Franklin Resources Inc. Sells 1,898 Shares of Cavco Industries, Inc. (NASDAQ:CVCO)

Franklin Resources Inc. cut its stake in Cavco Industries, Inc. (NASDAQ:CVCO - Free Report) by 16.6% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 9,538 shares of the construction company's stock after selling 1,898 shares during the period. Franklin Resources Inc. owned about 0.12% of Cavco Industries worth $4,150,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. Verus Capital Partners LLC raised its stake in shares of Cavco Industries by 4.5% during the second quarter. Verus Capital Partners LLC now owns 653 shares of the construction company's stock worth $226,000 after acquiring an additional 28 shares in the last quarter. Amalgamated Bank grew its holdings in shares of Cavco Industries by 1.2% during the 3rd quarter. Amalgamated Bank now owns 2,428 shares of the construction company's stock valued at $1,040,000 after purchasing an additional 29 shares during the last quarter. SkyView Investment Advisors LLC raised its position in Cavco Industries by 1.8% in the 3rd quarter. SkyView Investment Advisors LLC now owns 1,791 shares of the construction company's stock worth $767,000 after purchasing an additional 31 shares during the period. Thrivent Financial for Lutherans lifted its stake in Cavco Industries by 0.4% in the third quarter. Thrivent Financial for Lutherans now owns 9,493 shares of the construction company's stock worth $4,066,000 after purchasing an additional 37 shares during the last quarter. Finally, Arizona State Retirement System boosted its position in Cavco Industries by 1.9% during the second quarter. Arizona State Retirement System now owns 2,103 shares of the construction company's stock valued at $728,000 after buying an additional 39 shares during the period. Institutional investors own 95.56% of the company's stock.

Cavco Industries Stock Up 1.2 %

Shares of NASDAQ:CVCO traded up $5.34 during midday trading on Wednesday, hitting $450.62. 18,120 shares of the stock traded hands, compared to its average volume of 64,313. The business's 50 day moving average is $468.24 and its two-hundred day moving average is $418.40. The stock has a market capitalization of $3.65 billion, a PE ratio of 25.47 and a beta of 1.29. Cavco Industries, Inc. has a one year low of $304.10 and a one year high of $544.08.

Cavco Industries (NASDAQ:CVCO - Get Free Report) last announced its quarterly earnings results on Thursday, October 31st. The construction company reported $5.28 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.70 by $0.58. Cavco Industries had a return on equity of 14.38% and a net margin of 8.00%. The company had revenue of $507.46 million for the quarter, compared to the consensus estimate of $480.10 million. During the same quarter in the previous year, the business earned $4.76 EPS. As a group, sell-side analysts forecast that Cavco Industries, Inc. will post 18 earnings per share for the current year.

Insider Activity at Cavco Industries

In related news, Director Julia Sze sold 125 shares of the business's stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $458.68, for a total transaction of $57,335.00. Following 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Susan L. Blount sold 750 shares of the stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $485.56, for a total transaction of $364,170.00. Following the completion of the transaction, the director now directly owns 2,086 shares of the company's stock, valued at approximately $1,012,878.16. The trade was a 26.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,100 shares of company stock worth $535,642 over the last quarter. 1.60% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

CVCO has been the topic of several analyst reports. Craig Hallum lifted their price objective on Cavco Industries from $422.00 to $495.00 and gave the stock a "buy" rating in a report on Monday, November 4th. StockNews.com cut Cavco Industries from a "buy" rating to a "hold" rating in a research note on Friday, December 20th. Finally, Wedbush lowered Cavco Industries from an "outperform" rating to a "neutral" rating and set a $480.00 price objective for the company. in a research note on Tuesday, December 3rd.

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.