Cavco Industries (NASDAQ:CVCO) Shares Up 6.5% Following Earnings Beat

Shares of Cavco Industries, Inc. (NASDAQ:CVCO - Get Free Report) were up 6.5% on Friday following a better than expected earnings announcement. The company traded as high as $506.59 and last traded at $507.66. Approximately 18,396 shares changed hands during trading, a decline of 63% from the average daily volume of 49,988 shares. The stock had previously closed at $476.82.

The construction company reported $6.90 earnings per share for the quarter, topping analysts' consensus estimates of $4.89 by $2.01. Cavco Industries had a return on equity of 16.25% and a net margin of 8.75%.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the stock. StockNews.com raised shares of Cavco Industries from a "hold" rating to a "buy" rating in a research note on Monday. Craig Hallum lifted their price target on Cavco Industries from $422.00 to $495.00 and gave the company a "buy" rating in a report on Monday, November 4th. Finally, Wedbush reissued a "neutral" rating and issued a $550.00 price target (up from $480.00) on shares of Cavco Industries in a research report on Monday.

Insider Activity at Cavco Industries

In other news, Director Julia Sze sold 125 shares of Cavco Industries stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $503.31, for a total value of $62,913.75. Following the transaction, the director now owns 2,736 shares of the company's stock, valued at $1,377,056.16. This trade represents a 4.37 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Susan L. Blount sold 750 shares of the company's stock in a transaction on Friday, December 13th. The stock was sold at an average price of $485.56, for a total transaction of $364,170.00. Following the sale, the director now directly owns 2,086 shares of the company's stock, valued at approximately $1,012,878.16. This represents a 26.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,850 shares of company stock valued at $889,417. Insiders own 1.60% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Assenagon Asset Management S.A. lifted its position in shares of Cavco Industries by 1,610.3% during the 3rd quarter. Assenagon Asset Management S.A. now owns 60,835 shares of the construction company's stock worth $26,052,000 after purchasing an additional 57,278 shares during the last quarter. Cerity Partners LLC lifted its holdings in shares of Cavco Industries by 91.8% during the third quarter. Cerity Partners LLC now owns 46,915 shares of the construction company's stock worth $20,091,000 after buying an additional 22,451 shares during the last quarter. Atom Investors LP bought a new stake in shares of Cavco Industries in the third quarter valued at approximately $7,572,000. Harbor Capital Advisors Inc. grew its stake in shares of Cavco Industries by 147.0% in the third quarter. Harbor Capital Advisors Inc. now owns 22,399 shares of the construction company's stock worth $9,592,000 after acquiring an additional 13,331 shares during the last quarter. Finally, Geode Capital Management LLC increased 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 worth $96,107,000 after acquiring an additional 12,822 shares during the period. Institutional investors and hedge funds own 95.56% of the company's stock.

Cavco Industries Stock Performance

The stock has a market capitalization of $4.18 billion, a price-to-earnings ratio of 25.39 and a beta of 1.35. The company's 50 day moving average is $473.70 and its 200 day moving average is $439.00.

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.