Royal Bank of Canada Cuts Stock Position in Cavco Industries, Inc. $CVCO

Royal Bank of Canada lessened its holdings in Cavco Industries, Inc. (NASDAQ:CVCO) by 27.2% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,931 shares of the construction company’s stock after selling 2,585 shares during the quarter. Royal Bank of Canada’s holdings in Cavco Industries were worth $3,357,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in CVCO. Aster Capital Management DIFC Ltd bought a new stake in shares of Cavco Industries during the 4th quarter worth $46,000. Kemnay Advisory Services Inc. purchased a new position in shares of Cavco Industries in the 4th quarter worth about $50,000. Los Angeles Capital Management LLC bought a new position in Cavco Industries during the fourth quarter valued at about $54,000. Danske Bank A S bought a new position in Cavco Industries during the third quarter valued at about $58,000. Finally, CIBC Private Wealth Group LLC increased its holdings in Cavco Industries by 72.5% during the third quarter. CIBC Private Wealth Group LLC now owns 119 shares of the construction company’s stock worth $69,000 after buying an additional 50 shares during the last quarter. 95.56% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Cavco Industries

In related news, CAO Paul Bigbee sold 200 shares of the firm’s stock in a transaction that occurred on Thursday, May 28th. The shares were sold at an average price of $537.75, for a total value of $107,550.00. Following the completion of the transaction, the chief accounting officer directly owned 1,105 shares of the company’s stock, valued at approximately $594,213.75. This trade represents a 15.33% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Richard A. Kerley sold 500 shares of Cavco Industries stock in a transaction that occurred 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 represents a 7.50% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 3,442 shares of company stock worth $2,080,238 over the last quarter. Corporate insiders own 1.70% of the company’s stock.

Cavco Industries Stock Performance

Shares of CVCO opened at $605.05 on Friday. The business has a 50-day moving average of $583.18 and a 200 day moving average of $544.70. Cavco Industries, Inc. has a fifty-two week low of $443.33 and a fifty-two week high of $713.01. The firm has a market cap of $4.65 billion, a P/E ratio of 26.33 and a beta of 1.29.

Cavco Industries (NASDAQ:CVCO) last announced its quarterly earnings data on Thursday, July 30th. The construction company reported $5.43 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $5.69 by ($0.26). The firm had revenue of $609.96 million during the quarter, compared to the consensus estimate of $590.54 million. Cavco Industries had a net margin of 7.89% and a return on equity of 16.51%. As a group, research analysts predict that Cavco Industries, Inc. will post 22.75 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. UBS Group began coverage on shares of Cavco Industries in a research report on Friday, June 5th. They issued a “buy” rating and a $700.00 price objective on the stock. Weiss Ratings reissued a “hold (c+)” rating on shares of Cavco Industries in a research report on Tuesday, May 26th. Zelman & Associates lowered shares of Cavco Industries from an “outperform” rating to a “neutral” rating in a research note on Thursday, August 6th. Finally, Zacks Research cut shares of Cavco Industries from a “hold” rating to a “strong sell” rating in a report on Monday, August 3rd. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Cavco Industries presently has a consensus rating of “Hold” and a consensus target price of $700.00.

Cavco Industries 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.