Citigroup Inc. Sells 8,019 Shares of Cavco Industries, Inc. $CVCO

Citigroup Inc. lowered its position in Cavco Industries, Inc. (NASDAQ:CVCO) by 45.5% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 9,591 shares of the construction company’s stock after selling 8,019 shares during the quarter. Citigroup Inc. owned about 0.12% of Cavco Industries worth $5,570,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Northwestern Mutual Wealth Management Co. raised its position in Cavco Industries by 12.4% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 199 shares of the construction company’s stock worth $86,000 after purchasing an additional 22 shares during the period. Sheets Smith Wealth Management grew its stake in shares of Cavco Industries by 1.4% during the third quarter. Sheets Smith Wealth Management now owns 2,245 shares of the construction company’s stock valued at $1,304,000 after buying an additional 31 shares during the last quarter. Nisa Investment Advisors LLC raised its holdings in shares of Cavco Industries by 3.8% in the third quarter. Nisa Investment Advisors LLC now owns 872 shares of the construction company’s stock worth $506,000 after buying an additional 32 shares during the period. Guidance Capital Inc. lifted its stake in shares of Cavco Industries by 3.3% during the 3rd quarter. Guidance Capital Inc. now owns 1,122 shares of the construction company’s stock worth $663,000 after acquiring an additional 36 shares during the last quarter. Finally, Smartleaf Asset Management LLC lifted its stake in shares of Cavco Industries by 27.4% during the 3rd quarter. Smartleaf Asset Management LLC now owns 186 shares of the construction company’s stock worth $109,000 after acquiring an additional 40 shares during the last quarter. 95.56% of the stock is owned by hedge funds and other institutional investors.

Cavco Industries Price Performance

CVCO stock opened at $563.40 on Wednesday. Cavco Industries, Inc. has a 1-year low of $393.53 and a 1-year high of $713.01. The business has a 50-day moving average price of $602.42 and a 200 day moving average price of $572.37. The company has a market capitalization of $4.37 billion, a P/E ratio of 24.47 and a beta of 1.28.

Cavco Industries (NASDAQ:CVCO) last issued its earnings results on Thursday, January 29th. The construction company reported $5.58 earnings per share (EPS) for the quarter, missing the consensus estimate of $6.00 by ($0.42). Cavco Industries had a return on equity of 17.84% and a net margin of 8.37%.The business had revenue of $580.99 million for the quarter, compared to the consensus estimate of $593.37 million. On average, analysts anticipate that Cavco Industries, Inc. will post 21.93 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have commented on CVCO. Zelman & Associates raised Cavco Industries to an “outperform” rating in a research report on Thursday, February 5th. Weiss Ratings cut shares of Cavco Industries from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday, February 26th. Zacks Research downgraded shares of Cavco Industries from a “hold” rating to a “strong sell” rating in a research note on Monday, February 9th. Finally, CJS Securities upgraded shares of Cavco Industries to a “strong-buy” rating in a report on Thursday, December 11th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Cavco Industries has an average rating of “Hold” and an average target price of $550.00.

Insider Activity

In other Cavco Industries news, Director David A. Greenblatt acquired 413 shares of the company’s stock in a transaction dated Tuesday, February 3rd. The shares were purchased at an average cost of $463.01 per share, for a total transaction of $191,223.13. Following the completion of the purchase, the director owned 15,989 shares in the company, valued at approximately $7,403,066.89. This trade represents a 2.65% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Steven W. Moster acquired 300 shares of Cavco Industries stock in a transaction that occurred on Monday, February 2nd. The stock was acquired at an average cost of $456.23 per share, with a total value of $136,869.00. Following the purchase, the director directly owned 2,976 shares of the company’s stock, valued at $1,357,740.48. This represents a 11.21% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last ninety days, insiders have acquired 1,800 shares of company stock worth $866,592. Corporate insiders own 1.60% of the company’s stock.

About Cavco Industries

Cavco Industries, Inc is a leading designer, manufacturer and retailer of factory-built homes and modular structures. The company produces a range of HUD-code manufactured homes, modular buildings, park model RVs and cabins through its network of production facilities. Its offerings cater to both residential and commercial markets, including customizable single- and multi-section homes, workforce and affordable housing solutions, educational and healthcare modules, as well as specialty lodging products for the recreational vehicle and hospitality industries.

Since its founding in 1967, Cavco has grown through strategic investments and acquisitions, expanding its footprint across the United States and into parts of Canada and Mexico.