Cavco Industries (NASDAQ:CVCO) Issues Earnings Results, Misses Estimates By $0.26 EPS

Cavco Industries (NASDAQ:CVCO) announced its quarterly earnings results on Thursday. The construction company reported $5.43 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $5.69 by ($0.26), Zacks reports. Cavco Industries had a return on equity of 17.55% and a net margin of 8.49%.The business had revenue of $609.96 million for the quarter, compared to analyst estimates of $590.54 million.

Cavco Industries Price Performance

Shares of Cavco Industries stock traded down $2.84 during trading on Thursday, hitting $562.40. The stock had a trading volume of 150,927 shares, compared to its average volume of 91,062. The firm has a market cap of $4.34 billion, a P/E ratio of 23.46 and a beta of 1.28. The business has a fifty day moving average of $572.97 and a two-hundred day moving average of $551.78. Cavco Industries has a fifty-two week low of $397.38 and a fifty-two week high of $713.01.

Insider Buying and Selling

In other news, EVP Allison Aden sold 1,473 shares of the firm’s stock in a transaction dated Thursday, June 25th. The shares were sold at an average price of $625.00, for a total transaction of $920,625.00. Following the completion of the transaction, the executive vice president owned 9,147 shares in the company, valued at approximately $5,716,875. This trade represents a 13.87% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CAO Paul Bigbee sold 200 shares of Cavco Industries stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $537.75, for a total transaction of $107,550.00. Following the completion of the transaction, the chief accounting officer directly owned 1,105 shares in the company, valued at $594,213.75. This represents a 15.33% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 3,541 shares of company stock valued at $2,121,932 over the last three months. Company insiders own 1.70% of the company’s stock.

Institutional Trading of Cavco Industries

Large investors have recently added to or reduced their stakes in the business. Aster Capital Management DIFC Ltd bought a new position in shares of Cavco Industries in the fourth quarter valued at $46,000. Kemnay Advisory Services Inc. acquired a new position in shares of Cavco Industries in the 4th quarter worth $50,000. Los Angeles Capital Management LLC acquired a new stake in shares of Cavco Industries during the fourth quarter worth $54,000. Osaic Holdings Inc. lifted 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 valued at $57,000 after purchasing an additional 65 shares during the last quarter. Finally, Danske Bank A S acquired a new position in shares of Cavco Industries in the 3rd quarter valued at $58,000. 95.56% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. UBS Group assumed coverage on shares of Cavco Industries in a research note on Friday, June 5th. They set a “buy” rating and a $700.00 price objective on the stock. Weiss Ratings restated a “hold (c+)” rating on shares of Cavco Industries in a research report on Tuesday, May 26th. Finally, Zacks Research raised shares of Cavco Industries from a “strong sell” rating to a “hold” rating in a research note on Friday, April 3rd. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $625.00.

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.