Cavco Industries (NASDAQ:CVCO) Director Richard Kerley Sells 500 Shares of Stock

Cavco Industries, Inc. (NASDAQ:CVCO) Director Richard Kerley sold 500 shares of the company’s stock in a transaction that occurred on Tuesday, June 9th. The stock was sold at an average price of $588.76, for a total transaction of $294,380.00. Following the completion of the sale, the director directly owned 6,169 shares of the company’s stock, valued at approximately $3,632,060.44. This represents a 7.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Cavco Industries Trading Up 6.1%

Shares of NASDAQ:CVCO opened at $598.95 on Friday. The company has a 50 day moving average of $513.98 and a 200-day moving average of $555.23. The firm has a market cap of $4.60 billion, a P/E ratio of 24.99 and a beta of 1.30. Cavco Industries, Inc. has a twelve month low of $393.53 and a twelve month high of $713.01.

Cavco Industries (NASDAQ:CVCO) last issued its quarterly earnings results on Thursday, May 21st. The construction company reported $5.42 earnings per share for the quarter, topping analysts’ consensus estimates of $5.30 by $0.12. The company had revenue of $550.13 million during the quarter, compared to analyst estimates of $571.06 million. Cavco Industries had a net margin of 8.49% and a return on equity of 17.55%. Equities research analysts forecast that Cavco Industries, Inc. will post 25 EPS for the current year.

Institutional Trading of Cavco Industries

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Royal Bank of Canada raised its stake in Cavco Industries by 5.2% during the 1st quarter. Royal Bank of Canada now owns 18,951 shares of the construction company’s stock valued at $9,849,000 after purchasing an additional 934 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Cavco Industries by 1.9% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,799 shares of the construction company’s stock valued at $2,494,000 after purchasing an additional 90 shares during the period. United Services Automobile Association acquired a new stake in Cavco Industries during the 1st quarter valued at $266,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in Cavco Industries by 15.4% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 17,876 shares of the construction company’s stock valued at $9,289,000 after purchasing an additional 2,384 shares during the period. Finally, Northwestern Mutual Wealth Management Co. raised its stake in Cavco Industries by 12.4% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 199 shares of the construction company’s stock valued at $86,000 after purchasing an additional 22 shares during the period. 95.56% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Cavco Industries in a research note on Tuesday, May 26th. Zacks Research raised shares of Cavco Industries from a “strong sell” rating to a “hold” rating in a research note on Friday, April 3rd. Finally, UBS Group assumed coverage on shares of Cavco Industries in a research note on Friday, June 5th. They issued a “buy” rating and a $700.00 price target for the company. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, Cavco Industries has an average rating of “Moderate Buy” and an average price target of $625.00.

About Cavco Industries

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.