Cavco Industries (NASDAQ:CVCO) Shares Down 1.3% - Here's Why

Cavco Industries, Inc. (NASDAQ:CVCO - Get Free Report) traded down 1.3% during mid-day trading on Thursday . The stock traded as low as $499.54 and last traded at $499.54. 7,037 shares traded hands during mid-day trading, a decline of 89% from the average session volume of 64,245 shares. The stock had previously closed at $506.07.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Wedbush lowered shares of Cavco Industries from an "outperform" rating to a "neutral" rating and set a $480.00 target price on the stock. in a report on Tuesday. Craig Hallum boosted their price target on shares of Cavco Industries from $422.00 to $495.00 and gave the stock a "buy" rating in a research note on Monday, November 4th. Finally, StockNews.com raised shares of Cavco Industries from a "hold" rating to a "buy" rating in a research note on Monday, November 4th.

Cavco Industries Trading Down 1.6 %

The company's fifty day simple moving average is $454.52 and its 200 day simple moving average is $405.76. The firm has a market capitalization of $4.04 billion, a P/E ratio of 28.24 and a beta of 1.29.

Cavco Industries (NASDAQ:CVCO - Get Free Report) last issued its quarterly earnings results on Thursday, October 31st. The construction company reported $5.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.70 by $0.58. Cavco Industries had a net margin of 8.00% and a return on equity of 14.38%. The company had revenue of $507.46 million during the quarter, compared to analyst estimates of $480.10 million. During the same period last year, the business earned $4.76 EPS. On average, analysts predict that Cavco Industries, Inc. will post 18 earnings per share for the current fiscal year.

Insider Activity at Cavco Industries

In related news, Director Steven G. Bunger sold 4,000 shares of the firm's stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $409.20, for a total value of $1,636,800.00. Following the transaction, the director now owns 6,547 shares of the company's stock, valued at approximately $2,679,032.40. This trade represents a 37.93 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CAO Paul Bigbee sold 88 shares of the firm's stock in a transaction that occurred on Wednesday, September 11th. The stock was sold at an average price of $401.40, for a total transaction of $35,323.20. Following the completion of the transaction, the chief accounting officer now directly owns 1,081 shares in the company, valued at approximately $433,913.40. The trade was a 7.53 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 4,313 shares of company stock valued at $1,780,681. 1.60% of the stock is owned by insiders.

Institutional Investors Weigh In On Cavco Industries

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Geode Capital Management LLC raised its stake in Cavco Industries by 6.1% during the 3rd quarter. Geode Capital Management LLC now owns 224,384 shares of the construction company's stock worth $96,107,000 after acquiring an additional 12,822 shares during the period. Boston Trust Walden Corp raised its position in shares of Cavco Industries by 0.8% during the second quarter. Boston Trust Walden Corp now owns 196,046 shares of the construction company's stock valued at $67,865,000 after buying an additional 1,541 shares during the last quarter. FMR LLC raised its position in shares of Cavco Industries by 7.0% during the third quarter. FMR LLC now owns 135,444 shares of the construction company's stock valued at $58,002,000 after buying an additional 8,829 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position 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 valued at $46,872,000 after buying an additional 5,935 shares during the last quarter. Finally, Fisher Asset Management LLC raised its position in shares of Cavco Industries by 8.5% during the third quarter. Fisher Asset Management LLC now owns 71,487 shares of the construction company's stock valued at $30,614,000 after buying an additional 5,620 shares during the last quarter. Institutional investors own 95.56% of the company's stock.

About Cavco Industries

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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