Wedbush Downgrades Cavco Industries (NASDAQ:CVCO) to Neutral

Cavco Industries (NASDAQ:CVCO - Get Free Report) was downgraded by investment analysts at Wedbush from an "outperform" rating to a "neutral" rating in a note issued to investors on Tuesday, MarketBeat Ratings reports. They currently have a $480.00 target price on the construction company's stock. Wedbush's price target points to a potential downside of 6.20% from the company's current price.

A number of other equities research analysts also recently commented on the company. Craig Hallum lifted their price objective on Cavco Industries from $422.00 to $495.00 and gave the company a "buy" rating in a research report on Monday, November 4th. StockNews.com upgraded shares of Cavco Industries from a "hold" rating to a "buy" rating in a report on Monday, November 4th.

Cavco Industries Stock Performance

CVCO traded down $7.70 during trading on Tuesday, hitting $511.73. The stock had a trading volume of 74,590 shares, compared to its average volume of 64,400. The firm has a market capitalization of $4.15 billion, a P/E ratio of 28.93 and a beta of 1.29. Cavco Industries has a twelve month low of $288.57 and a twelve month high of $544.08. The company's 50-day moving average price is $452.84 and its 200 day moving average price is $405.06.

Cavco Industries (NASDAQ:CVCO - Get Free Report) last posted 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 firm had revenue of $507.46 million during the quarter, compared to analysts' expectations of $480.10 million. During the same period in the prior year, the company posted $4.76 earnings per share. As a group, equities analysts expect that Cavco Industries will post 18 earnings per share for the current fiscal year.

Insider Activity

In other Cavco Industries news, Director Steven G. Bunger sold 4,000 shares of the company's stock in a transaction on Thursday, September 12th. The stock was 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 represents a 37.93 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Julia Sze sold 125 shares of Cavco Industries stock in a transaction on Friday, November 8th. The stock was sold at an average price of $458.68, for a total value of $57,335.00. Following the completion of the transaction, the director now owns 2,861 shares in the company, valued at $1,312,283.48. The trade was a 4.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 4,313 shares of company stock worth $1,780,681. 1.60% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Cavco Industries

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CVCO. SkyView Investment Advisors LLC grew its position in Cavco Industries by 1.8% during the third quarter. SkyView Investment Advisors LLC now owns 1,791 shares of the construction company's stock valued at $767,000 after purchasing an additional 31 shares in the last quarter. Virtu Financial LLC acquired a new position in shares of Cavco Industries in the third quarter worth $637,000. Coldstream Capital Management Inc. purchased a new stake in shares of Cavco Industries during the third quarter worth $213,000. Geode Capital Management LLC boosted its position in Cavco Industries by 6.1% during the third quarter. Geode Capital Management LLC now owns 224,384 shares of the construction company's stock valued at $96,107,000 after purchasing an additional 12,822 shares during the last quarter. Finally, Barclays PLC grew its stake in Cavco Industries by 162.0% in the third quarter. Barclays PLC now owns 17,234 shares of the construction company's stock valued at $7,381,000 after purchasing an additional 10,656 shares in the last quarter. Institutional investors and hedge funds own 95.56% of the company's stock.

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.