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

Cavco Industries, Inc. (NASDAQ:CVCO) Director Richard Kerley sold 500 shares of the business’s stock in a transaction dated Friday, November 7th. The stock was sold at an average price of $568.99, for a total transaction of $284,495.00. Following the sale, the director directly owned 6,669 shares in the company, valued at $3,794,594.31. The trade was a 6.97% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

Cavco Industries Stock Performance

CVCO stock opened at $550.21 on Friday. The firm has a 50 day moving average price of $551.49 and a 200-day moving average price of $493.52. Cavco Industries, Inc. has a 52-week low of $393.53 and a 52-week high of $602.57. The firm has a market capitalization of $4.29 billion, a price-to-earnings ratio of 23.85 and a beta of 1.21.

Cavco Industries (NASDAQ:CVCO) last posted its quarterly earnings results on Thursday, October 30th. The construction company reported $6.55 earnings per share for the quarter, topping the consensus estimate of $6.30 by $0.25. The company had revenue of $556.53 million for the quarter, compared to the consensus estimate of $542.92 million. Cavco Industries had a return on equity of 18.52% and a net margin of 8.99%. As a group, sell-side analysts forecast that Cavco Industries, Inc. will post 21.93 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on CVCO. Zacks Research upgraded Cavco Industries from a “hold” rating to a “strong-buy” rating in a report on Wednesday, November 5th. Weiss Ratings restated a “buy (b-)” rating on shares of Cavco Industries in a research note on Wednesday, November 5th. Finally, Wedbush reaffirmed a “neutral” rating and issued a $550.00 target price on shares of Cavco Industries in a report on Monday, August 4th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, Cavco Industries presently has an average rating of “Buy” and an average price target of $550.00.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Victory Capital Management Inc. raised its stake in shares of Cavco Industries by 103.3% in the first quarter. Victory Capital Management Inc. now owns 14,953 shares of the construction company’s stock worth $7,770,000 after buying an additional 7,598 shares during the period. Hunter Perkins Capital Management LLC increased its holdings in Cavco Industries by 23.7% in the 2nd quarter. Hunter Perkins Capital Management LLC now owns 2,700 shares of the construction company’s stock worth $1,173,000 after acquiring an additional 517 shares in the last quarter. Meeder Asset Management Inc. purchased a new stake in Cavco Industries in the 1st quarter worth approximately $1,115,000. Informed Momentum Co LLC bought a new stake in Cavco Industries during the 1st quarter worth approximately $4,480,000. Finally, Premier Fund Managers Ltd purchased a new position in Cavco Industries during the first quarter valued at approximately $688,000. 95.56% of the stock is owned by hedge funds and other institutional investors.

Cavco Industries Company Profile

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.