Cavco Industries (NASDAQ:CVCO) Shares Gap Up Following Strong Earnings

Shares of Cavco Industries, Inc. (NASDAQ:CVCO) gapped up prior to trading on Friday following a stronger than expected earnings report. The stock had previously closed at $403.67, but opened at $429.70. Cavco Industries shares last traded at $420.41, with a volume of 12,210 shares trading hands.

The construction company reported $6.42 EPS for the quarter, beating analysts’ consensus estimates of $5.81 by $0.61. Cavco Industries had a return on equity of 18.57% and a net margin of 8.99%. The business had revenue of $556.86 million for the quarter, compared to analysts’ expectations of $524.97 million.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Wall Street Zen lowered Cavco Industries from a “buy” rating to a “hold” rating in a research note on Saturday, July 5th. Wedbush restated a “neutral” rating and issued a $550.00 price objective on shares of Cavco Industries in a report on Tuesday, May 27th.

Institutional Investors Weigh In On Cavco Industries

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Farther Finance Advisors LLC grew its position in Cavco Industries by 151.4% during the 2nd quarter. Farther Finance Advisors LLC now owns 88 shares of the construction company’s stock worth $38,000 after acquiring an additional 53 shares during the last quarter. CWM LLC boosted its stake in shares of Cavco Industries by 44.0% during the first quarter. CWM LLC now owns 157 shares of the construction company’s stock valued at $82,000 after purchasing an additional 48 shares during the period. Northwestern Mutual Wealth Management Co. increased its stake in shares of Cavco Industries by 2,850.0% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 177 shares of the construction company’s stock worth $92,000 after buying an additional 171 shares during the period. BI Asset Management Fondsmaeglerselskab A S purchased a new position in shares of Cavco Industries in the first quarter worth $112,000. Finally, ST Germain D J Co. Inc. bought a new stake in Cavco Industries during the 2nd quarter valued at $156,000. Institutional investors own 95.56% of the company’s stock.

Cavco Industries Trading Up 4.7%

The company has a market capitalization of $3.42 billion, a P/E ratio of 18.33 and a beta of 1.15. The stock’s fifty day moving average is $427.65 and its 200 day moving average is $478.31.

Cavco Industries Company 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.