Cavco Industries, Inc. $CVCO Shares Purchased by Fifth Third Bancorp

Fifth Third Bancorp lifted its stake in Cavco Industries, Inc. (NASDAQ:CVCO) by 599.0% during the 1st quarter, HoldingsChannel.com reports. The fund owned 2,824 shares of the construction company’s stock after purchasing an additional 2,420 shares during the quarter. Fifth Third Bancorp’s holdings in Cavco Industries were worth $1,367,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Northwestern Mutual Wealth Management Co. raised its holdings in shares of Cavco Industries by 852,093.4% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 1,798,128 shares of the construction company’s stock valued at $1,062,226,000 after buying an additional 1,797,917 shares during the period. Boston Partners lifted its position in shares of Cavco Industries by 82.8% during the third quarter. Boston Partners now owns 369,177 shares of the construction company’s stock worth $213,866,000 after purchasing an additional 167,230 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of Cavco Industries by 53.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 213,572 shares of the construction company’s stock valued at $126,166,000 after purchasing an additional 74,542 shares during the period. Goldman Sachs Group Inc. grew its holdings in shares of Cavco Industries by 122.5% in the fourth quarter. Goldman Sachs Group Inc. now owns 74,155 shares of the construction company’s stock valued at $43,806,000 after purchasing an additional 40,832 shares in the last quarter. Finally, Bamco Inc. NY purchased a new stake in Cavco Industries during the 4th quarter worth approximately $21,903,000. Institutional investors and hedge funds own 95.56% of the company’s stock.

Insider Transactions at Cavco Industries

In other Cavco Industries news, EVP Allison Aden sold 1,473 shares of the stock in a transaction on Thursday, June 25th. The stock was sold at an average price of $625.00, for a total transaction of $920,625.00. Following the sale, the executive vice president owned 9,147 shares in the company, valued at approximately $5,716,875. This represents a 13.87% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Richard A. Kerley sold 500 shares of the stock in a transaction on Tuesday, June 9th. The shares were sold at an average price of $588.76, for a total value of $294,380.00. Following the sale, the director directly owned 6,169 shares in the company, valued at approximately $3,632,060.44. The trade was a 7.50% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 3,541 shares of company stock valued at $2,121,932 in the last 90 days. 1.70% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

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

Cavco Industries Stock Up 1.4%

Shares of NASDAQ:CVCO opened at $569.77 on Friday. Cavco Industries, Inc. has a 52 week low of $397.38 and a 52 week high of $713.01. The company has a 50-day moving average price of $565.24 and a 200 day moving average price of $553.70. The company has a market cap of $4.39 billion, a P/E ratio of 23.77 and a beta of 1.28.

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

Cavco Industries Company 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.