Bank of New York Mellon Corp Sells 6,401 Shares of Cavco Industries, Inc. (NASDAQ:CVCO)

Bank of New York Mellon Corp trimmed its position in shares of Cavco Industries, Inc. (NASDAQ:CVCO - Free Report) by 6.5% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 92,834 shares of the construction company's stock after selling 6,401 shares during the quarter. Bank of New York Mellon Corp owned approximately 1.12% of Cavco Industries worth $32,136,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in CVCO. Anchor Capital Advisors LLC boosted its stake in Cavco Industries by 0.7% during the first quarter. Anchor Capital Advisors LLC now owns 4,951 shares of the construction company's stock worth $1,976,000 after acquiring an additional 32 shares in the last quarter. Moran Wealth Management LLC boosted its position in shares of Cavco Industries by 5.4% in the 4th quarter. Moran Wealth Management LLC now owns 893 shares of the construction company's stock worth $310,000 after purchasing an additional 46 shares in the last quarter. Seven Eight Capital LP grew its stake in shares of Cavco Industries by 3.8% in the 4th quarter. Seven Eight Capital LP now owns 1,399 shares of the construction company's stock worth $485,000 after buying an additional 51 shares during the last quarter. ProShare Advisors LLC grew its stake in shares of Cavco Industries by 3.3% in the first quarter. ProShare Advisors LLC now owns 1,676 shares of the construction company's stock worth $669,000 after acquiring an additional 54 shares during the last quarter. Finally, Blue Trust Inc. increased its holdings in shares of Cavco Industries by 9,900.0% during the second quarter. Blue Trust Inc. now owns 100 shares of the construction company's stock valued at $35,000 after acquiring an additional 99 shares in the last quarter. Hedge funds and other institutional investors own 95.56% of the company's stock.

Insider Buying and Selling at Cavco Industries

In related news, SVP Steven K. Like sold 575 shares of Cavco Industries stock in a transaction 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 transaction, the senior vice president now directly owns 1,255 shares in the company, valued at $460,108.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.60% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages recently commented on CVCO. Craig Hallum increased their price objective on shares of Cavco Industries from $382.00 to $422.00 and gave the company a "buy" rating in a research report on Monday, August 5th. Wedbush reiterated an "outperform" rating and set a $425.00 price target on shares of Cavco Industries in a report on Friday, August 2nd.

Cavco Industries Stock Performance

Shares of CVCO stock traded up $1.94 during mid-day trading on Wednesday, hitting $399.07. The company's stock had a trading volume of 40,984 shares, compared to its average volume of 64,571. Cavco Industries, Inc. has a 52-week low of $233.84 and a 52-week high of $426.41. The business has a 50-day moving average price of $381.15 and a 200 day moving average price of $372.76. The stock has a market cap of $3.30 billion, a price-to-earnings ratio of 21.69 and a beta of 1.23.

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

Cavco Industries 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.