Cavco Industries (NASDAQ:CVCO) Shares Gap Down - Here's What Happened

Cavco Industries, Inc. (NASDAQ:CVCO - Get Free Report)'s stock price gapped down prior to trading on Monday . The stock had previously closed at $448.26, but opened at $434.77. Cavco Industries shares last traded at $429.86, with a volume of 7,510 shares changing hands.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on CVCO. Wedbush boosted their price objective on Cavco Industries from $425.00 to $455.00 and gave the stock an "outperform" rating in a report on Friday, October 11th. Craig Hallum increased their price target on shares of Cavco Industries from $382.00 to $422.00 and gave the stock a "buy" rating in a report on Monday, August 5th.

Cavco Industries Price Performance

The company has a 50 day simple moving average of $416.03 and a 200-day simple moving average of $384.47. The stock has a market cap of $3.54 billion, a P/E ratio of 23.30 and a beta of 1.24.

Cavco Industries (NASDAQ:CVCO - Get Free Report) last released its earnings results on Thursday, August 1st. The construction company reported $4.11 earnings per share for the quarter, missing analysts' consensus estimates of $4.97 by ($0.86). The firm had revenue of $477.60 million during the quarter, compared to the consensus estimate of $487.80 million. Cavco Industries had a return on equity of 14.23% and a net margin of 8.12%. During the same quarter in the previous year, the firm earned $5.29 EPS. As a group, research analysts expect that Cavco Industries, Inc. will post 17.35 earnings per share for the current year.

Insider Activity at Cavco Industries

In related news, Director Steven G. Bunger sold 4,000 shares of Cavco Industries stock in a transaction 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 in the company, valued at $2,679,032.40. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, SVP Steven K. Like sold 575 shares of the stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $366.62, for a total transaction of $210,806.50. Following the completion of the sale, the senior vice president now owns 1,255 shares of the company's stock, valued at approximately $460,108.10. This represents a 0.00 % 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 Steven G. Bunger sold 4,000 shares of Cavco Industries stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $409.20, for a total transaction of $1,636,800.00. Following the completion of the transaction, the director now directly owns 6,547 shares in the company, valued at approximately $2,679,032.40. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 4,663 shares of company stock valued at $1,882,930. Insiders own 1.60% of the company's stock.

Institutional Investors Weigh In On Cavco Industries

Large investors have recently added to or reduced their stakes in the company. Harbor Capital Advisors Inc. boosted its holdings in shares of Cavco Industries by 507.8% during the second quarter. Harbor Capital Advisors Inc. now owns 9,068 shares of the construction company's stock worth $3,139,000 after purchasing an additional 7,576 shares during the period. First Eagle Investment Management LLC lifted its holdings in Cavco Industries by 28.8% in the 1st quarter. First Eagle Investment Management LLC now owns 12,328 shares of the construction company's stock worth $4,920,000 after buying an additional 2,760 shares during the period. Thrivent Financial for Lutherans grew its position in shares of Cavco Industries by 37.1% in the 2nd quarter. Thrivent Financial for Lutherans now owns 9,456 shares of the construction company's stock worth $3,274,000 after buying an additional 2,558 shares during the last quarter. Quest Partners LLC purchased a new position in shares of Cavco Industries during the second quarter valued at approximately $931,000. Finally, Bessemer Group Inc. raised its holdings in shares of Cavco Industries by 7.1% during the first quarter. Bessemer Group Inc. now owns 34,252 shares of the construction company's stock valued at $13,668,000 after acquiring an additional 2,263 shares in the last quarter. Institutional investors 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.