Cavco Industries, Inc. (CVCO) Sets New 52-Week High on Better-Than-Expected Earnings

Cavco Industries, Inc. (NASDAQ:CVCO)’s share price reached a new 52-week high on Tuesday following a stronger than expected earnings report. The stock traded as high as $139.28 and last traded at $139.40, with a volume of 59,726 shares changing hands. The stock had previously closed at $138.05.

The construction company reported $1.28 EPS for the quarter, beating the consensus estimate of $1.08 by $0.20. The business had revenue of $206.80 million for the quarter, compared to analysts’ expectations of $200.70 million. Cavco Industries had a net margin of 5.56% and a return on equity of 11.40%. The firm’s revenue was up 11.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.60 EPS.

Separately, BidaskClub lowered shares of Cavco Industries from a “hold” rating to a “sell” rating in a research note on Monday, August 14th.

In other Cavco Industries news, Director William C. Boor sold 3,000 shares of Cavco Industries stock in a transaction on Thursday, June 22nd. The shares were sold at an average price of $130.59, for a total value of $391,770.00. Following the sale, the director now directly owns 6,397 shares in the company, valued at approximately $835,384.23. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 8.44% of the stock is currently owned by insiders.

A number of large investors have recently modified their holdings of the stock. State of Alaska Department of Revenue raised its stake in shares of Cavco Industries by 2.2% in the first quarter. State of Alaska Department of Revenue now owns 930 shares of the construction company’s stock valued at $108,000 after buying an additional 20 shares during the last quarter. Victory Capital Management Inc. raised its stake in shares of Cavco Industries by 34.3% in the first quarter. Victory Capital Management Inc. now owns 1,288 shares of the construction company’s stock valued at $150,000 after buying an additional 329 shares during the last quarter. HighTower Advisors LLC acquired a new stake in shares of Cavco Industries during the first quarter valued at about $202,000. Pinnacle Associates Ltd. acquired a new stake in shares of Cavco Industries during the second quarter valued at about $226,000. Finally, Piedmont Investment Advisors LLC acquired a new stake in shares of Cavco Industries during the second quarter valued at about $237,000. Hedge funds and other institutional investors own 97.07% of the company’s stock.

The firm has a market cap of $1.12 billion, a PE ratio of 25.51 and a beta of 1.53. The stock’s 50 day moving average is $130.90 and its 200 day moving average is $120.40.

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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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