Cavco Industries, Inc. (NASDAQ:CVCO) Sees Significant Increase in Short Interest

Cavco Industries, Inc. (NASDAQ:CVCO) was the target of a large increase in short interest during the month of October. As of October 15th, there was short interest totalling 144,200 shares, an increase of 6.5% from the September 30th total of 135,400 shares. Approximately 1.9% of the company’s stock are short sold. Based on an average daily volume of 64,500 shares, the short-interest ratio is presently 2.2 days.

Wall Street Analyst Weigh In

CVCO has been the subject of several recent analyst reports. Craig Hallum increased their target price on Cavco Industries from $382.00 to $422.00 and gave the company a “buy” rating in a research note on Monday, August 5th. Wedbush increased their price objective on Cavco Industries from $425.00 to $455.00 and gave the company an “outperform” rating in a research report on Friday, October 11th.

Insider Activity at Cavco Industries

In other Cavco Industries news, Director Steven G. Bunger sold 4,000 shares of the firm’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $409.20, for a total transaction of $1,636,800.00. Following the transaction, the director now directly owns 6,547 shares in the company, valued at $2,679,032.40. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director Steven G. Bunger sold 4,000 shares of the business’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $409.20, for a total value of $1,636,800.00. Following the completion of the sale, the director now directly owns 6,547 shares in the company, valued at approximately $2,679,032.40. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Paul Bigbee sold 88 shares of the company’s stock in a transaction on Wednesday, September 11th. The stock was sold at an average price of $401.40, for a total transaction of $35,323.20. Following the sale, the chief accounting officer now directly owns 1,081 shares of the company’s stock, valued at approximately $433,913.40. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 4,663 shares of company stock valued at $1,882,930. Insiders own 1.60% of the company’s stock.

Institutional Trading of Cavco Industries

A number of institutional investors and hedge funds have recently modified their holdings of the company. BNP Paribas Financial Markets boosted its stake in Cavco Industries by 12.7% during the first quarter. BNP Paribas Financial Markets now owns 10,355 shares of the construction company’s stock worth $4,132,000 after buying an additional 1,164 shares in the last quarter. Janney Montgomery Scott LLC increased its stake in Cavco Industries by 12.8% in the first quarter. Janney Montgomery Scott LLC now owns 1,923 shares of the construction company’s stock valued at $767,000 after acquiring an additional 218 shares during the period. Texas Permanent School Fund Corp lifted its stake in Cavco Industries by 1.6% during the first quarter. Texas Permanent School Fund Corp now owns 6,794 shares of the construction company’s stock worth $2,711,000 after purchasing an additional 106 shares during the period. SG Americas Securities LLC bought a new position in Cavco Industries during the first quarter worth about $197,000. Finally, Illinois Municipal Retirement Fund boosted its holdings in Cavco Industries by 3.2% during the first quarter. Illinois Municipal Retirement Fund now owns 4,529 shares of the construction company’s stock valued at $1,807,000 after purchasing an additional 141 shares in the last quarter. 95.56% of the stock is currently owned by institutional investors.

Cavco Industries Stock Performance

Shares of NASDAQ:CVCO traded up $29.73 on Friday, hitting $439.53. 47,056 shares of the company were exchanged, compared to its average volume of 64,279. The company’s 50 day moving average price is $420.40 and its two-hundred day moving average price is $386.27. The firm has a market capitalization of $3.63 billion, a price-to-earnings ratio of 25.66 and a beta of 1.24. Cavco Industries has a one year low of $248.84 and a one year high of $452.42.

Cavco Industries (NASDAQ:CVCO) last released its earnings results on Thursday, August 1st. The construction company reported $4.11 earnings per share for the quarter, missing analysts’ consensus estimates of $4.97 by ($0.86). The firm had revenue of $477.60 million for the quarter, compared to analyst estimates of $487.80 million. Cavco Industries had a return on equity of 14.23% and a net margin of 8.12%. During the same period last year, the business earned $5.29 earnings per share. Research analysts predict that Cavco Industries will post 17.35 earnings per share for the current year.

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.