M&T Bank Corp Invests $9.50 Million in Cavco Industries, Inc. $CVCO

M&T Bank Corp bought a new position in shares of Cavco Industries, Inc. (NASDAQ:CVCO) in the fourth quarter, Holdings Channel.com reports. The fund bought 16,083 shares of the construction company’s stock, valued at approximately $9,501,000.

Other large investors have also modified their holdings of the company. Salomon & Ludwin LLC purchased a new stake in shares of Cavco Industries during the third quarter worth $31,000. Danske Bank A S purchased a new stake in shares of Cavco Industries during the third quarter worth $58,000. Mather Group LLC. purchased a new stake in shares of Cavco Industries during the third quarter worth $63,000. CIBC Private Wealth Group LLC grew its holdings in shares of Cavco Industries by 72.5% during the third quarter. CIBC Private Wealth Group LLC now owns 119 shares of the construction company’s stock worth $69,000 after buying an additional 50 shares in the last quarter. Finally, Osaic Holdings Inc. grew its holdings in shares of Cavco Industries by 118.2% during the second quarter. Osaic Holdings Inc. now owns 120 shares of the construction company’s stock worth $57,000 after buying an additional 65 shares in the last quarter. Hedge funds and other institutional investors own 95.56% of the company’s stock.

Insider Activity at Cavco Industries

In other news, CEO William C. Boor acquired 1,000 shares of the company’s stock in a transaction that occurred on Wednesday, February 4th. The stock was purchased at an average price of $495.00 per share, with a total value of $495,000.00. Following the completion of the acquisition, the chief executive officer owned 48,022 shares of the company’s stock, valued at $23,770,890. This trade represents a 2.13% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director David A. Greenblatt acquired 87 shares of the company’s stock in a transaction that occurred on Wednesday, February 4th. The stock was purchased at an average cost of $500.00 per share, with a total value of $43,500.00. Following the acquisition, the director directly owned 16,076 shares of the company’s stock, valued at $8,038,000. This trade represents a 0.54% increase in their position. The SEC filing for this purchase provides additional information. Over the last quarter, insiders bought 1,800 shares of company stock valued at $866,592. 1.60% of the stock is owned by company insiders.

Cavco Industries Trading Up 0.9%

Shares of CVCO opened at $539.59 on Friday. Cavco Industries, Inc. has a 12-month low of $393.53 and a 12-month high of $713.01. The firm has a 50-day moving average price of $523.25 and a 200 day moving average price of $562.12. The firm has a market capitalization of $4.19 billion, a P/E ratio of 23.44 and a beta of 1.33.

Cavco Industries (NASDAQ:CVCO) last announced its quarterly earnings data on Thursday, January 29th. The construction company reported $5.58 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $6.00 by ($0.42). Cavco Industries had a net margin of 8.37% and a return on equity of 17.84%. The firm had revenue of $580.99 million during the quarter, compared to analysts’ expectations of $593.37 million. Equities research analysts predict that Cavco Industries, Inc. will post 23.86 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. Weiss Ratings lowered shares of Cavco Industries from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday, February 26th. Zacks Research raised shares of Cavco Industries from a “strong sell” rating to a “hold” rating in a report on Friday, April 3rd. Finally, Zelman & Associates raised shares of Cavco Industries to an “outperform” rating in a report on Thursday, February 5th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $550.00.

About Cavco Industries

Cavco Industries, Inc is a leading designer, manufacturer and retailer of factory-built homes and modular structures. The company produces a range of HUD-code manufactured homes, modular buildings, park model RVs and cabins through its network of production facilities. Its offerings cater to both residential and commercial markets, including customizable single- and multi-section homes, workforce and affordable housing solutions, educational and healthcare modules, as well as specialty lodging products for the recreational vehicle and hospitality industries.

Since its founding in 1967, Cavco has grown through strategic investments and acquisitions, expanding its footprint across the United States and into parts of Canada and Mexico.