Cavco Industries (NASDAQ:CVCO) Issues Quarterly Earnings Results, Beats Estimates By $1.65 EPS

Cavco Industries (NASDAQ:CVCO) posted its quarterly earnings data on Thursday. The construction company reported $7.17 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $5.52 by $1.65, Zacks reports. The business had revenue of $656.38 million during the quarter, compared to the consensus estimate of $613.12 million. Cavco Industries had a net margin of 7.89% and a return on equity of 16.51%.

Cavco Industries Stock Up 2.8%

CVCO traded up $14.68 during midday trading on Thursday, reaching $547.25. The company had a trading volume of 98,724 shares, compared to its average volume of 144,108. Cavco Industries has a 1 year low of $443.33 and a 1 year high of $713.01. The company has a market cap of $4.21 billion, a P/E ratio of 23.81 and a beta of 1.27. The business has a 50-day moving average of $549.30 and a two-hundred day moving average of $552.99.

Insider Activity at Cavco Industries

In related news, CAO Paul Bigbee sold 342 shares of the company’s stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $592.00, for a total transaction of $202,464.00. Following the transaction, the chief accounting officer directly owned 736 shares in the company, valued at approximately $435,712. This represents a 31.73% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 1.70% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on CVCO. Northland Securities started coverage on Cavco Industries in a report on Wednesday. They set an “outperform” rating and a $650.00 price objective for the company. Oppenheimer started coverage on Cavco Industries in a research note on Wednesday, September 30th. They issued an “outperform” rating and a $720.00 price objective on the stock. Zacks Research raised shares of Cavco Industries from a “strong sell” rating to a “hold” rating in a report on Tuesday, September 29th. Zelman & Associates lowered shares of Cavco Industries from an “outperform” rating to a “neutral” rating in a research report on Thursday, August 6th. Finally, Weiss Ratings raised shares of Cavco Industries from a “hold (c)” rating to a “hold (c+)” rating in a report on Tuesday, September 29th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $690.00.

About Cavco Industries

Cavco Industries, Inc is a manufacturer of factory-built housing and related products. The company designs and produces manufactured homes, modular homes, park model recreational vehicles, and commercial structures for residential, hospitality, and other applications. Its homes are sold through independent retailers, company-owned retail locations, and a network of housing dealers.

Cavco markets its products under several brands, including Cavco, Fleetwood Homes, Palm Harbor Homes, Nationwide Homes, Solitaire Homes, and CountryPlace.