First Trust Advisors LP boosted its stake in shares of Cavco Industries, Inc. (NASDAQ:CVCO) by 47.8% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 22,374 shares of the construction company’s stock after purchasing an additional 7,241 shares during the quarter. First Trust Advisors LP owned about 0.25% of Cavco Industries worth $4,646,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds also recently modified their holdings of the stock. Legal & General Group Plc boosted its position in Cavco Industries by 2.4% during the first quarter. Legal & General Group Plc now owns 15,857 shares of the construction company’s stock valued at $2,739,000 after purchasing an additional 370 shares in the last quarter. Acadian Asset Management LLC boosted its holdings in Cavco Industries by 174.8% in the second quarter. Acadian Asset Management LLC now owns 599 shares of the construction company’s stock worth $124,000 after acquiring an additional 381 shares in the last quarter. Great West Life Assurance Co. Can boosted its holdings in Cavco Industries by 3.5% in the first quarter. Great West Life Assurance Co. Can now owns 11,633 shares of the construction company’s stock worth $2,016,000 after acquiring an additional 392 shares in the last quarter. Thrivent Financial for Lutherans boosted its holdings in Cavco Industries by 8.7% in the first quarter. Thrivent Financial for Lutherans now owns 5,731 shares of the construction company’s stock worth $996,000 after acquiring an additional 457 shares in the last quarter. Finally, Rhumbline Advisers boosted its holdings in Cavco Industries by 2.8% in the first quarter. Rhumbline Advisers now owns 20,688 shares of the construction company’s stock worth $3,595,000 after acquiring an additional 556 shares in the last quarter. 93.06% of the stock is currently owned by institutional investors.
In other news, CEO Joseph H. Stegmayer sold 11,740 shares of the firm’s stock in a transaction dated Wednesday, August 22nd. The stock was sold at an average price of $240.44, for a total value of $2,822,765.60. Following the completion of the transaction, the chief executive officer now directly owns 522,739 shares in the company, valued at $125,687,365.16. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Charles E. Lott sold 2,000 shares of the firm’s stock in a transaction dated Monday, August 27th. The stock was sold at an average price of $244.60, for a total value of $489,200.00. Following the completion of the transaction, the insider now owns 4,505 shares of the company’s stock, valued at $1,101,923. The disclosure for this sale can be found here. 8.46% of the stock is currently owned by company insiders.
Several brokerages have weighed in on CVCO. BidaskClub raised Cavco Industries from a “hold” rating to a “buy” rating in a report on Saturday, August 18th. Craig Hallum set a $230.00 price target on Cavco Industries and gave the stock a “hold” rating in a report on Wednesday, August 8th.
Shares of NASDAQ CVCO opened at $241.70 on Friday. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.44 and a quick ratio of 1.82. The stock has a market capitalization of $2.22 billion, a price-to-earnings ratio of 35.36 and a beta of 1.45. Cavco Industries, Inc. has a fifty-two week low of $132.40 and a fifty-two week high of $248.65.
Cavco Industries (NASDAQ:CVCO) last issued its quarterly earnings results on Tuesday, August 7th. The construction company reported $2.12 earnings per share for the quarter, topping the consensus estimate of $1.55 by $0.57. The business had revenue of $246.40 million during the quarter, compared to the consensus estimate of $233.10 million. Cavco Industries had a return on equity of 14.34% and a net margin of 7.62%. The company’s quarterly revenue was up 19.1% on a year-over-year basis. During the same quarter last year, the company earned $1.28 earnings per share.
Cavco Industries Company Profile
Cavco Industries, Inc designs, produces, and retails manufactured homes primarily in the United States. It operates in two segments, Factory-Built Housing and Financial Services. The company markets its manufactured homes under the Cavco Homes, Fleetwood Homes, Palm Harbor Homes, Fairmont Homes, Friendship Homes, Chariot Eagle, and Lexington Home brands.
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