Summit Global Investments Takes $237,000 Position in Cavco Industries, Inc. (NASDAQ:CVCO)

Summit Global Investments bought a new position in Cavco Industries, Inc. (NASDAQ:CVCO - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 530 shares of the construction company's stock, valued at approximately $237,000.

A number of other hedge funds have also modified their holdings of the stock. Intech Investment Management LLC increased its position in shares of Cavco Industries by 182.3% during the 3rd quarter. Intech Investment Management LLC now owns 2,174 shares of the construction company's stock worth $931,000 after purchasing an additional 1,404 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Cavco Industries by 5.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 109,453 shares of the construction company's stock worth $46,872,000 after buying an additional 5,935 shares in the last quarter. Citigroup Inc. raised its stake in shares of Cavco Industries by 61.9% in the third quarter. Citigroup Inc. now owns 16,228 shares of the construction company's stock valued at $6,949,000 after acquiring an additional 6,203 shares during the last quarter. Fisher Asset Management LLC boosted its holdings in shares of Cavco Industries by 8.5% in the 3rd quarter. Fisher Asset Management LLC now owns 71,487 shares of the construction company's stock worth $30,614,000 after acquiring an additional 5,620 shares in the last quarter. Finally, FMR LLC grew its position in Cavco Industries by 7.0% during the 3rd quarter. FMR LLC now owns 135,444 shares of the construction company's stock worth $58,002,000 after acquiring an additional 8,829 shares during the last quarter. 95.56% of the stock is owned by institutional investors and hedge funds.

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Cavco Industries Stock Performance

NASDAQ:CVCO traded down $12.59 on Friday, hitting $513.96. 47,557 shares of the stock were exchanged, compared to its average volume of 62,744. Cavco Industries, Inc. has a 52 week low of $331.08 and a 52 week high of $544.08. The stock has a market capitalization of $4.17 billion, a price-to-earnings ratio of 25.29 and a beta of 1.34. The company's 50-day moving average price is $513.92 and its 200 day moving average price is $474.70.

Cavco Industries (NASDAQ:CVCO - Get Free Report) last announced its quarterly earnings data on Thursday, January 30th. The construction company reported $6.90 earnings per share for the quarter, beating the consensus estimate of $4.89 by $2.01. Cavco Industries had a net margin of 8.75% and a return on equity of 16.17%. As a group, equities research analysts predict that Cavco Industries, Inc. will post 21.93 earnings per share for the current year.

Insider Activity

In related news, Director David A. Greenblatt sold 4,000 shares of the firm's stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $528.88, for a total transaction of $2,115,520.00. Following the sale, the director now owns 15,286 shares of the company's stock, valued at approximately $8,084,459.68. This trade represents a 20.74 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Jack S. Brandom sold 1,000 shares of the business's stock in a transaction dated Friday, February 7th. The shares were sold at an average price of $538.00, for a total value of $538,000.00. Following the completion of the transaction, the insider now directly owns 1,176 shares of the company's stock, valued at approximately $632,688. The trade was a 45.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 8,644 shares of company stock valued at $4,494,608 in the last ninety days. 1.60% of the stock is owned by insiders.

Analyst Ratings Changes

CVCO has been the subject of a number of research analyst reports. StockNews.com raised Cavco Industries from a "hold" rating to a "buy" rating in a report on Monday, February 3rd. Wedbush reaffirmed a "neutral" rating and issued a $550.00 target price (up from $480.00) on shares of Cavco Industries in a research note on Monday, February 3rd.

Cavco Industries 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.