Wedbush Reaffirms “Outperform” Rating for Cavco Industries (NASDAQ:CVCO)

Cavco Industries (NASDAQ:CVCO)‘s stock had its “outperform” rating reiterated by stock analysts at Wedbush in a research note issued to investors on Friday, Benzinga reports. They currently have a $425.00 price objective on the construction company’s stock. Wedbush’s price target indicates a potential upside of 10.97% from the stock’s current price.

Cavco Industries Price Performance

Cavco Industries stock opened at $382.97 on Friday. Cavco Industries has a one year low of $233.84 and a one year high of $426.41. The stock has a market capitalization of $3.17 billion, a PE ratio of 20.87 and a beta of 1.23. The business’s fifty day moving average is $365.66 and its 200 day moving average is $365.59.

Cavco Industries (NASDAQ:CVCO) last announced its earnings results on Thursday, August 1st. The construction company reported $4.11 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.97 by ($0.86). The firm had revenue of $477.60 million during the quarter, compared to analysts’ expectations of $487.80 million. Cavco Industries had a return on equity of 14.30% and a net margin of 8.12%. During the same period in the previous year, the business posted $5.29 earnings per share. As a group, sell-side analysts expect that Cavco Industries will post 19.77 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Capital World Investors boosted its position in Cavco Industries by 2.9% in the first quarter. Capital World Investors now owns 605,925 shares of the construction company’s stock worth $241,800,000 after purchasing an additional 17,125 shares during the last quarter. Boston Trust Walden Corp boosted its position in Cavco Industries by 0.8% in the second quarter. Boston Trust Walden Corp now owns 196,046 shares of the construction company’s stock worth $67,865,000 after purchasing an additional 1,541 shares during the last quarter. Norges Bank purchased a new position in Cavco Industries in the fourth quarter worth about $21,059,000. Ashford Capital Management Inc. lifted its position in shares of Cavco Industries by 0.5% during the 1st quarter. Ashford Capital Management Inc. now owns 58,180 shares of the construction company’s stock valued at $23,217,000 after buying an additional 310 shares in the last quarter. Finally, Kennedy Capital Management LLC lifted its position in shares of Cavco Industries by 9.0% during the 1st quarter. Kennedy Capital Management LLC now owns 48,031 shares of the construction company’s stock valued at $19,167,000 after buying an additional 3,975 shares in the last quarter. 95.56% of the stock is owned by hedge funds and other institutional investors.

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.