Corebridge Financial Inc. Decreases Stock Position in Cavco Industries, Inc. $CVCO

Corebridge Financial Inc. trimmed its position in Cavco Industries, Inc. (NASDAQ:CVCO) by 4.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 4,198 shares of the construction company’s stock after selling 205 shares during the quarter. Corebridge Financial Inc. owned about 0.05% of Cavco Industries worth $2,181,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. raised its stake in shares of Cavco Industries by 5.1% in the first quarter. Vanguard Group Inc. now owns 774,842 shares of the construction company’s stock worth $402,631,000 after purchasing an additional 37,249 shares during the last quarter. GAMMA Investing LLC raised its stake in shares of Cavco Industries by 71,961.9% in the first quarter. GAMMA Investing LLC now owns 229,157 shares of the construction company’s stock worth $119,077,000 after purchasing an additional 228,839 shares during the last quarter. Invesco Ltd. raised its stake in shares of Cavco Industries by 7.5% in the first quarter. Invesco Ltd. now owns 196,210 shares of the construction company’s stock worth $101,957,000 after purchasing an additional 13,753 shares during the last quarter. GW&K Investment Management LLC raised its stake in shares of Cavco Industries by 0.8% in the first quarter. GW&K Investment Management LLC now owns 190,227 shares of the construction company’s stock worth $98,848,000 after purchasing an additional 1,512 shares during the last quarter. Finally, Ameriprise Financial Inc. raised its stake in shares of Cavco Industries by 64.0% in the first quarter. Ameriprise Financial Inc. now owns 155,765 shares of the construction company’s stock worth $80,940,000 after purchasing an additional 60,779 shares during the last quarter. 95.56% of the stock is currently owned by hedge funds and other institutional investors.

Cavco Industries Trading Down 1.1%

Shares of CVCO stock opened at $524.71 on Wednesday. The stock has a 50 day moving average of $457.17 and a 200 day moving average of $476.70. The stock has a market cap of $4.16 billion, a P/E ratio of 22.74 and a beta of 1.23. Cavco Industries, Inc. has a twelve month low of $390.46 and a twelve month high of $549.99.

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

Insider Buying and Selling at Cavco Industries

In other Cavco Industries news, CAO Paul Bigbee sold 300 shares of the firm’s stock in a transaction that occurred on Friday, August 29th. The stock was sold at an average price of $530.45, for a total value of $159,135.00. Following the sale, 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Susan L. Blount sold 2,500 shares of the firm’s stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $519.30, for a total value of $1,298,250.00. Following the completion of the sale, the director directly owned 3,126 shares in the company, valued at approximately $1,623,331.80. The trade was a 44.44% 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. Company insiders own 1.60% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the company. Wall Street Zen cut Cavco Industries from a “buy” rating to a “hold” rating in a research note on Saturday, July 5th. Wedbush restated a “neutral” rating and issued a $550.00 price objective on shares of Cavco Industries in a research note on Monday, August 4th. One equities research analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Cavco Industries has an average rating of “Moderate Buy” and a consensus target price of $522.50.

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.