Allspring Global Investments Holdings LLC Sells 3,028 Shares of Cavco Industries, Inc. $CVCO

Allspring Global Investments Holdings LLC reduced its position in Cavco Industries, Inc. (NASDAQ:CVCO) by 24.4% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,375 shares of the construction company’s stock after selling 3,028 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.12% of Cavco Industries worth $4,244,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Farther Finance Advisors LLC raised its holdings in shares of Cavco Industries by 151.4% in the second quarter. Farther Finance Advisors LLC now owns 88 shares of the construction company’s stock valued at $38,000 after acquiring an additional 53 shares in the last quarter. CWM LLC raised its holdings in shares of Cavco Industries by 44.0% in the first quarter. CWM LLC now owns 157 shares of the construction company’s stock valued at $82,000 after acquiring an additional 48 shares in the last quarter. Northwestern Mutual Wealth Management Co. raised its holdings 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 valued at $92,000 after acquiring an additional 171 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S bought a new position in Cavco Industries in the first quarter worth about $112,000. Finally, ST Germain D J Co. Inc. bought a new position in Cavco Industries in the second quarter worth about $156,000. 95.56% of the stock is currently owned by institutional investors.

Cavco Industries Stock Up 3.0%

CVCO opened at $571.16 on Tuesday. Cavco Industries, Inc. has a 52-week low of $393.53 and a 52-week high of $600.00. The company has a market cap of $4.52 billion, a P/E ratio of 24.76 and a beta of 1.23. The firm’s 50-day moving average price is $533.81 and its 200-day moving average price is $483.12.

Cavco Industries (NASDAQ:CVCO) last issued its earnings results on Thursday, July 31st. The construction company reported $6.42 EPS for the quarter, beating analysts’ consensus estimates of $5.81 by $0.61. The firm had revenue of $556.86 million for the quarter, compared to analyst estimates of $524.97 million. Cavco Industries had a return on equity of 18.52% and a net margin of 8.99%. On average, research analysts anticipate that Cavco Industries, Inc. will post 21.93 EPS for the current fiscal year.

Insider Activity at Cavco Industries

In related news, CAO Paul Bigbee sold 300 shares of the company’s stock in a transaction that occurred on Friday, August 29th. The stock was sold at an average price of $530.45, for a total value of $159,135.00. Following the sale, the chief accounting officer owned 774 shares in the company, valued at $410,568.30. This represents a 27.93% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Richard A. Kerley sold 500 shares of the company’s stock in a transaction that occurred on Wednesday, August 20th. The shares were sold at an average price of $480.55, for a total value of $240,275.00. Following the completion of the sale, the director owned 7,169 shares in the company, valued at approximately $3,445,062.95. This represents a 6.52% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 5,600 shares of company stock worth $2,820,884 over the last quarter. Insiders own 1.60% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have commented on CVCO. Wedbush reiterated a “neutral” rating and issued a $550.00 target price on shares of Cavco Industries in a report on Monday, August 4th. Wall Street Zen downgraded shares of Cavco Industries from a “buy” rating to a “hold” rating in a report on Saturday, July 5th. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of Cavco Industries in a report on Wednesday, October 8th. Two investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $522.50.

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.