Cavco Industries (NASDAQ:CVCO) Hits New 1-Year High – Here’s What Happened

by · The Cerbat Gem

Cavco Industries, Inc. (NASDAQ:CVCO – Get Free Report) hit a new 52-week high during mid-day trading on Friday . The stock traded as high as $614.11 and last traded at $604.88, with a volume of 36728 shares. The stock had previously closed at $600.47.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. Zacks Research raised shares of Cavco Industries from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, November 5th. Weiss Ratings reiterated a “buy (b)” rating on shares of Cavco Industries in a research note on Monday. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, Cavco Industries presently has an average rating of “Buy” and a consensus target price of $550.00.

Get Our Latest Research Report on Cavco Industries

Cavco Industries Price Performance

The stock’s 50-day moving average is $557.69 and its two-hundred day moving average is $502.44. The company has a market cap of $4.71 billion, a P/E ratio of 24.79 and a beta of 1.28.

Cavco Industries (NASDAQ:CVCO – Get Free Report) last released its quarterly earnings results on Thursday, October 30th. The construction company reported $6.55 earnings per share for the quarter, beating the consensus estimate of $6.30 by $0.25. The firm had revenue of $556.53 million for the quarter, compared to analysts’ expectations of $542.92 million. Cavco Industries had a return on equity of 19.13% and a net margin of 9.18%. On average, analysts predict that Cavco Industries, Inc. will post 21.93 EPS for the current year.

Insider Transactions at Cavco Industries

In other Cavco Industries news, Director Richard A. Kerley sold 500 shares of the company’s stock in a transaction that occurred on Friday, November 7th. The shares were sold at an average price of $568.99, for a total transaction of $284,495.00. Following the completion of the sale, the director directly owned 6,669 shares of the company’s stock, valued at approximately $3,794,594.31. This represents a 6.97% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 1.60% of the company’s stock.

Hedge Funds Weigh In On Cavco Industries

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Swiss Life Asset Management Ltd purchased a new stake in Cavco Industries in the third quarter worth about $204,000. CIBC Private Wealth Group LLC grew its stake in shares of Cavco Industries by 72.5% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 119 shares of the construction company’s stock valued at $69,000 after acquiring an additional 50 shares during the period. CIBC Bancorp USA Inc. purchased a new stake in Cavco Industries in the 3rd quarter worth approximately $473,000. Danske Bank A S bought a new stake in Cavco Industries during the 3rd quarter worth approximately $58,000. Finally, Abel Hall LLC purchased a new position in Cavco Industries during the third quarter valued at approximately $203,000. 95.56% of the stock is currently owned by hedge funds and other institutional investors.

About Cavco Industries

(Get Free Report)

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.

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