Cavco Industries (NASDAQ:CVCO) Upgraded to Hold at Zacks Research

Cavco Industries (NASDAQ:CVCO) was upgraded by equities research analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a research note issued to investors on Tuesday, Zacks reports.

A number of other equities research analysts have also weighed in on the stock. Zelman & Associates lowered shares of Cavco Industries from an “outperform” rating to a “neutral” rating in a report on Thursday, August 6th. Oppenheimer initiated coverage on shares of Cavco Industries in a research note on Wednesday. They set an “outperform” rating and a $720.00 price target for the company. Weiss Ratings upgraded shares of Cavco Industries from a “hold (c)” rating to a “hold (c+)” rating in a report on Tuesday. 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 objective on the stock. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $710.00.

Cavco Industries Trading Up 0.7%

Shares of CVCO stock opened at $560.26 on Tuesday. The firm has a market capitalization of $4.31 billion, a price-to-earnings ratio of 24.38 and a beta of 1.28. The business’s 50-day moving average price is $565.29 and its 200-day moving average price is $543.92. Cavco Industries has a 12 month low of $443.33 and a 12 month high of $713.01.

Cavco Industries (NASDAQ:CVCO) last released its quarterly earnings data 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 firm had revenue of $609.96 million during the quarter, compared to analyst estimates of $590.54 million. Cavco Industries had a net margin of 7.89% and a return on equity of 16.51%. On average, sell-side analysts predict that Cavco Industries will post 22.75 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CAO Paul Bigbee sold 342 shares of the firm’s stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $592.00, for a total transaction of $202,464.00. Following the completion of the sale, the chief accounting officer owned 736 shares of the company’s stock, valued at $435,712. This trade represents a 31.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 1.70% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Cavco Industries

A number of institutional investors and hedge funds have recently modified their holdings of CVCO. Integrated Wealth Concepts LLC acquired a new stake in shares of Cavco Industries during the 2nd quarter worth approximately $153,000. IFP Advisors Inc lifted its position in shares of Cavco Industries by 2,850.0% during the 2nd quarter. IFP Advisors Inc now owns 59 shares of the construction company’s stock valued at $36,000 after acquiring an additional 57 shares during the period. Allworth Financial LP boosted its stake in Cavco Industries by 157.1% during the second quarter. Allworth Financial LP now owns 72 shares of the construction company’s stock worth $44,000 after acquiring an additional 44 shares in the last quarter. Nykredit A S bought a new position in Cavco Industries during the second quarter worth $164,000. Finally, Parkside Financial Bank & Trust grew its holdings in Cavco Industries by 26.8% in the second quarter. Parkside Financial Bank & Trust now owns 156 shares of the construction company’s stock worth $96,000 after purchasing an additional 33 shares during the period. 95.56% of the stock is currently owned by institutional investors.

Cavco Industries Company Profile

Cavco Industries, Inc is a manufacturer of factory-built housing headquartered in Phoenix, Arizona. The company produces manufactured homes, modular homes, park model recreational vehicles, and related structures designed for residential and vacation use. Its homes are sold through independent retailers, company-owned retail locations, and housing developers.

Cavco markets products under several brands, including Cavco, Fleetwood Homes, Palm Harbor Homes, and Solitaire Homes. In addition to manufacturing, the company provides consumer financing through CountryPlace Mortgage and property and casualty insurance through Standard Casualty.