Cavco Industries (NASDAQ:CVCO) Stock Rating Reaffirmed by Wedbush

Wedbush reaffirmed their outperform rating on shares of Cavco Industries (NASDAQ:CVCO) in a research note released on Friday, Benzinga reports. The firm currently has a $425.00 price objective on the construction company’s stock.

Cavco Industries Trading Down 4.6 %

Shares of CVCO stock traded down $18.40 on Friday, reaching $382.97. The company had a trading volume of 99,190 shares, compared to its average volume of 67,741. The stock has a market cap of $3.17 billion, a PE ratio of 20.87 and a beta of 1.23. The company has a 50-day moving average of $365.66 and a 200-day moving average of $365.21. Cavco Industries has a 12 month low of $233.84 and a 12 month high of $426.41.

Cavco Industries (NASDAQ:CVCO) last posted its earnings results on Thursday, August 1st. The construction company reported $4.11 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.97 by ($0.86). The business had revenue of $477.60 million for the quarter, compared to the consensus estimate of $487.80 million. Cavco Industries had a return on equity of 14.30% and a net margin of 8.12%. During the same period in the previous year, the company posted $5.29 earnings per share. Sell-side analysts anticipate that Cavco Industries will post 19.77 earnings per share for the current year.

Institutional Investors Weigh In On Cavco Industries

Hedge funds and other institutional investors have recently modified their holdings of the company. Tower Research Capital LLC TRC grew its holdings in shares of Cavco Industries by 1,477.4% during the fourth quarter. Tower Research Capital LLC TRC now owns 5,663 shares of the construction company’s stock worth $1,963,000 after purchasing an additional 5,304 shares during the last quarter. First Eagle Investment Management LLC raised its position in shares of Cavco Industries by 28.8% during the first quarter. First Eagle Investment Management LLC now owns 12,328 shares of the construction company’s stock worth $4,920,000 after purchasing an additional 2,760 shares during the period. Cerity Partners LLC acquired a new position in shares of Cavco Industries during the fourth quarter worth approximately $6,085,000. Osterweis Capital Management Inc. raised its position in shares of Cavco Industries by 25.8% during the fourth quarter. Osterweis Capital Management Inc. now owns 24,372 shares of the construction company’s stock worth $8,448,000 after purchasing an additional 5,004 shares during the period. Finally, Bessemer Group Inc. raised its position in Cavco Industries by 7.1% in the 1st quarter. Bessemer Group Inc. now owns 34,252 shares of the construction company’s stock valued at $13,668,000 after buying an additional 2,263 shares during the last quarter. Institutional investors and hedge funds own 95.56% of the company’s stock.

About Cavco Industries

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.