Short Interest in Cavco Industries, Inc. (NASDAQ:CVCO) Rises By 9.7%

Cavco Industries, Inc. (NASDAQ:CVCO – Get Rating) was the recipient of a significant increase in short interest in the month of February. As of February 28th, there was short interest totalling 300,000 shares, an increase of 9.7% from the February 13th total of 273,500 shares. Based on an average trading volume of 79,000 shares, the short-interest ratio is presently 3.8 days. Currently, 3.7% of the shares of the company are sold short.

Analyst Ratings Changes

Several brokerages have commented on CVCO. Wedbush raised their price objective on Cavco Industries from $385.00 to $410.00 and gave the company an “outperform” rating in a report on Monday, February 6th. StockNews.com raised Cavco Industries from a “hold” rating to a “buy” rating in a report on Thursday, March 2nd.

Insider Buying and Selling

In other Cavco Industries news, insider Gavin Ryan sold 3,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 7th. The stock was sold at an average price of $290.03, for a total value of $870,090.00. Following the sale, the insider now directly owns 529 shares of the company’s stock, valued at $153,425.87. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 1.62% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Cavco Industries

Hedge funds and other institutional investors have recently made changes to their positions in the company. Federated Hermes Inc. purchased a new position in Cavco Industries during the third quarter worth approximately $26,000. Meeder Asset Management Inc. lifted its position in Cavco Industries by 120.5% during the fourth quarter. Meeder Asset Management Inc. now owns 258 shares of the construction company’s stock worth $58,000 after buying an additional 141 shares in the last quarter. Financial Management Professionals Inc. lifted its position in Cavco Industries by 53.0% during the third quarter. Financial Management Professionals Inc. now owns 355 shares of the construction company’s stock worth $73,000 after buying an additional 123 shares in the last quarter. Captrust Financial Advisors lifted its position in Cavco Industries by 31.4% during the second quarter. Captrust Financial Advisors now owns 393 shares of the construction company’s stock worth $77,000 after buying an additional 94 shares in the last quarter. Finally, Fifth Third Bancorp lifted its position in Cavco Industries by 1,192.9% during the fourth quarter. Fifth Third Bancorp now owns 362 shares of the construction company’s stock worth $82,000 after buying an additional 334 shares in the last quarter. Hedge funds and other institutional investors own 93.32% of the company’s stock.

Cavco Industries Price Performance

NASDAQ CVCO opened at $287.50 on Wednesday. The company has a market cap of $2.50 billion, a PE ratio of 10.52 and a beta of 1.19. The stock’s 50 day simple moving average is $272.47 and its 200-day simple moving average is $239.08. Cavco Industries has a 1-year low of $179.47 and a 1-year high of $299.36.

Cavco Industries (NASDAQ:CVCO – Get Rating) last released its earnings results on Thursday, February 2nd. The construction company reported $6.66 earnings per share for the quarter, beating the consensus estimate of $5.85 by $0.81. The business had revenue of $500.60 million for the quarter, compared to the consensus estimate of $540.20 million. Cavco Industries had a return on equity of 27.69% and a net margin of 11.37%. On average, equities research analysts anticipate that Cavco Industries will post 27.36 EPS for the current fiscal year.

About Cavco Industries

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Cavco Industries, Inc engages in the development of residential modular structures. It offers manufactured homes, modular homes, park model RVs and cabins, commercial structures, mortgage lending, and insurance. The firm’s brands include Cavco, Fleetwood, Palm Harbor and Fairmont, Friendship, Chariot Eagle and Destiny.