Cavco Industries (NASDAQ:CVCO) Trading Down 2.1% - Here's What Happened

Cavco Industries, Inc. (NASDAQ:CVCO - Get Free Report)'s share price traded down 2.1% during trading on Friday . The stock traded as low as $488.00 and last traded at $488.24. 5,275 shares changed hands during trading, a decline of 92% from the average session volume of 63,883 shares. The stock had previously closed at $498.78.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the stock. Craig Hallum boosted their price target on shares of Cavco Industries from $422.00 to $495.00 and gave the company a "buy" rating in a report on Monday, November 4th. StockNews.com downgraded Cavco Industries from a "buy" rating to a "hold" rating in a report on Wednesday. Finally, Wedbush downgraded Cavco Industries from an "outperform" rating to a "neutral" rating and set a $480.00 price objective on the stock. in a research report on Tuesday, December 3rd.

Cavco Industries Trading Down 2.6 %

The company's 50-day moving average is $462.71 and its 200 day moving average is $411.32. The stock has a market capitalization of $3.94 billion, a PE ratio of 27.60 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 for the quarter, topping the consensus estimate of $4.70 by $0.58. The company had revenue of $507.46 million for the quarter, compared to the consensus estimate of $480.10 million. Cavco Industries had a net margin of 8.00% and a return on equity of 14.38%. During the same quarter in the prior year, the company earned $4.76 EPS. Sell-side analysts forecast that Cavco Industries, Inc. will post 18 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Julia Sze sold 125 shares of Cavco Industries stock in a transaction on Friday, November 8th. The shares were sold at an average price of $458.68, for a total value of $57,335.00. Following the sale, the director now owns 2,861 shares of the company's stock, valued at approximately $1,312,283.48. This trade represents a 4.19 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Paul Bigbee sold 100 shares of the business's stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $512.23, for a total value of $51,223.00. Following the sale, the chief accounting officer now owns 981 shares of the company's stock, valued at approximately $502,497.63. This trade represents a 9.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 350 shares of company stock worth $171,472. Corporate insiders own 1.60% of the company's stock.

Institutional Investors Weigh In On Cavco Industries

Several institutional investors and hedge funds have recently added to or reduced their stakes in CVCO. Thrivent Financial for Lutherans raised its holdings in shares of Cavco Industries by 37.1% during the 2nd quarter. Thrivent Financial for Lutherans now owns 9,456 shares of the construction company's stock worth $3,274,000 after acquiring an additional 2,558 shares during the period. Quest Partners LLC purchased a new stake in Cavco Industries during the second quarter worth about $931,000. Blue Trust Inc. lifted its position in shares of Cavco Industries by 90.0% during the third quarter. Blue Trust Inc. now owns 190 shares of the construction company's stock worth $81,000 after purchasing an additional 90 shares in the last quarter. Fisher Asset Management LLC lifted its holdings in Cavco Industries by 8.5% during the 3rd quarter. Fisher Asset Management LLC now owns 71,487 shares of the construction company's stock worth $30,614,000 after buying an additional 5,620 shares in the last quarter. Finally, Cerity Partners LLC boosted its holdings in Cavco Industries by 91.8% in the third quarter. Cerity Partners LLC now owns 46,915 shares of the construction company's stock valued at $20,091,000 after purchasing an additional 22,451 shares during the period. Institutional investors and hedge funds 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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