Cavco Industries, Inc. (NASDAQ:CVCO) Hits New 12-Month High After Strong Earnings

Cavco Industries, Inc. (NASDAQ:CVCO) hit a new 52-week high during trading on Tuesday following a better than expected earnings announcement. The company traded as high as $139.28 and last traded at $139.40, with a volume of 59,726 shares trading hands. The stock had previously closed at $138.05.

The construction company reported $1.28 earnings per share 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 for the quarter was up 11.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.60 earnings per share.

Separately, BidaskClub upgraded shares of Cavco Industries from a “sell” rating to a “hold” rating in a report on Friday, June 16th.

In other news, Director William C. Boor sold 3,000 shares of the business’s stock in a transaction on Thursday, June 22nd. The shares were sold at an average price of $130.59, for a total transaction of $391,770.00. Following the sale, the director now owns 6,397 shares in the company, valued at approximately $835,384.23. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 8.44% of the company’s stock.

Hedge funds have recently made changes to their positions in the stock. State of Tennessee Treasury Department raised its position in Cavco Industries by 17.8% in the first quarter. State of Tennessee Treasury Department now owns 7,885 shares of the construction company’s stock valued at $918,000 after buying an additional 1,190 shares in the last quarter. Parametric Portfolio Associates LLC raised its position in Cavco Industries by 19.1% in the first quarter. Parametric Portfolio Associates LLC now owns 3,228 shares of the construction company’s stock valued at $376,000 after buying an additional 517 shares in the last quarter. Comerica Bank raised its position in Cavco Industries by 4.7% in the first quarter. Comerica Bank now owns 9,493 shares of the construction company’s stock valued at $1,144,000 after buying an additional 425 shares in the last quarter. Suntrust Banks Inc. bought a new position in Cavco Industries during the first quarter valued at about $233,000. Finally, Bank of New York Mellon Corp raised its position in Cavco Industries by 1.9% in the first quarter. Bank of New York Mellon Corp now owns 228,454 shares of the construction company’s stock valued at $26,591,000 after buying an additional 4,220 shares in the last quarter. Hedge funds and other institutional investors own 97.07% of the company’s stock.

The firm has a market capitalization of $1.12 billion, a price-to-earnings ratio of 25.51 and a beta of 1.53. The firm has a 50-day moving average price of $130.90 and a 200 day moving average price of $120.40.

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About Cavco Industries

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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