Cavco Industries (NASDAQ:CVCO) Releases Earnings Results, Misses Expectations By $0.26 EPS

Cavco Industries (NASDAQ:CVCO) posted its quarterly earnings data on Thursday. The construction company reported $5.43 earnings per share (EPS) for the quarter, missing the consensus estimate of $5.69 by ($0.26), Zacks reports. The company had revenue of $609.96 million for the quarter, compared to analyst estimates of $590.54 million. Cavco Industries had a net margin of 8.49% and a return on equity of 17.55%.

Cavco Industries Trading Down 0.5%

Shares of CVCO stock traded down $2.84 during trading hours on Thursday, hitting $562.40. The company’s stock had a trading volume of 150,927 shares, compared to its average volume of 160,989. The company has a 50 day moving average of $572.97 and a 200 day moving average of $551.78. The stock has a market cap of $4.33 billion, a PE ratio of 23.46 and a beta of 1.28. Cavco Industries has a 12-month low of $397.38 and a 12-month high of $713.01.

Wall Street Analyst Weigh In

A number of analysts recently commented on CVCO shares. UBS Group initiated coverage on shares of Cavco Industries in a research note on Friday, June 5th. They issued a “buy” rating and a $700.00 target price for the company. Weiss Ratings restated a “hold (c+)” rating on shares of Cavco Industries in a research note on Tuesday, May 26th. Finally, Zacks Research raised shares of Cavco Industries from a “strong sell” rating to a “hold” rating in a report on Friday, April 3rd. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $625.00.

Insider Buying and Selling

In related news, Director Richard A. Kerley sold 500 shares of the firm’s stock in a transaction on Tuesday, June 9th. The shares were sold at an average price of $588.76, for a total transaction of $294,380.00. Following the completion of the transaction, the director owned 6,169 shares of the company’s stock, valued at $3,632,060.44. This trade represents a 7.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Paul Bigbee sold 200 shares of the company’s stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $537.75, for a total transaction of $107,550.00. Following the completion of the sale, the chief accounting officer directly owned 1,105 shares in the company, valued at approximately $594,213.75. The trade was a 15.33% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 3,541 shares of company stock valued at $2,121,932 over the last 90 days. Insiders own 1.70% of the company’s stock.

Institutional Investors Weigh In On Cavco Industries

Hedge funds have recently bought and sold shares of the stock. Aster Capital Management DIFC Ltd acquired a new stake in Cavco Industries during the fourth quarter valued at $46,000. Kemnay Advisory Services Inc. acquired a new stake in shares of Cavco Industries during the 4th quarter valued at about $50,000. Los Angeles Capital Management LLC purchased a new position in shares of Cavco Industries in the 4th quarter valued at about $54,000. Osaic Holdings Inc. raised its holdings in Cavco Industries by 118.2% in the 2nd quarter. Osaic Holdings Inc. now owns 120 shares of the construction company’s stock worth $57,000 after purchasing an additional 65 shares during the period. Finally, Danske Bank A S purchased a new stake in shares of Cavco Industries in the third quarter valued at approximately $58,000. Hedge funds and other institutional investors own 95.56% of the company’s stock.

Cavco Industries Company Profile

Cavco Industries, Inc is a leading designer, manufacturer and retailer of factory-built homes and modular structures. The company produces a range of HUD-code manufactured homes, modular buildings, park model RVs and cabins through its network of production facilities. Its offerings cater to both residential and commercial markets, including customizable single- and multi-section homes, workforce and affordable housing solutions, educational and healthcare modules, as well as specialty lodging products for the recreational vehicle and hospitality industries.

Since its founding in 1967, Cavco has grown through strategic investments and acquisitions, expanding its footprint across the United States and into parts of Canada and Mexico.