Cavco Industries (NASDAQ:CVCO) Stock Rating Raised to Hold at Zacks Research

Zacks Research upgraded shares of Cavco Industries (NASDAQ:CVCO) from a strong sell rating to a hold rating in a research note published on Tuesday,Zacks reports.

Other research analysts have also recently issued reports about the company. Oppenheimer started coverage on Cavco Industries in a research note on Wednesday. They set an “outperform” rating and a $720.00 price objective on the stock. Zelman & Associates lowered Cavco Industries from an “outperform” rating to a “neutral” rating in a research note on Thursday, August 6th. UBS Group assumed coverage on Cavco Industries in a report on Friday, June 5th. They set a “buy” rating and a $700.00 target price for the company. Finally, Weiss Ratings upgraded Cavco Industries from a “hold (c)” rating to a “hold (c+)” rating in a research report on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $710.00.

Cavco Industries Stock Performance

CVCO stock opened at $560.26 on Tuesday. Cavco Industries has a 52 week low of $443.33 and a 52 week high of $713.01. The firm’s fifty day moving average is $565.29 and its 200 day moving average is $543.92. The firm has a market cap of $4.31 billion, a P/E ratio of 24.38 and a beta of 1.28.

Cavco Industries (NASDAQ:CVCO) last issued its earnings results on Thursday, July 30th. The construction company reported $5.43 EPS for the quarter, missing analysts’ consensus estimates of $5.69 by ($0.26). The business had revenue of $609.96 million during the quarter, compared to analysts’ expectations of $590.54 million. Cavco Industries had a return on equity of 16.51% and a net margin of 7.89%. As a group, analysts forecast that Cavco Industries will post 22.75 EPS for the current year.

Insider Transactions at Cavco Industries

In other Cavco Industries news, CAO Paul Bigbee sold 342 shares of the company’s stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $592.00, for a total transaction of $202,464.00. Following the completion of the transaction, the chief accounting officer owned 736 shares of the company’s stock, valued at $435,712. This represents a 31.73% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 1.70% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Cavco Industries

A number of large investors have recently made changes to their positions in CVCO. Fifth Third Bancorp boosted its holdings in Cavco Industries by 599.0% in the first quarter. Fifth Third Bancorp now owns 2,824 shares of the construction company’s stock valued at $1,367,000 after acquiring an additional 2,420 shares in the last quarter. Robotti Robert purchased a new position in Cavco Industries during the 2nd quarter valued at $19,903,000. California State Teachers Retirement System raised its holdings in Cavco Industries by 24.1% in the 1st quarter. California State Teachers Retirement System now owns 9,319 shares of the construction company’s stock worth $4,513,000 after purchasing an additional 1,808 shares in the last quarter. Militia Capital Management LLC bought a new position in Cavco Industries in the 1st quarter worth $1,811,000. Finally, Deutsche Bank AG bought a new position in Cavco Industries in the 2nd quarter worth $8,525,000. 95.56% of the stock is currently owned by institutional investors.

Cavco Industries Company Profile

Cavco Industries, Inc is a manufacturer of factory-built housing headquartered in Phoenix, Arizona. The company produces manufactured homes, modular homes, park model recreational vehicles, and related structures designed for residential and vacation use. Its homes are sold through independent retailers, company-owned retail locations, and housing developers.

Cavco markets products under several brands, including Cavco, Fleetwood Homes, Palm Harbor Homes, and Solitaire Homes. In addition to manufacturing, the company provides consumer financing through CountryPlace Mortgage and property and casualty insurance through Standard Casualty.