Cavco Industries (NASDAQ:CVCO) Trading 6.5% Higher Following Strong Earnings

Cavco Industries, Inc. (NASDAQ:CVCO) shares shot up 6.5% during mid-day trading on Friday following a stronger than expected earnings report. The stock traded as high as $506.59 and last traded at $507.66. 18,396 shares traded hands during mid-day trading, a decline of 63% from the average session volume of 49,988 shares. The stock had previously closed at $476.82.

The construction company reported $6.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.89 by $2.01. Cavco Industries had a return on equity of 14.38% and a net margin of 8.00%.

Analysts Set New Price Targets

Several brokerages have issued reports on CVCO. Wedbush downgraded Cavco Industries from an “outperform” rating to a “neutral” rating and set a $480.00 price target for the company. in a report on Tuesday, December 3rd. Craig Hallum lifted their price target on shares of Cavco Industries from $422.00 to $495.00 and gave the company a “buy” rating in a research note on Monday, November 4th. Finally, StockNews.com downgraded shares of Cavco Industries from a “buy” rating to a “hold” rating in a research note on Friday, December 20th.

Insider Transactions at Cavco Industries

In related news, Director Julia Sze sold 125 shares of Cavco Industries stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $458.68, for a total transaction of $57,335.00. Following the completion of the sale, the director now owns 2,861 shares of the company’s stock, valued at approximately $1,312,283.48. The trade was a 4.19 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO Paul Bigbee sold 100 shares of the stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $512.23, for a total transaction of $51,223.00. Following the completion of the transaction, the chief accounting officer now directly owns 981 shares in the company, valued at approximately $502,497.63. This represents a 9.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,850 shares of company stock worth $889,417 in the last ninety days. Insiders own 1.60% of the company’s stock.

Institutional Investors Weigh In On Cavco Industries

A number of hedge funds and other institutional investors have recently modified their holdings of CVCO. Marshall Wace LLP bought a new stake in Cavco Industries during the second quarter worth about $692,000. Squarepoint Ops LLC bought a new position in Cavco Industries in the second quarter valued at approximately $594,000. The Manufacturers Life Insurance Company raised its position in Cavco Industries by 1.9% during the second quarter. The Manufacturers Life Insurance Company now owns 4,602 shares of the construction company’s stock valued at $1,593,000 after purchasing an additional 87 shares in the last quarter. Algert Global LLC acquired a new stake in shares of Cavco Industries in the 2nd quarter valued at $262,000. Finally, Creative Planning increased its stake in shares of Cavco Industries by 116.8% in the 2nd quarter. Creative Planning now owns 1,136 shares of the construction company’s stock valued at $393,000 after purchasing an additional 612 shares during the last quarter. Institutional investors and hedge funds own 95.56% of the company’s stock.

Cavco Industries Trading Up 6.7 %

The firm has a 50-day moving average of $473.79 and a two-hundred day moving average of $437.63. The firm has a market capitalization of $4.13 billion, a P/E ratio of 28.75 and a beta of 1.33.

Cavco Industries Company Profile

Cavco Industries, Inc designs, produces, and retails factory-built homes primarily in the United States. It operates in two segments, Factory-Built Housing and Financial Services. The company markets its factory-built homes under the Cavco, Fleetwood, Palm Harbor, Nationwide, Fairmont, Friendship, Chariot Eagle, Destiny, Commodore, Colony, Pennwest, R-Anell, Manorwood, MidCountry, and Solitaire brands.