Principal Financial Group Inc. Reduces Stock Position in Cavco Industries, Inc. (NASDAQ:CVCO)

Principal Financial Group Inc. lowered its stake in shares of Cavco Industries, Inc. (NASDAQ:CVCO - Free Report) by 3.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 41,738 shares of the construction company's stock after selling 1,352 shares during the quarter. Principal Financial Group Inc. owned 0.50% of Cavco Industries worth $14,448,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also modified their holdings of CVCO. Norges Bank purchased a new stake in shares of Cavco Industries during the fourth quarter worth $21,059,000. Assenagon Asset Management S.A. increased its holdings in Cavco Industries by 2,280.8% in the first quarter. Assenagon Asset Management S.A. now owns 23,594 shares of the construction company's stock valued at $9,415,000 after buying an additional 22,603 shares during the last quarter. Capital World Investors increased its holdings in Cavco Industries by 2.9% in the first quarter. Capital World Investors now owns 605,925 shares of the construction company's stock valued at $241,800,000 after buying an additional 17,125 shares during the last quarter. Confluence Investment Management LLC purchased a new position in Cavco Industries in the first quarter valued at $4,679,000. Finally, Harbor Capital Advisors Inc. increased its holdings in Cavco Industries by 507.8% in the second quarter. Harbor Capital Advisors Inc. now owns 9,068 shares of the construction company's stock valued at $3,139,000 after buying an additional 7,576 shares during the last quarter. Hedge funds and other institutional investors own 95.56% of the company's stock.

Insider Buying and Selling

In related news, SVP Steven K. Like sold 575 shares of the stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $366.62, for a total transaction of $210,806.50. Following the completion of the transaction, the senior vice president now directly owns 1,255 shares of the company's stock, valued at $460,108.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 1.60% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

CVCO has been the topic of several recent analyst reports. Wedbush reissued an "outperform" rating and issued a $425.00 target price on shares of Cavco Industries in a report on Friday, August 2nd. Craig Hallum increased their target price on Cavco Industries from $382.00 to $422.00 and gave the company a "buy" rating in a report on Monday, August 5th.

Cavco Industries Stock Performance

NASDAQ CVCO traded up $4.60 during trading hours on Friday, hitting $402.45. The company had a trading volume of 51,584 shares, compared to its average volume of 64,626. Cavco Industries, Inc. has a 1-year low of $233.84 and a 1-year high of $426.41. The company has a market cap of $3.33 billion, a PE ratio of 21.79 and a beta of 1.23. The business has a 50 day moving average of $383.37 and a 200-day moving average of $373.11.

Cavco Industries (NASDAQ:CVCO - Get Free Report) last posted its quarterly 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). The firm had revenue of $477.60 million for the quarter, compared to analysts' expectations of $487.80 million. Cavco Industries had a return on equity of 14.23% and a net margin of 8.12%. During the same period in the prior year, the company earned $5.29 earnings per share. Sell-side analysts expect that Cavco Industries, Inc. will post 17.35 earnings per share 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.