Bessemer Group Inc. Increases Stake in Cavco Industries, Inc. $CVCO

Bessemer Group Inc. raised its stake in Cavco Industries, Inc. (NASDAQ:CVCO) by 3.5% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 59,878 shares of the construction company’s stock after acquiring an additional 2,008 shares during the quarter. Bessemer Group Inc.’s holdings in Cavco Industries were worth $28,998,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Aster Capital Management DIFC Ltd acquired a new stake in shares of Cavco Industries during the 4th quarter worth approximately $46,000. Kemnay Advisory Services Inc. acquired a new position in shares of Cavco Industries in the 4th quarter valued at $50,000. Los Angeles Capital Management LLC purchased a new stake in Cavco Industries during the fourth quarter worth $54,000. Danske Bank A S purchased a new stake in Cavco Industries during the third quarter worth $58,000. Finally, CIBC Private Wealth Group LLC grew its position in Cavco Industries by 72.5% during the third quarter. CIBC Private Wealth Group LLC now owns 119 shares of the construction company’s stock valued at $69,000 after buying an additional 50 shares during the period. Hedge funds and other institutional investors own 95.56% of the company’s stock.

Cavco Industries Price Performance

Shares of CVCO stock opened at $566.22 on Friday. The company has a market cap of $4.37 billion, a price-to-earnings ratio of 23.62 and a beta of 1.28. The stock has a 50 day simple moving average of $555.42 and a 200-day simple moving average of $554.61. Cavco Industries, Inc. has a 1-year low of $397.38 and a 1-year high of $713.01.

Cavco Industries (NASDAQ:CVCO) last announced its earnings results on Thursday, May 21st. The construction company reported $5.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.30 by $0.12. Cavco Industries had a return on equity of 17.55% and a net margin of 8.49%.The firm had revenue of $550.13 million for the quarter, compared to analyst estimates of $571.06 million. Analysts anticipate that Cavco Industries, Inc. will post 24.5 earnings per share for the current fiscal year.

Analysts Set New Price Targets

CVCO has been the subject of a number of recent analyst reports. UBS Group began coverage on shares of Cavco Industries in a report on Friday, June 5th. They issued a “buy” rating and a $700.00 price objective for the company. Weiss Ratings reissued a “hold (c+)” rating on shares of Cavco Industries in a research note on Tuesday, May 26th. Finally, Zacks Research upgraded Cavco Industries from a “strong sell” rating to a “hold” rating in a research report on Friday, April 3rd. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, Cavco Industries currently has an average rating of “Moderate Buy” and a consensus price target of $625.00.

Insiders Place Their Bets

In other news, CAO Paul Bigbee sold 200 shares of the firm’s stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $537.75, for a total value of $107,550.00. Following the transaction, the chief accounting officer owned 1,105 shares in the company, valued at $594,213.75. This trade represents a 15.33% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Richard A. Kerley sold 500 shares of Cavco Industries stock in a transaction that occurred on Tuesday, June 9th. The stock was sold at an average price of $588.76, for a total value of $294,380.00. Following the completion of the sale, the director directly owned 6,169 shares in the company, valued at $3,632,060.44. This represents a 7.50% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 3,541 shares of company stock worth $2,121,932. Company insiders own 1.70% of the company’s stock.

Cavco Industries Profile

Cavco Industries, Inc is a leading designer, manufacturer and retailer of factory-built homes and modular structures. The company produces a range of HUD-code manufactured homes, modular buildings, park model RVs and cabins through its network of production facilities. Its offerings cater to both residential and commercial markets, including customizable single- and multi-section homes, workforce and affordable housing solutions, educational and healthcare modules, as well as specialty lodging products for the recreational vehicle and hospitality industries.

Since its founding in 1967, Cavco has grown through strategic investments and acquisitions, expanding its footprint across the United States and into parts of Canada and Mexico.