Granite Investment Partners LLC Sells 8,393 Shares of Cavco Industries Inc. (CVCO)
Granite Investment Partners LLC decreased its stake in shares of Cavco Industries Inc. (NASDAQ:CVCO) by 24.3% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 26,194 shares of the company’s stock after selling 8,393 shares during the period. Granite Investment Partners LLC owned approximately 0.29% of Cavco Industries worth $2,595,000 at the end of the most recent reporting period.
Several other institutional investors have also recently modified their holdings of CVCO. Teacher Retirement System of Texas increased its position in shares of Cavco Industries by 14.3% in the second quarter. Teacher Retirement System of Texas now owns 1,125 shares of the company’s stock valued at $105,000 after buying an additional 141 shares during the period. Mason Street Advisors LLC purchased a new position in shares of Cavco Industries during the second quarter valued at approximately $152,000. JPMorgan Chase & Co. increased its position in shares of Cavco Industries by 1,925.3% in the second quarter. JPMorgan Chase & Co. now owns 2,005 shares of the company’s stock valued at $188,000 after buying an additional 1,906 shares during the period. BNP Paribas Arbitrage SA purchased a new position in shares of Cavco Industries during the second quarter valued at approximately $243,000. Finally, Capstone Asset Management Co. purchased a new position in shares of Cavco Industries during the second quarter valued at approximately $249,000. 94.88% of the stock is owned by hedge funds and other institutional investors.
Shares of Cavco Industries Inc. (NASDAQ:CVCO) traded down 0.94% during trading on Monday, hitting $94.45. 11,574 shares of the stock traded hands. The stock has a market cap of $849.29 million, a PE ratio of 28.71 and a beta of 1.67. The firm’s 50-day moving average price is $93.65 and its 200-day moving average price is $96.83. Cavco Industries Inc. has a 12 month low of $70.28 and a 12 month high of $110.67.
Cavco Industries (NASDAQ:CVCO) last posted its earnings results on Tuesday, November 8th. The company reported $1.03 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.92 by $0.11. The company earned $188.30 million during the quarter, compared to analysts’ expectations of $197.33 million. Cavco Industries had a net margin of 4.08% and a return on equity of 8.37%. Cavco Industries’s quarterly revenue was down 1.9% on a year-over-year basis. During the same period last year, the company posted $0.89 earnings per share. Analysts anticipate that Cavco Industries Inc. will post $3.55 EPS for the current year.
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Separately, Sidoti began coverage on shares of Cavco Industries in a research note on Wednesday, September 7th. They set a “neutral” rating and a $114.00 price objective for the company.
Cavco Industries Company Profile
Cavco Industries, Inc designs and produces factory-built homes. The Company operates through two segments: factory-built housing, which includes wholesale and retail systems-built housing operations, and financial services, which includes manufactured housing consumer finance and insurance. Its factory-built homes are primarily distributed through a network of independent and the Company-owned retailers, planned community operators and residential developers.
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