Cavco Industries, Inc. $CVCO Shares Sold by Truist Financial Corp

Truist Financial Corp trimmed its holdings in Cavco Industries, Inc. (NASDAQ:CVCO) by 9.8% during the second quarter, HoldingsChannel reports. The firm owned 11,174 shares of the construction company’s stock after selling 1,211 shares during the period. Truist Financial Corp’s holdings in Cavco Industries were worth $4,854,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in CVCO. State of Alaska Department of Revenue grew its stake in shares of Cavco Industries by 7.4% in the 2nd quarter. State of Alaska Department of Revenue now owns 4,769 shares of the construction company’s stock valued at $2,070,000 after buying an additional 329 shares during the period. ST Germain D J Co. Inc. purchased a new position in Cavco Industries in the second quarter worth approximately $156,000. Sheets Smith Wealth Management grew its position in Cavco Industries by 2.0% in the second quarter. Sheets Smith Wealth Management now owns 2,214 shares of the construction company’s stock worth $962,000 after acquiring an additional 44 shares during the period. Park Avenue Securities LLC acquired a new stake in Cavco Industries during the second quarter worth $517,000. Finally, Farther Finance Advisors LLC raised its position in Cavco Industries by 151.4% in the second quarter. Farther Finance Advisors LLC now owns 88 shares of the construction company’s stock valued at $38,000 after purchasing an additional 53 shares during the period. 95.56% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

CVCO has been the subject of a number of research analyst reports. Wall Street Zen cut Cavco Industries from a “buy” rating to a “hold” rating in a report on Saturday, July 5th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Cavco Industries in a research report on Saturday, September 27th. Finally, Wedbush reiterated a “neutral” rating and set a $550.00 price target on shares of Cavco Industries in a research report on Monday, August 4th. Two research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $522.50.

Insider Activity

In related news, CAO Paul Bigbee sold 300 shares of the company’s stock in a transaction dated Friday, August 29th. The stock was sold at an average price of $530.45, for a total value of $159,135.00. Following the completion of the sale, the chief accounting officer directly owned 774 shares of the company’s stock, valued at $410,568.30. This represents a 27.93% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Susan L. Blount sold 2,500 shares of the firm’s stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $519.30, for a total value of $1,298,250.00. Following the transaction, the director owned 3,126 shares in the company, valued at $1,623,331.80. This represents a 44.44% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 5,600 shares of company stock valued at $2,820,884. Insiders own 1.60% of the company’s stock.

Cavco Industries Price Performance

Cavco Industries stock opened at $503.19 on Wednesday. The stock’s fifty day moving average is $517.72 and its two-hundred day moving average is $482.81. The stock has a market cap of $3.99 billion, a PE ratio of 21.81 and a beta of 1.23. Cavco Industries, Inc. has a 1-year low of $393.53 and a 1-year high of $600.00.

Cavco Industries (NASDAQ:CVCO) last announced its quarterly earnings results on Thursday, July 31st. The construction company reported $6.42 EPS for the quarter, topping the consensus estimate of $5.81 by $0.61. Cavco Industries had a net margin of 8.99% and a return on equity of 18.52%. The firm had revenue of $556.86 million for the quarter, compared to analyst estimates of $524.97 million. On average, research analysts expect that Cavco Industries, Inc. will post 21.93 earnings per share for the current fiscal year.

About Cavco Industries

Cavco Industries, Inc designs, produces, and retails factory-built homes primarily in the United States. It operates in two segments, Factory-Built Housing and Financial Services. The company markets its factory-built homes under the Cavco, Fleetwood, Palm Harbor, Nationwide, Fairmont, Friendship, Chariot Eagle, Destiny, Commodore, Colony, Pennwest, R-Anell, Manorwood, MidCountry, and Solitaire brands.