavco Industries during the second quarter valued at approximately $249,000. Finally, Bank of Montreal Can bought a new stake in shares of Cavco Industries during the second quarter valued at approximately $275,000. 95.69% of the stock is owned by institutional investors.
Shares of Cavco Industries Inc. (NASDAQ:CVCO) traded down 1.02% during mid-day trading on Monday, reaching $98.04. 63,458 shares of the company’s stock traded hands. The company’s 50 day moving average is $100.80 and its 200 day moving average is $95.62. The company has a market cap of $879.52 million, a P/E ratio of 31.13 and a beta of 1.85. Cavco Industries Inc. has a 12-month low of $70.18 and a 12-month high of $110.67.
Cavco Industries (NASDAQ:CVCO) last posted its quarterly earnings results on Tuesday, August 9th. The company reported $0.60 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.60. The business earned $185.10 million during the quarter, compared to analysts’ expectations of $181.40 million. Cavco Industries had a net margin of 3.89% and a return on equity of 8.22%. The business’s quarterly revenue was up 14.5% on a year-over-year basis. During the same quarter last year, the company posted $0.60 earnings per share. On average, analysts predict that Cavco Industries Inc. will post $3.55 EPS for the current fiscal year.
Separately, Sidoti initiated coverage on shares of Cavco Industries in a research note on Wednesday, September 7th. They issued a “neutral” rating and a $114.00 price target on the stock.
In related news, Director Steven G. Bunger sold 11,000 shares of the firm’s stock in a transaction on Monday, August 15th. The shares were sold at an average price of $101.20, for a total transaction of $1,113,200.00. Following the completion of the transaction, the director now owns 3,000 shares of the company’s stock, valued at $303,600. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 9.58% of the company’s stock.
Cavco Industries Company Profile
Cavco Industries, Inc designs and produces factory-built homes. The Company operates through two segments: factory-built housing, which includes wholesale and retail systems-built housing operations, and financial services, which includes manufactured housing consumer finance and insurance. Its factory-built homes are primarily distributed through a network of independent and the Company-owned retailers, planned community operators and residential developers.
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