Cavco Industries, Inc. $CVCO Shares Sold by Comerica Bank

Comerica Bank lessened its position in shares of Cavco Industries, Inc. (NASDAQ:CVCO) by 2.4% during the 1st quarter, Holdings Channel reports. The institutional investor owned 3,484 shares of the construction company’s stock after selling 85 shares during the period. Comerica Bank’s holdings in Cavco Industries were worth $1,810,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Victory Capital Management Inc. grew its position in Cavco Industries by 103.3% during the first quarter. Victory Capital Management Inc. now owns 14,953 shares of the construction company’s stock valued at $7,770,000 after buying an additional 7,598 shares during the period. Allspring Global Investments Holdings LLC grew its position in Cavco Industries by 62.7% during the first quarter. Allspring Global Investments Holdings LLC now owns 12,403 shares of the construction company’s stock valued at $6,402,000 after buying an additional 4,779 shares during the period. GAMMA Investing LLC grew its position in Cavco Industries by 38.7% during the first quarter. GAMMA Investing LLC now owns 441 shares of the construction company’s stock valued at $229,000 after buying an additional 123 shares during the period. Meeder Asset Management Inc. acquired a new stake in Cavco Industries during the first quarter valued at $1,115,000. Finally, Informed Momentum Co LLC acquired a new stake in Cavco Industries during the first quarter valued at $4,480,000. Institutional investors and hedge funds own 95.56% of the company’s stock.

Cavco Industries Stock Down 1.1%

Shares of NASDAQ CVCO opened at $524.71 on Wednesday. The company’s 50-day simple moving average is $457.17 and its 200-day simple moving average is $476.70. Cavco Industries, Inc. has a 52-week low of $390.46 and a 52-week high of $549.99. The firm has a market cap of $4.16 billion, a price-to-earnings ratio of 22.74 and a beta of 1.23.

Cavco Industries (NASDAQ:CVCO) last announced its earnings results on Thursday, July 31st. The construction company reported $6.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.81 by $0.61. Cavco Industries had a net margin of 8.99% and a return on equity of 18.52%. The business had revenue of $556.86 million for the quarter, compared to analyst estimates of $524.97 million. Equities research analysts anticipate that Cavco Industries, Inc. will post 21.93 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research firms recently commented on CVCO. Wall Street Zen lowered shares of Cavco Industries from a “buy” rating to a “hold” rating in a research report on Saturday, July 5th. Wedbush reiterated a “neutral” rating and issued a $550.00 target price on shares of Cavco Industries in a research report on Monday, August 4th. One investment analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Cavco Industries has a consensus rating of “Moderate Buy” and a consensus price target of $522.50.

Insider Transactions at Cavco Industries

In other news, CAO Paul Bigbee sold 300 shares of the firm’s stock in a transaction dated Friday, August 29th. The shares were sold at an average price of $530.45, for a total value of $159,135.00. Following the transaction, the chief accounting officer directly owned 774 shares of the company’s stock, valued at approximately $410,568.30. This trade represents a 27.93% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Richard A. Kerley sold 500 shares of the firm’s stock in a transaction dated Wednesday, August 20th. The stock was sold at an average price of $480.55, for a total transaction of $240,275.00. Following the completion of the transaction, the director directly owned 7,169 shares in the company, valued at approximately $3,445,062.95. This represents a 6.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 5,600 shares of company stock valued at $2,820,884. Corporate insiders own 1.60% of the company’s stock.

Cavco Industries 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.