Assenagon Asset Management S.A. Trims Stock Position in Cavco Industries, Inc. (NASDAQ:CVCO)

Assenagon Asset Management S.A. trimmed its stake in Cavco Industries, Inc. (NASDAQ:CVCO - Free Report) by 84.9% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,557 shares of the construction company's stock after selling 20,037 shares during the period. Assenagon Asset Management S.A.'s holdings in Cavco Industries were worth $1,231,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Mather Group LLC. bought a new position in Cavco Industries during the 1st quarter valued at about $60,000. GAMMA Investing LLC bought a new position in shares of Cavco Industries during the fourth quarter valued at approximately $77,000. Simplex Trading LLC purchased a new stake in shares of Cavco Industries in the fourth quarter worth approximately $140,000. SG Americas Securities LLC bought a new stake in shares of Cavco Industries during the 1st quarter worth approximately $197,000. Finally, Trexquant Investment LP purchased a new position in Cavco Industries during the 4th quarter valued at $204,000. Hedge funds and other institutional investors own 95.56% of the company's stock.

Insiders Place Their Bets

In other news, SVP Steven K. Like sold 575 shares of the business's stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $366.62, for a total value of $210,806.50. Following the completion of the sale, the senior vice president now owns 1,255 shares in the company, valued at approximately $460,108.10. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 1.60% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. Craig Hallum increased their target price on Cavco Industries from $382.00 to $422.00 and gave the stock a "buy" rating in a research note on Monday, August 5th. Wedbush reaffirmed an "outperform" rating and issued a $425.00 price target on shares of Cavco Industries in a research note on Friday, August 2nd.

Cavco Industries Trading Up 5.1 %

Shares of NASDAQ CVCO traded up $19.75 during trading hours on Friday, reaching $409.16. The stock had a trading volume of 58,999 shares, compared to its average volume of 65,318. The business's fifty day moving average price is $374.07 and its two-hundred day moving average price is $370.47. The firm has a market cap of $3.39 billion, a price-to-earnings ratio of 22.30 and a beta of 1.23. Cavco Industries, Inc. has a 52-week low of $233.84 and a 52-week high of $426.41.

Cavco Industries (NASDAQ:CVCO - Get Free Report) last issued its earnings results on Thursday, August 1st. The construction company reported $4.11 earnings per share for the quarter, missing the consensus estimate of $4.97 by ($0.86). The firm had revenue of $477.60 million during the quarter, compared to analysts' expectations of $487.80 million. Cavco Industries had a return on equity of 14.30% and a net margin of 8.12%. During the same quarter in the prior year, the company posted $5.29 earnings per share. Equities research analysts anticipate that Cavco Industries, Inc. will post 19.77 earnings per share for the current fiscal year.

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.