Cavco Industries (NASDAQ:CVCO) Stock Price Passes Above 200-Day Moving Average – Here’s What Happened

Cavco Industries, Inc. (NASDAQ:CVCO)’s share price passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $555.56 and traded as high as $624.99. Cavco Industries shares last traded at $611.60, with a volume of 173,771 shares trading hands.

Wall Street Analyst Weigh In

CVCO has been the topic of several recent analyst reports. UBS Group started coverage on shares of Cavco Industries in a report on Friday, June 5th. They issued a “buy” rating and a $700.00 price objective on the stock. 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 restated a “hold (c+)” rating on shares of Cavco Industries in a research report on Tuesday, May 26th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, Cavco Industries currently has a consensus rating of “Moderate Buy” and a consensus price target of $625.00.

Cavco Industries Stock Performance

The company has a market capitalization of $4.72 billion, a price-to-earnings ratio of 25.52 and a beta of 1.30. The firm has a 50-day simple moving average of $531.90 and a two-hundred day simple moving average of $555.56.

Cavco Industries (NASDAQ:CVCO) last issued its quarterly earnings results on Thursday, May 21st. The construction company reported $5.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.30 by $0.12. The business had revenue of $550.13 million for the quarter, compared to analysts’ expectations of $571.06 million. Cavco Industries had a net margin of 8.49% and a return on equity of 17.55%. As a group, equities analysts forecast that Cavco Industries, Inc. will post 25 EPS for the current fiscal year.

Insider Buying and Selling

In other Cavco Industries news, CAO Paul Bigbee sold 200 shares of the firm’s stock in a transaction that occurred on Thursday, May 28th. The shares were sold at an average price of $537.75, for a total value of $107,550.00. Following the completion of the transaction, the chief accounting officer owned 1,105 shares of the company’s stock, valued at $594,213.75. This trade represents a 15.33% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP Allison Aden sold 1,208 shares of the firm’s stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $600.00, for a total transaction of $724,800.00. Following the completion of the transaction, the executive vice president directly owned 10,647 shares of the company’s stock, valued at $6,388,200. This represents a 10.19% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 2,068 shares of company stock valued at $1,201,307 in the last ninety days. Company insiders own 1.70% of the company’s stock.

Institutional Trading of Cavco Industries

A number of large investors have recently modified their holdings of CVCO. Aster Capital Management DIFC Ltd acquired a new stake in shares of Cavco Industries in the fourth quarter valued at $46,000. Kemnay Advisory Services Inc. acquired a new position in Cavco Industries during the 4th quarter worth $50,000. Los Angeles Capital Management LLC purchased a new stake in Cavco Industries during the 4th quarter worth about $54,000. Danske Bank A S purchased a new stake in Cavco Industries during the 3rd quarter worth about $58,000. Finally, CIBC Private Wealth Group LLC raised its position in Cavco Industries by 72.5% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 119 shares of the construction company’s stock valued at $69,000 after purchasing an additional 50 shares in the last quarter. Hedge funds and other institutional investors own 95.56% of the company’s stock.

About Cavco Industries

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.