Oppenheimer Reaffirms Outperform Rating for Cavco Industries (NASDAQ:CVCO)

Cavco Industries (NASDAQ:CVCO)‘s stock had its “outperform” rating reissued by equities researchers at Oppenheimer in a report issued on Monday, Benzinga reports. They currently have a $735.00 target price on the construction company’s stock, up from their previous target price of $720.00. Oppenheimer‘s price target would suggest a potential upside of 10.70% from the stock’s previous close.

CVCO has been the topic of a number of other reports. Weiss Ratings upgraded shares of Cavco Industries from a “hold (c)” rating to a “hold (c+)” rating in a research report on Tuesday, September 29th. Northland Securities initiated coverage on shares of Cavco Industries in a research note on Wednesday, October 28th. They set an “outperform” rating and a $650.00 price objective on the stock. Zacks Research raised Cavco Industries from a “strong sell” rating to a “hold” rating in a report on Tuesday, September 29th. Finally, Zelman & Associates downgraded Cavco Industries from an “outperform” rating to a “neutral” rating in a research report on Thursday, August 6th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Cavco Industries presently has an average rating of “Moderate Buy” and an average target price of $695.00.

Cavco Industries Price Performance

Shares of NASDAQ CVCO traded up $44.98 during midday trading on Monday, reaching $663.98. 48,898 shares of the company traded hands, compared to its average volume of 144,148. Cavco Industries has a 52 week low of $443.33 and a 52 week high of $713.01. The stock has a 50-day moving average price of $549.07 and a 200 day moving average price of $552.09. The company has a market cap of $5.11 billion, a price-to-earnings ratio of 28.21 and a beta of 1.27.

Cavco Industries (NASDAQ:CVCO) last posted its quarterly earnings data on Thursday, October 29th. The construction company reported $7.17 earnings per share for the quarter, topping the consensus estimate of $5.52 by $1.65. The business had revenue of $656.38 million during the quarter, compared to the consensus estimate of $613.12 million. Cavco Industries had a net margin of 7.68% and a return on equity of 16.60%. As a group, analysts expect that Cavco Industries will post 22.60 EPS for the current year.

Insider Buying and Selling

In other Cavco Industries news, CAO Paul Bigbee sold 342 shares of the company’s stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $592.00, for a total value of $202,464.00. Following the completion of the sale, the chief accounting officer directly owned 736 shares of the company’s stock, valued at approximately $435,712. This represents a 31.73% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 1.70% of the company’s stock.

Institutional Trading of Cavco Industries

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Conestoga Capital Advisors LLC acquired a new position in Cavco Industries in the third quarter worth approximately $20,141,000. Covestor Ltd boosted its stake in shares of Cavco Industries by 13.2% during the 3rd quarter. Covestor Ltd now owns 172 shares of the construction company’s stock worth $97,000 after acquiring an additional 20 shares in the last quarter. Provenance Wealth Advisors LLC boosted its stake in shares of Cavco Industries by 18,160.0% during the 3rd quarter. Provenance Wealth Advisors LLC now owns 913 shares of the construction company’s stock worth $512,000 after acquiring an additional 908 shares in the last quarter. Aviance Capital Partners LLC grew its holdings in shares of Cavco Industries by 0.9% in the 3rd quarter. Aviance Capital Partners LLC now owns 14,845 shares of the construction company’s stock worth $8,317,000 after acquiring an additional 130 shares during the last quarter. Finally, Choreo LLC grew its holdings in shares of Cavco Industries by 6.1% in the 3rd quarter. Choreo LLC now owns 383 shares of the construction company’s stock worth $215,000 after acquiring an additional 22 shares during the last quarter. 95.56% of the stock is currently owned by institutional investors.

About Cavco Industries

Cavco Industries, Inc is a manufacturer of factory-built housing and related products. The company designs and produces manufactured homes, modular homes, park model recreational vehicles, and commercial structures for residential, hospitality, and other applications. Its homes are sold through independent retailers, company-owned retail locations, and a network of housing dealers.

Cavco markets its products under several brands, including Cavco, Fleetwood Homes, Palm Harbor Homes, Nationwide Homes, Solitaire Homes, and CountryPlace.