Cavco Industries (NASDAQ:CVCO) Stock Price Down 1% – Here’s What Happened

Cavco Industries, Inc. (NASDAQ:CVCO) traded down 1% during trading on Thursday . The company traded as low as $513.49 and last traded at $515.86. 50,563 shares traded hands during trading, a decline of 22% from the average session volume of 64,636 shares. The stock had previously closed at $521.23.

Wall Street Analysts Forecast Growth

CVCO has been the subject of several recent research reports. Craig Hallum boosted their price target on shares of Cavco Industries from $422.00 to $495.00 and gave the company a “buy” rating in a report on Monday, November 4th. StockNews.com upgraded Cavco Industries from a “hold” rating to a “buy” rating in a report on Monday, November 4th. Finally, Wedbush lifted their price target on Cavco Industries from $425.00 to $455.00 and gave the company an “outperform” rating in a report on Friday, October 11th.

Cavco Industries Stock Performance

The firm has a market capitalization of $4.18 billion, a P/E ratio of 29.16 and a beta of 1.24. The business’s fifty day moving average price is $446.39 and its two-hundred day moving average price is $400.98.

Cavco Industries (NASDAQ:CVCO) last released its quarterly earnings results on Thursday, October 31st. The construction company reported $5.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.70 by $0.58. The business had revenue of $507.46 million for the quarter, compared to analyst estimates of $480.10 million. Cavco Industries had a net margin of 8.00% and a return on equity of 14.38%. During the same period in the previous year, the company earned $4.76 earnings per share. Sell-side analysts predict that Cavco Industries, Inc. will post 18 earnings per share for the current year.

Insider Activity at Cavco Industries

In other news, CAO Paul Bigbee sold 88 shares of the business’s stock in a transaction dated Wednesday, September 11th. The stock was sold at an average price of $401.40, for a total transaction of $35,323.20. Following the sale, the chief accounting officer now owns 1,081 shares in the company, valued at approximately $433,913.40. The trade was a 7.53 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Steven G. Bunger sold 4,000 shares of the company’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $409.20, for a total transaction of $1,636,800.00. Following the transaction, the director now owns 6,547 shares in the company, valued at approximately $2,679,032.40. This trade represents a 37.93 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 4,313 shares of company stock valued at $1,780,681 in the last ninety days. Corporate insiders own 1.60% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Blue Trust Inc. increased its position in shares of Cavco Industries by 9,900.0% in the 2nd quarter. Blue Trust Inc. now owns 100 shares of the construction company’s stock valued at $35,000 after acquiring an additional 99 shares during the period. Farther Finance Advisors LLC grew its stake in Cavco Industries by 390.5% during the 3rd quarter. Farther Finance Advisors LLC now owns 103 shares of the construction company’s stock valued at $44,000 after purchasing an additional 82 shares during the last quarter. Avior Wealth Management LLC acquired a new position in shares of Cavco Industries in the third quarter valued at about $64,000. GAMMA Investing LLC raised its stake in shares of Cavco Industries by 30.2% in the third quarter. GAMMA Investing LLC now owns 276 shares of the construction company’s stock worth $118,000 after purchasing an additional 64 shares during the last quarter. Finally, nVerses Capital LLC purchased a new position in shares of Cavco Industries in the second quarter worth about $138,000. Hedge funds and other 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.