Bank of New York Mellon Corp Reduces Stake in Cavco Industries, Inc. (NASDAQ:CVCO)

Bank of New York Mellon Corp reduced its position in Cavco Industries, Inc. (NASDAQ:CVCO) by 24.0% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 56,065 shares of the construction company’s stock after selling 17,679 shares during the period. Bank of New York Mellon Corp owned about 0.69% of Cavco Industries worth $29,133,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Harvest Fund Management Co. Ltd purchased a new position in Cavco Industries in the 4th quarter valued at approximately $67,000. ClearAlpha Technologies LP purchased a new position in Cavco Industries in the 4th quarter valued at approximately $204,000. DAVENPORT & Co LLC purchased a new position in Cavco Industries in the 1st quarter valued at approximately $208,000. New Age Alpha Advisors LLC purchased a new position in Cavco Industries in the 4th quarter valued at approximately $215,000. Finally, Tower Research Capital LLC TRC increased its position in Cavco Industries by 58.6% during the fourth quarter. Tower Research Capital LLC TRC now owns 490 shares of the construction company’s stock worth $219,000 after buying an additional 181 shares in the last quarter. 95.56% of the stock is owned by hedge funds and other institutional investors.

Cavco Industries Price Performance

Shares of CVCO opened at $427.85 on Thursday. The stock’s 50-day moving average is $451.83 and its two-hundred day moving average is $480.59. The stock has a market cap of $3.46 billion, a PE ratio of 20.61 and a beta of 1.15. Cavco Industries, Inc. has a 12 month low of $351.28 and a 12 month high of $549.99.

Cavco Industries (NASDAQ:CVCO) last released its quarterly earnings results on Thursday, May 22nd. The construction company reported $5.40 EPS for the quarter, topping the consensus estimate of $5.23 by $0.17. Cavco Industries had a return on equity of 17.00% and a net margin of 8.49%. The business had revenue of $508.36 million for the quarter, compared to analysts’ expectations of $504.15 million. On average, research analysts anticipate that Cavco Industries, Inc. will post 21.93 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on CVCO shares. Wedbush reissued a “neutral” rating and set a $550.00 price target on shares of Cavco Industries in a research report on Tuesday, May 27th. Wall Street Zen downgraded Cavco Industries from a “buy” rating to a “hold” rating in a research report on Saturday, July 5th.

Cavco Industries Profile

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.