Cavco Industries (NASDAQ:CVCO) Downgraded to Hold at StockNews.com

StockNews.com lowered shares of Cavco Industries (NASDAQ:CVCOGet Rating) from a buy rating to a hold rating in a report issued on Thursday morning.

Several other research firms have also commented on CVCO. Craig Hallum reduced their target price on shares of Cavco Industries from $340.00 to $322.00 and set a buy rating on the stock in a report on Tuesday, May 31st. Wedbush reaffirmed a neutral rating and set a $315.00 target price on shares of Cavco Industries in a report on Wednesday, June 1st.

Shares of NASDAQ:CVCO opened at $193.96 on Thursday. The company’s fifty day moving average price is $223.05 and its 200-day moving average price is $259.89. The firm has a market capitalization of $1.72 billion, a price-to-earnings ratio of 9.08 and a beta of 0.99. Cavco Industries has a one year low of $179.47 and a one year high of $327.24. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.53 and a quick ratio of 1.70.

Cavco Industries (NASDAQ:CVCOGet Rating) last issued its quarterly earnings results on Thursday, May 26th. The construction company reported $5.80 EPS for the quarter, topping analysts’ consensus estimates of $4.91 by $0.89. The firm had revenue of $505.48 million for the quarter, compared to analyst estimates of $426.90 million. Cavco Industries had a net margin of 12.15% and a return on equity of 21.87%. During the same quarter in the prior year, the firm earned $2.71 EPS. As a group, equities research analysts expect that Cavco Industries will post 18.61 EPS for the current year.

Hedge funds have recently added to or reduced their stakes in the stock. HighTower Advisors LLC bought a new stake in Cavco Industries in the 3rd quarter worth $340,000. Invesco Ltd. grew its holdings in Cavco Industries by 87.9% in the 3rd quarter. Invesco Ltd. now owns 55,553 shares of the construction company’s stock worth $13,152,000 after acquiring an additional 25,990 shares during the last quarter. Royal Bank of Canada grew its holdings in Cavco Industries by 0.9% in the 3rd quarter. Royal Bank of Canada now owns 10,181 shares of the construction company’s stock worth $2,410,000 after acquiring an additional 94 shares during the last quarter. Millennium Management LLC grew its holdings in Cavco Industries by 241.6% in the 3rd quarter. Millennium Management LLC now owns 46,939 shares of the construction company’s stock worth $11,112,000 after acquiring an additional 33,197 shares during the last quarter. Finally, UBS Group AG grew its holdings in Cavco Industries by 7.0% in the 3rd quarter. UBS Group AG now owns 19,262 shares of the construction company’s stock worth $4,560,000 after acquiring an additional 1,258 shares during the last quarter. 92.58% of the stock is currently owned by institutional investors.

Cavco Industries Company Profile (Get Rating)

Cavco Industries, Inc designs, produces, and retails manufactured homes primarily in the United States. It operates in two segments, Factory-Built Housing and Financial Services. The company markets its manufactured homes under the Cavco, Fleetwood, Palm Harbor, Nationwide, Fairmont, Friendship, Chariot Eagle, Destiny, Commodore, Colony, Pennwest, R-Anell, Manorwood, and MidCountry brands.

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