Pillsbury Lake Capital LLC Invests $11.53 Billion in Cavco Industries, Inc. $CVCO

Pillsbury Lake Capital LLC bought a new stake in Cavco Industries, Inc. (NASDAQ:CVCO) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 18,772 shares of the construction company’s stock, valued at approximately $11,533,141,000. Cavco Industries makes up approximately 3.2% of Pillsbury Lake Capital LLC’s holdings, making the stock its 11th largest holding. Pillsbury Lake Capital LLC owned approximately 0.24% of Cavco Industries at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Northwestern Mutual Wealth Management Co. lifted its stake in Cavco Industries by 852,093.4% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 1,798,128 shares of the construction company’s stock valued at $1,062,226,000 after acquiring an additional 1,797,917 shares in the last quarter. BlackRock Inc. purchased a new position in shares of Cavco Industries in the 2nd quarter worth approximately $767,112,000. State Street Corp increased its position in shares of Cavco Industries by 6.1% during the second quarter. State Street Corp now owns 380,682 shares of the construction company’s stock valued at $165,380,000 after acquiring an additional 21,837 shares during the last quarter. Boston Partners lifted its holdings in Cavco Industries by 82.8% during the third quarter. Boston Partners now owns 369,177 shares of the construction company’s stock worth $213,866,000 after acquiring an additional 167,230 shares during the period. Finally, Geode Capital Management LLC boosted its position in Cavco Industries by 0.4% in the fourth quarter. Geode Capital Management LLC now owns 232,847 shares of the construction company’s stock worth $137,569,000 after purchasing an additional 1,018 shares during the last quarter. 95.56% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages recently weighed in on CVCO. Zelman & Associates downgraded shares of Cavco Industries from an “outperform” rating to a “neutral” rating in a report on Thursday, August 6th. Weiss Ratings reissued a “hold (c+)” rating on shares of Cavco Industries in a research report on Friday, August 21st. UBS Group initiated coverage on shares of Cavco Industries in a research note on Friday, June 5th. They set a “buy” rating and a $700.00 price target for the company. Finally, Zacks Research lowered Cavco Industries from a “hold” rating to a “strong sell” rating in a report on Monday, August 3rd. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Cavco Industries currently has a consensus rating of “Hold” and an average target price of $700.00.

Insider Buying and Selling at Cavco Industries

In other news, EVP Allison Aden sold 1,473 shares of Cavco Industries stock in a transaction on Thursday, June 25th. The stock was sold at an average price of $625.00, for a total value of $920,625.00. Following the completion of the transaction, the executive vice president directly owned 9,147 shares in the company, valued at approximately $5,716,875. The trade was a 13.87% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Richard A. Kerley sold 500 shares of the stock in a transaction dated Tuesday, June 9th. The stock was sold at an average price of $588.76, for a total value of $294,380.00. Following the sale, the director directly owned 6,169 shares in the company, valued at $3,632,060.44. This trade represents a 7.50% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 3,553 shares of company stock valued at $2,159,368 in the last 90 days. 1.70% of the stock is currently owned by company insiders.

Cavco Industries Stock Down 1.8%

Shares of NASDAQ:CVCO opened at $577.36 on Thursday. The firm has a market capitalization of $4.44 billion, a PE ratio of 25.12 and a beta of 1.29. The company has a 50-day moving average price of $583.42 and a two-hundred day moving average price of $546.42. Cavco Industries, Inc. has a twelve month low of $443.33 and a twelve month high of $713.01.

Cavco Industries (NASDAQ:CVCO) last posted its quarterly earnings results on Thursday, July 30th. The construction company reported $5.43 earnings per share (EPS) for the quarter, missing the consensus estimate of $5.69 by ($0.26). The business had revenue of $609.96 million during the quarter, compared to the consensus estimate of $590.54 million. Cavco Industries had a net margin of 7.89% and a return on equity of 16.51%. Analysts anticipate that Cavco Industries, Inc. will post 22.75 earnings per share for the current fiscal year.

Cavco Industries Profile

Cavco Industries, Inc is a leading designer, manufacturer and retailer of factory-built homes and modular structures. The company produces a range of HUD-code manufactured homes, modular buildings, park model RVs and cabins through its network of production facilities. Its offerings cater to both residential and commercial markets, including customizable single- and multi-section homes, workforce and affordable housing solutions, educational and healthcare modules, as well as specialty lodging products for the recreational vehicle and hospitality industries.

Since its founding in 1967, Cavco has grown through strategic investments and acquisitions, expanding its footprint across the United States and into parts of Canada and Mexico.