Norges Bank Makes New $17.73 Million Investment in Cavco Industries, Inc. (NASDAQ:CVCO)

Norges Bank bought a new stake in shares of Cavco Industries, Inc. (NASDAQ:CVCO - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 39,733 shares of the construction company's stock, valued at approximately $17,730,000. Norges Bank owned about 0.49% of Cavco Industries at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Harvest Fund Management Co. Ltd purchased a new stake in Cavco Industries during the 4th quarter valued at about $67,000. Smartleaf Asset Management LLC boosted its holdings in shares of Cavco Industries by 387.9% during the 4th quarter. Smartleaf Asset Management LLC now owns 161 shares of the construction company's stock worth $72,000 after purchasing an additional 128 shares during the last quarter. Blue Trust Inc. grew its position in shares of Cavco Industries by 28.9% in the fourth quarter. Blue Trust Inc. now owns 245 shares of the construction company's stock valued at $105,000 after purchasing an additional 55 shares in the last quarter. GAMMA Investing LLC increased its holdings in shares of Cavco Industries by 15.2% in the fourth quarter. GAMMA Investing LLC now owns 318 shares of the construction company's stock valued at $142,000 after purchasing an additional 42 shares during the last quarter. Finally, KBC Group NV lifted its position in Cavco Industries by 35.2% during the fourth quarter. KBC Group NV now owns 330 shares of the construction company's stock worth $147,000 after buying an additional 86 shares in the last quarter. Hedge funds and other institutional investors own 95.56% of the company's stock.

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Analyst Ratings Changes

Several research analysts have recently commented on the company. Wedbush reiterated a "neutral" rating and set a $550.00 price target (up previously from $480.00) on shares of Cavco Industries in a report on Monday, February 3rd. StockNews.com downgraded shares of Cavco Industries from a "buy" rating to a "hold" rating in a research note on Wednesday, April 2nd.

Insiders Place Their Bets

In other Cavco Industries news, Director David A. Greenblatt sold 4,000 shares of the business's stock in a transaction that occurred on Wednesday, March 5th. The shares were sold at an average price of $528.88, for a total transaction of $2,115,520.00. Following the completion of the transaction, the director now owns 15,286 shares in the company, valued at $8,084,459.68. The trade was a 20.74 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Jack S. Brandom sold 1,000 shares of the firm's stock in a transaction on Friday, February 7th. The shares were sold at an average price of $538.00, for a total transaction of $538,000.00. Following the completion of the sale, the insider now owns 1,176 shares in the company, valued at $632,688. The trade was a 45.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 8,644 shares of company stock worth $4,494,608 in the last ninety days. 1.60% of the stock is owned by corporate insiders.

Cavco Industries Stock Performance

Shares of NASDAQ CVCO traded up $2.84 during mid-day trading on Friday, reaching $469.83. 70,091 shares of the company's stock were exchanged, compared to its average volume of 63,855. The company's 50-day moving average is $514.45 and its 200-day moving average is $479.38. The firm has a market capitalization of $3.81 billion, a price-to-earnings ratio of 23.12 and a beta of 1.19. Cavco Industries, Inc. has a 52-week low of $331.08 and a 52-week high of $544.08.

Cavco Industries (NASDAQ:CVCO - Get Free Report) last released its quarterly earnings results on Thursday, January 30th. The construction company reported $6.90 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.89 by $2.01. Cavco Industries had a net margin of 8.75% and a return on equity of 16.17%. As a group, equities analysts predict that Cavco Industries, Inc. will post 21.93 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.